June 2023 Scottsdale Housing Market Video -
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of June.
June 2023 - Video
Scottsdale Active Listings
Inventory continues to fall as it has each month since January. This can partly be attributed to already low inventory combined with seasonality, as some homeowners take their homes off of the market during the summer months.
The image above is a year-over-year comparison. The number of homes for sale at the end of June 2023 was down 22% when looking at June 2022.
And if you look at it on a month-over-month basis, inventory was down 14% from the end of May.
Median List Price for Scottsdale Homes
If you aren't sure of what the median listing price is, it is the exact midpoint of the listing prices for homes. Half of the homes have higher listing prices and half have lower listing prices.
In June the median listing price in Scottsdale was $1.48 million. This is up slightly over the previous month's $1.47 million, but up quite a bit over June 2022's $1.21 million.
Days on Market
The Days on Market calculation shows you on average how long it is taking from homes being listed to being sold. You will often see it referred to as DOM.
If the Days on Market is a high number, then homes are lingering on the market for a longer time. Conversely, if you see a low Days on Market, homes are selling at a faster pace.
In June, the DOM for Scottsdale was 69 days. This represents a 97% increase from June 2022. However, to clarify, the DOM of 35 days in June 2022 was incredibly low as we were coming out of a very hot market.
Median Sales Price for Scottsdale Homes
We took a look at the median listing price above and now we will take a look at the median sales price.
Scottsdale's median sales price in June was $1.05M. This is slightly lower than the previous month's median sales price of $1.07M and is also lower than June 2022's median sales price of $1.1M.
Number of Homes Sold
Now we will look at actual home sales.
Above, you will see a year-over-year comparison of home sales. We saw a 7% increase in the number of home sales.
Here is the information looking at month-over-month home sales. Sales were down slightly, 2%, compared to the previous 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 guaranteed.
Originally posted on Live Better in Scottsdale
Comments (2)Subscribe to CommentsComment