- March 2021 Scottsdale Housing Market Video -
March carried on the same trends we have been seeing for months - incredibly high demand and incredibly low inventory. Even though we posted a record sales month in March, it would have been even higher if there were more homes for sale.
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of March.
March 2021 - Video
Scottsdale Active Listings
The number of homes for sale is dismal and even though new listings are coming onto the market daily, there is just too much demand to keep pace.
We closed out February with 489 homes on the market. This is down 211% from how many homes were for sale at the end of March 2020!.
And between February and March, inventory fell by another 12%.
Median List Price for Scottsdale Homes
Scottsdale's median list price in March was $1.65 million. So exactly half of the homes for sale were listed above $1.65M and exactly half were listed for less.
This was up slightly over February's $1.6M. However, it was significantly higher than the median list price in March of 2020 which came in just under $1M.
Days on Market
Days on Market (also shown as DOM) is a quick measurement to take the temperature of a market. A low DOM means homes are selling quickly and conversely a high DOM means things are taking longer to sell.
Scottsdale's Days on Market for March came in at 54. This may be the lowest we have seen this figure and it is 32% lower than March 2020.
Median Sales Price for Scottsdale Homes
Now we will examine the median sales price of homes in Scottsdale.
The median list price in March was $875K. This figure is $170K higher than it was in the same month in 2020. It is also a $70K increase over February 2021's median sales price.
Number of Homes Sold
This final section covers homes that sold.
This first image compares year-over-year activity. An astounding 648 homes sold in March. This represents a 34% increase. As I mentioned at the top of the post, I believe sales would have been a lot higher if there was more inventory.
This second image shows month-over-month sales activity. The number of homes sold in March was up 17% over February.
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.
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