- May 2023 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 2023 - Video
Scottsdale Active Listings
The number of homes for sale dropped under the 1,000 mark by the end of the month. While this is still 10% higher than where we were last year, we are still in need of inventory.
And if you compare the end of May to the end of April, the number of homes for sale was down by 13%.
Median List Price for Scottsdale Homes
The median listing price is a way to get an idea of home prices in a given market. It represents the price at which half of the homes for sale are priced higher and half of the homes for sale are priced lower.
Scottsdale's median listing price in May was $1.49 million. This comes in well above last May's $1.3 million and is up from April 2023's $1.4 million as well.
Days on Market
Days on Market, frequently referred to as DOM, shows you how long is it taking homes to sell.
If you see a low DOM, homes are selling quickly. For instance, in May 2022, the DOM was 30, which is a very, very fast home sale pace. If the DOM is higher, it means homes are selling at a slower pace.
Days on Market for Scottsdale came in at 67 in May. This is down from April's 72, but 123% above May 2022's 30 days.
Median Sales Price for Scottsdale Homes
Similar to the median listing price above, the median sales price is the midpoint price of home sales.
May ended with a median sales price of $1.06 million. This is slightly higher than April, but slightly lower than the same time last year.
Number of Homes Sold
In this final section, we will examine the number of homes sold.
This first image compares sales on a year-over-year basis. Sales in May 2023 were down 7% when compared to May 2022.
This second image looks at month-over-month sales activity. Sales in May were very strong and were up 42% compared to 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 guarantee