– March 2023 Scottsdale Housing Market Video –
Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of March.
March 2023 – Video
Scottsdale Active Listings
The number of homes for sale at the end of March was up 127% compared to the previous March. However, in March 2022, our market was experiencing significant shortages in inventory.
If we compare month-over-month, the number of listings was down 8% between the end of February and the end of March.
Median List Price for Scottsdale Homes
The median listing price is the price at which half of the listed homes have higher prices and half of the homes have lower prices.
March’s median listing price for Scottsdale was $1.4 million. This comes in lower than March 2022’s $1.55 million, but is higher than February 2023’s $1.37 million.
Days on Market
Days on Market, also represented as DOM, is a gauge of the pace of home sales. A high DOM indicates homes are sitting on the market longer. Conversely, a low DOM means the pace of home sales is quicker.
In March, the DOM for Scottsdale was 77 days. This is a 141% increase over last March when the market was still very competitive.
Median Sales Price for Scottsdale Homes
Here, we will examine the median price of homes sold in March.
March’s median sales price came in at just under $1 million. This is lower than both March 2022’s and February 2023’s $1.1 million median sale prices.
Number of Homes Sold
Now we will take a look a home sales activity on an annualized basis as well as a monthly basis.
On a year-over-year basis, home sales fell by 19%. We started to really see the cooling of the 2022 real estate market around that time and this decrease is significantly less than it has been tracking for the last few months.
Sales saw a very healthy jump on a month-over-month basis. Home sales in March were up 52% when compared with 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.
