– March 2020 Scottsdale Housing Market Video –
March 2020 – Video
March 2020 came with massive changes and unknowns, not only in Scottsdale, but globally. Buying activity started off strong and the month ended with good sales numbers. However, demand dropped off as the month progressed.
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of March.
Scottsdale Active Listings
Although the video says inventory was level, we actually saw a much-needed increase in inventory. There were 1,397 homes for sale at the end of the month, up 11.8% over February.
Median List Price for Scottsdale Homes
This next section is the median asking price of homes for sale in Scottsdale. The median list price is the midpoint of all home prices, so one-half of the homes are priced higher and one-half are priced lower.
The median list price in March was just over $1 million. This is up quite a bit from March 2019’s $875,000, but down from the previous month’s $1.2 million.
Days on Market
Now we will take a look at Days on Market (often abbreviated as DOM.) This is a measurement that tells you how quickly, or slowly, homes are selling. A high DOM means homes are taking longer to sell and a low DOM means the market is moving more quickly.
The DOM for March came in at 79 days, a 15% decrease from March 2019’s 93 days.
Median Sales Price for Scottsdale Homes
We saw the median list price above and now we will take a look at the median sales price.
The median sales price of homes in Scottsdale for June was $705,000. February’s median sales price was $685,000 and both of these came in higher than March 2019’s $590,000.
Number of Homes Sold
This last section is home sales and this will be the one to watch in the coming months.
Sales were up 7% between March 2019 and March 2020. This is traditionally the high-season, so the increase in sales was good to see.
Sales were also up month-over-month. There was an 8% increase in home sales between February and March.
We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.
For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.
Click to watch other videos on our Live Better in Scottsdale YouTube Channel.
Interested in other stats for our market? Visit our Real Estate Market Update page.
Disclaimer: Data deemed to be accurate, but is not guaranteed.