– May 2022 Scottsdale Housing Market Video –
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of May.
May 2022 – Video
Scottsdale Active Listings
Even though we are still suffering from low inventory, we have been seeing an uptick in the number of homes for sale, which is great news for buyers.
Inventory was up a healthy 24% between May 2021 and May 2022. And we also saw a month-over-month increase of 30%. All good news.
Median List Price for Scottsdale Homes
Now we will take a peek at home prices for homes on the market. The median list price tells you the midpoint price of all currently listed homes. Fifty percent will be priced higher and fifty percent will be priced lower.
The median list price for May was $1.35 million. This is lower than May 2021’s $1.43 million and down quite a bit from April’s $1.55 million.
Days on Market
Days on market is an indicator of the pace of home sales in a market. You will also see it referenced as DOM. If the DOM is high, homes are staying on the market a little longer. If the DOM is low, homes are selling at a brisker pace.
May’s DOM was 29 days. This is very low and has been since the Scottsdale market got hot. And looking year-over-year, days on market was down by 22%.
Median Sales Price for Scottsdale Homes
Similar to the median list price, the median sales price is the midpoint of home prices of homes that sold.
May’s median sales price in Scottsdale was $1.08 million. This is up from the previous year’s $922K, but down slightly from last month’s $1.1 million.
Number of Homes Sold
This first image is comparing year-over-year home sales. Sales were down 22% from the previous year. And although low inventory may be playing a part, we are seeing decreased demand from buyers which could account for this drop.
This second image is looking at it from a month-over-month perspective. Sales were essentially level with May coming in with one fewer sale than April.
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.