Quick Video Update of the Scottsdale Real Estate Market

– May 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 May.

May 2024 – Video

Scottsdale Active Listings

The inventory of homes for sale was down slightly by the end of the month.

May ended with 1,225 homes for sale. This is a 2.5% decrease when compared to April and an impressive 25.6% increase over the same time last year. Scottsdale had been struggling with very low inventory, so it is nice to see more homes for sale.

Average List Price for Scottsdale Homes

I used to use median listing price data, but I no longer have accurate access to that information. Instead, I will 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 low 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 saw a decrease for the first time in a while. At the end of the month, it came in just over $2.5 million. This represents a 4.9% decrease in average list price compared to April and a 4.9% increase when compared to May 2023.

Days on Market

Days on Market, (also referred to as DOM,) is a quick and simple way to get a feel for a market. A high DOM means homes are taking longer to sell and a low DOM means homes are selling faster.

May’s Days on Market was 71 which is a pretty solid number. When we had the market dip a while back, it was not unusual to see this number in the 100+ range. And during the real estate frenzy we experienced recently, you could see it in the 30 range.

May’s DOM was down 4.1% from April and down 2.8% from May 2023.

Average Sales Price for Scottsdale Homes

The average sales price in May fell compared to April

May’s average sales price in Scottsdale came in just over $1.5 million. Compared to April, the average sales price was 7.6% lower. However, it was up 5.0% over May 2023.

Number of Homes Sold

This last section covers home sales in Scottsdale.

After a respectable April, we did see sales fall by 4.0% in May to 402. This is also well below May 2023 and represents a 12.9% decrease.

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.