– August 2020 Scottsdale Housing Market Video –
August, usually a month where things start to slow down, bucked the trend and experienced strong sales activity.
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of August.
August 2020 – Video
Scottsdale Active Listings
The number of homes on the market fell again to end under 1,000. This happened last month and such low inventory is pretty much unheard of. August 52% fewer homes for sale than last August and 10% fewer homes for sale than July 2020.
As I have been saying, this very love inventory of available homes will hold sales activity back, even as we move into traditionally slower months. Demand for lower-priced homes is so high, most have several offers on the first day.
Median List Price for Scottsdale Homes
The median list price measures the exact midpoint of home prices. One half of the homes are priced higher and one half is priced lower.
August’s median list price came in at $1.25 million. This is up significantly over August 2019’s $899K and is up slightly from last month’s $1.14 million.
Days on Market
Days on Market (DOM) is a basic, but effective, measurement we use to gauge the health of a market. A high DOM means that homes are taking a long time to sell and a low DOM means homes are selling more quickly.
August’s DOM came in low and this was backed up by the rapid pace of home sales. The DOM for August was 84 days, a 14% decrease from last August.
Median Sales Price for Scottsdale Homes
Now we will take a look at the median sales price for homes in August.
It came in at $692K. This is lower than July 2020’s $695K, but up over $100 over last August.
Number of Homes Sold
Now we will take a look at actual home sales.
This first image is comparing home sales year-over-year. Sales were up 17% over August 2019.
This next image is a month-over-month comparison. Sales were down 8% from last month.
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.