- February 2024 Scottsdale Housing Market Video -
Here is a quick video overview of the Scottsdale, Arizona single-family home real estate market that covers the month of February.
February 2024 - Video
Scottsdale Active Listings
Inventory is on the rise, which is great news for buyers who have had to deal with low inventory for a while.
The number of homes for sale was up to 1,240 by the end of February. This is up 5.0% over January and up 13.5% when compared with February of 2023.
Average List Price for Scottsdale Homes
I used to use median listing price data, but I no longer have accurate access to that information. So, I have started to track average listing prices. (Technically, the median price is a better indicator since the average price can skew one way or the other due to extremely cheap or extremely high list prices, but this will still give you a decent idea of the prices of homes in Scottsdale.)
The average list price in Scottsdale continued on its upward trajectory and came in at over $2.5 million. This represents a 2.6% increase over January's average list price and an 8.3% increase over February of last year.
Days on Market
Days on Market (which you will also see shown as DOM) is a quick and easy way to gauge the temperature of a given market. High Days on Market numbers mean it is taking longer for homes to sell. Conversely, a low Days on Market means homes are selling at a brisker pace.
The DOM for Scottsdale in February was 75. This is up 2.7% compared to January's 73, but down 4.0% compared to the same time last year.
Average Sales Price for Scottsdale Homes
We saw average listing prices above and now we will examine average sales prices.
The average sales price in February was just under $1.5 million. This is up 4.8% over January and up 1.3% over February 2023.
Number of Homes Sold
Homes sales activity really picked up in February, closing out with 324 sales. This was up 24.7% over January's 244 sales and up 17.0% over February 2023's sales.
Since we are in the high season, I anticipate this figure will go higher in March.
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.
Originally posted on Live Better in Scottsdale
Disclaimer: Data deemed to be accurate, but is not guaranteed.
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