- February 2021 Scottsdale Housing Market Video -
The red hot Scottsdale real estate market continued the momentum we have been seeing over the past couple of months. Inventory is very low and if there were more homes on the market, we would be seeing even higher sales figures.
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of January.
February 2021 - Video
Scottsdale Active Listings
The number of homes for sale continues to fall. We closed out February with 482 homes on the market. This is down 187% from the number of homes for sale at the end of February 2020.
And we also saw a decline in inventory between January and February. The number of homes listed fell another 28%.
Median List Price for Scottsdale Homes
The median list for Scottsdale in February was $1.8 million. If you are not familiar with the median list price, it simply means that half of the homes for sale had higher list prices and the other half had lower list prices.
You can really see the effect of price appreciation in our market. In February 2020, the median list price was a little over $1.1 million and it was up even higher over January 2021's $1.5 million.
Days on Market
Days on Market is a way to get a sense of how "hot" the market is. If you see a high Days on Market (DOM), then you know it is taking longer for homes to sell. Conversely, a low DOM means homes are selling more quickly.
On average, homes in Scottsdale are selling in 59 days. This is a very low number and is over 30% lower than the same time last year.
Median Sales Price for Scottsdale Homes
Before, we looked at the median list price and this is now a look at median sales price.
February's median list price was $805K. This is $120K higher than February 2020's $685K. We also saw a substantial increase over January's $760K.
Number of Homes Sold
Now we will look at home sales activity with a year-over-year look as well as a month-over-month.
555 homes sold in February in Scottsdale. When compared to February 2020, sales were up 23%. Again, I think sales figures would have been a lot higher if there were more homes to choose from.
Sales activity increased 12% in February when compared to January.
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.