– May 2020 Scottsdale Housing Market Video –
May 2020 – Video
May 2020 still felt the impacts of people staying in place and this is reflected in the sales for the month. However, on a positive note, the number of homes that went under contract in May rebounded to much healthier levels.
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of May.
Scottsdale Active Listings
The number of homes for sale remained pretty level between April and May. At the end of the month, there were 1,259 homes on the market.
This inventory figure is quite low for our market, meaning there is more competition for homes, especially in the lower price points.
Median List Price for Scottsdale Homes
If you are not familiar with this metric, the median list price tells you the midpoint of all home prices with one half being higher and one half being lower. (People like to track this metric versus average price, because a very high or very low price can skew the average.)
May’s median list price was $1.1 million. This is really up from May 2019’s $880,000, and also up from April’s $975,000. When the crisis hit, many of the luxury homes were taken off of the market. I am guessing this jump in median sales price can be attributed to these homes coming back onto the market.
Days on Market
This next metric, Days on Market (also seen as DOM,) measures the pace of sales in a particular market. When you see a high DOM, homes are taking longer to sell. A low DOM means homes are selling at a faster pace.
May’s DOM was 75 days. This is a 20% decrease from the same time last year, showing you the demand in the market.
Median Sales Price for Scottsdale Homes
The median sales price in Scottsdale in May was $629,000.
It was modestly up over May 2019’s median sale price of $609,000. But the median sales price was down over April’s price of $710,000.
Number of Homes Sold
Now we will look at homes sold compared to the same time last year as well as last month.
Sales saw an enormous drop (49%) between May 2019 and May 2020. May typically shows strong sales activity, so you can definitely see the impact of COVID-19 on the market for the month.
Sales activity picked up again in May, but the sales figures are based on contracts that were most likely signed in April. So while sales were down month-over-month, this is a good sign.
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.