– February 2022 Scottsdale Housing Market Video –
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of February.
February 2022 – Video
Scottsdale Active Listings
We continue to be plagued with an incredibly low inventory of homes for sale. While this is fantastic news for sellers, it makes it very difficult for buyers who face stiff competition and multiple offer scenarios.
The number of homes on the market fell 32% when you look at February 2022 compared to February 2021. The month ended with only 383 single-family homes for sale.
If you compare February and January, inventory was down by 9%.
Median List Price for Scottsdale Homes
If you are not familiar with the median listing price, it is the price where half of the listed homes are priced higher and the other half are priced lower.
In February, the median list price rose to $1.7 million. This comes in ahead of January 2022’s $1.5 million and last February’s $1.6 million.
Days on Market
The Days on Market metric, (you will also see it referenced as DOM), gives you a quick look into the health of a market. When you see a high DOM, that indicates homes are taking more time to sell. Conversely, a low DOM means things are selling at a faster pace.
The Days on Market in February was 40 days. This is 31% lower than February 2022’s Days On Market of 58.
Median Sales Price for Scottsdale Homes
This next section is the median sales price of Scottsdale homes in February. Again, this price is the midpoint price of all homes sold.
The median sales price in February was $1,000,000. There was a $60,000 jump from January 2022’s median sales price and an almost $200,000 jump from February of 2021.
Number of Homes Sold
Now we will examine home sales.
This first image is sales on a year-over-year basis. Sales were down 22% compared to last February. I attribute this to the very low inventory as the demand is still there.
This second image is a month-over-month comparison. Sales were up 10% over January. Traditionally, January is a slower month as people take a break from home shopping over the holidays.
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.
