November continued the trend we have been seeing for the last several months - very high sales activity and record low inventory.
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of October.
November 2020 - Video
Scottsdale Active Listings
The number of homes for sale in Scottsdale decreased by 29% between the end of October and November. I have never seen inventory this low.
And if you look at it on a year-over-year basis, the for sale inventory is down a whopping 87%!
Median List Price for Scottsdale Homes
The median list price tells us the exact midpoint of the prices of homes for sale, so one half will have higher prices and the other half will have lower prices.
In November, the median list price came in at $1.3 million. This is up quite a bit over the median list prices in November 2019 and October 2020.
Days on Market
Days on Market (or DOM) is a simple gauge to see how quickly homes are selling. A high DOM means things are selling at a slower pace and a low DOM means things are selling more quickly.
The DOM for November was 66, a low number for Scottsdale. This came in down 20% from the same time last year.
Median Sales Price for Scottsdale Homes
We saw the median list price above and now we will look at the median sale price of Scottsdale homes.
In November, the median sales price was $720K. This is up from November 2019's $630K, but down from October 2020's $741K.
Number of Homes Sold
This last section looks at home sales on a year-over-year basis as well as a month-over-month basis.
Sales were up an incredible 46% year-over-year. Typically, this time of year is pretty quiet, so this jump is unusual. We went from 370 home sales last November to 639 this November.
Sales did decrease between October and November. They were down 10%.
This is probably due to our low inventory coupled with the election and Thanksgiving week.
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.