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About Scottsdale

 

Scottsdale has everything from beautiful high rise condos next to entertaining night lift to large single family homes with sprawling backyards. Scottsdale is home to over 250,000 residents and is over 30 miles long. Ultimately, Scottsdale has a little bit of everything from great green parks to fantastic restaurants. Below, we try and make your search for a home in Scottsdale a little easier. Pick from searching Scottsdale by status, lifestyle, or explore the individual communities. 

 

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Luxury Homes In Scottsdale

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Scottsdale Real Estate Market Updates

Average Home Price in Scottsdale AZ

The monthly average sale price in Scottsdale has been on the rise in the last ten years. The chart below compares 2011, 2015, and 2020 showcases that. For reference, each point on the graph represents the average sales price for sales that closed during the immediately preceding monthly period.

Average Scottsdale Home Sales Prices In 2011 & 2015

The average Scottsdale sales price ranged from ~$540,000 to ~$410,000. The average price in 2015 ranged from ~$550,000 to $700,000.

Average Home Price In Scottsdale AZ (2020)

This year, Scottsdale’s monthly average sale price has ranged from being as high as $915,000 to as low as $764,000. It is important to remember that the sales price is affected by supply and demand. With the rise of COVID, demand did drop in March and April of 2020. Most people expected sales prices to drop significantly along with it. In reality, the lack of inventory matched the temporary absence of demand. For that reason, the monthly average sales price stayed reasonably steady in March & April, dropped slightly in May and June, and started to pick back up in July.

 

 

 

Average List Price Per Square Foot In Scottsdale

Just as property prices in Scottsdale have been on the rise, naturally, so has the average list price. Average List Price Per Square Foot best showcases this trend. The following chart shows the average list price per square foot of active listings in Scottsdale (measured weekly). 

Scottsdale Average List Price Per Square Foot

This chart shows the average list price per square foot in Scottsdale for 2018, 2019, and 2020.

2018 & 2019 Average List Price Per Square Foot In Scottsdale

In 2018, the average started at $336.24 and ended the year at $342.96. In 2019, the average price per square foot ranged from ~$340.00 to $383.20. 

Scottsdale Average List Price (Per Sq FT) In 2020 (Updated July 2020)

In 2020, the average listing price per square foot started at $383.00, dipped in March, and has since risen almost $400 a square foot. 

Number of Active Listings in Scottsdale

How many active real estate listings does Scottsdale have? That is a question we often hear because number of listings in an area points to how the market is going.

Highs & Lows For Active Listings In Scottsdale

In recent years (2016-2019), Scottsdale has had between 1,500 and 3,000 active listings. The number of listings fluctuates depending on the type of market Arizona is in. Typically, the fewer number of listings means and increase in housing prices.

Historic Number of Active Listings In Scottsdale

Chart showing the number of active listings in the previous 4 years.

Chart showing the number of active listings in Scottsdale.

Scottsdale Market Trends

You’ll notice from the above graph that the number of active listings in Scottsdale tends to increase in the spring (February – March) and trend downwards as the weather heats up and we progress through summer (May – September).

Most Number of Active Listings In Scottsdale

The most number of active listings that the Scottsdale market has seen in any given week is ~4,500. That occured back in 2008 when the market took a huge turn for the worse.

Most Number of Active Listings In Scottsdale

Chart from 2008 showing the most number of active listings in Scottsdale

Luckily, this is the worse the market has been in the last 20 years.

Least Number of Active Listings in Scottsdale

Back when the market was considered really hot (in 2004) is when we saw the least number of active homes in Scottsdale. The Scottsdale market saw as few as ~1,100 homes on the market.

Least Number of Active Listings In Scottsdale

Chart showing the least number of active listings in Scottsdale which happened in 2004.

Number of Active Listings In Scottsdale In 2020

So that brings us to now, 2020. The real estate market in the last 12 months has been wild and the number of active listings showcases that. For the last 12 months, we have seen prices increase and inventory go down. In the last 2 years, we have seen the number of active homes on the market get as high as 2,500. In 2020, the number of active homes for sale in Scottsdale has bairly hit 1,600.

Number of Active Homes For Sale In Scottsdale In 2020 VS 2019 VS 2018

2020 Number of Active Homes In Scottsdale Compared To Previous Years

Chart showing the number of active listings in Scottsdale in 2020 compared to the previous two years

 

Inventory In Scottsdale

Explanation of Month’s Supply Metric

We already looked at the total number of active listings in Scottsdale. Another way to look at the inventory of the market is to look at a metric called “Month’s Supply.” Month’s Supply is interesting because it tells a fantastic story. It tells us how long there would be homes for sale in Scottsdale if no other properties hit the market, and we continued to sell homes at the rate of that month. So an easy explanation example is this. Let’s say we have 100 homes for sales, and, on average, 20 homes have been selling per month. Our Month’s Supply would be 5 (5 Months). The reason for this is, in this example, we have no new homes coming on the market, we have an inventory of 100 homes, and 20 are being sold per month. After month one, we would 80 homes left. After month two, we would have 60 homes left and so on. That’s the “Month’s Supply” metric.

Month’s Supply In Scottsdale Since 2001 

In the chart below you will see what the supply has looked like going back to 2001. 

Historic Months Supply - Homes For Sale In Scottsdale

This chart shows “Month’s Supply” dating back to 2001.

What you’ll notice is when supply is decreased, prices go up. The years 2004 & 2005 were notoriously some of the crazier real estate markets in our life time and, as you can see from the chart, part of the reason for that is the limited inventory. When inventory is low, many people are fighting over just a few homes. 

Highest & Lowest Month’s Supply Numbers

In this chart you will see the Month’s Supply for years 2005 & 2008. These years show gave us the lowest and highest inventory numbers. 

Months Supply In Scottsdale For 2005 & 2008

Least Homes For Sale Inventory In Scottsdale

The lowest inventory point for Scottsdale came in April – July in 2005. Scottsdale only had roughly 1.6 months of supply of homes for sale. 

Most Homes For Sale Inventory In Scottsdale

The most inventory that Scottsdale ever saw was in January 2008. At that point, Scottsdale had over 25 months of inventory. 

Months Supply In 2020

The amount of inventory in Scottsdale in 2020 has been relatively low. As you can see from the chart below, we have been hovering between 3 -5 months of inventory. In May and June of 2020, due to COVID-19, inventory spiked to 2015, 2016, and 2017 numbers. After a few short months of somewhat average inventory, that number began to plummet and by mid August we now see a Month’s Supply number much closer to two. 

For Sellers, this is great. The market is on fire, and competition amongst buyers is at a high. Homes that are listed and are priced right are often seeing multiple offers in a few short days. 

For Buyers, this can make buying a home right now really tough. Its not uncommon to see homes with several offers at and above list price. 

Months Supply in Scottsdale 2020

AZ Digest
AZ Digest