Quick Video Update of the Scottsdale Real Estate Market

– July 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 July.

July 2024 – Video

Scottsdale Active Listings

Active listings were down 9.2% between June and July. We do see this fall off in summer when sellers take their homes off of the market or wait to list until cooler weather prevails.

However, the inventory of homes for sale was up 20.1% compared to July 2024 and July 2023. This is good news for buyers who were desperately in need of inventory during the housing frenzy.

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 fell again in July. It was down 8.5% between June and July. Some of this can be attributed to downward pressure on pricing based on a slower market, but we also saw some very high-priced homes taken off of the market for the summer months.

If we look at July 2023, the average list price is almost identical to 2024, down less than 1%.

Days on Market

Days on Market, (also referred to as DOM,) is a simple metric we use to get a sense of how the market is performing. The longer it takes homes to sell, the higher the DOM. On the flip side, if homes are selling quickly, you will see a lower DOM.

After a jump up in June, we see July’s DOM come down slightly, a 2.4% decrease. When compared to July 2023, the DOM was up 7.1%.

Average Sales Price for Scottsdale Homes

Scottsdale average sales price July 2024

We saw the average list price above and now we will look at average sale prices.

In July, the average sales price was just over $1.58 million. This is a decrease of 3.4% when compared to June. But it was up 6.7% over July 2023.

Number of Homes Sold

This last section covers home sales. Interestingly enough, there is not a lot of variance in these figures.

Sales were down 1.6% when compared to June, but up 1.9% when compared to the same time last year.

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.