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Scottsdale Real Estate Market

Quick Video Update of the Scottsdale Real Estate Market – May 2023

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– May 2023 Scottsdale Housing Market Video –

Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of May.

May 2023 – Video


Scottsdale Active Listings

Scottsdale homes for sale May 2023

The number of homes for sale dropped under the 1,000 mark by the end of the month. While this is still 10% higher than where we were last year, we are still in need of inventory.

And if you compare the end of May to the end of April, the number of homes for sale was down by 13%.

Median List Price for Scottsdale Homes

Scottsdale homes median list price May 2023

The median listing price is a way to get an idea of home prices in a given market. It represents the price at which half of the homes for sale are priced higher and half of the homes for sale are priced lower.

Scottsdale’s median listing price in May was $1.49 million. This comes in well above last May’s $1.3 million and is up from April 2023’s $1.4 million as well.  

Days on Market

Scottsdale homes days on market May 2023

Days on Market, frequently referred to as DOM, shows you how long is it taking homes to sell.

If you see a low DOM, homes are selling quickly. For instance, in May 2022, the DOM was 30, which is a very, very fast home sale pace. If the DOM is higher, it means homes are selling at a slower pace.

Days on Market for Scottsdale came in at 67 in May. This is down from April’s 72, but 123% above May 2022’s 30 days.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price May 2023

Similar to the median listing price above, the median sales price is the midpoint price of home sales.

May ended with a median sales price of $1.06 million. This is slightly higher than April, but slightly lower than the same time last year.

Number of Homes Sold

In this final section, we will examine the number of homes sold. 

Scottsdale home sales May 2022 vs May 2023

This first image compares sales on a year-over-year basis. Sales in May 2023 were down 7% when compared to May 2022.

Scottsdale home sales April versus May 2023

This second image looks at month-over-month sales activity. Sales in May were very strong and were up 42% compared to last month.

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.

Scottsdale AZ Single Family Home Sales – May 2023

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– May 2023 Scottsdale Homes for Sale and Home Sales –

After a quieter April, May sales activity rebounded. We had seen a higher number of pending contracts in April and it looks like a large number of them closed in May.

SCOTTSDALE HOME SALES ACTIVITY – MAY 2023

We track the following sales statuses on a monthly basis:

– Single-family homes for sale – Orange Line – How many homes were showing active at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – How many UCB contracts there were at the end of the month.*
– Pending home sales – Yellow Line – How many pending contracts there were at the end of the month.*
– Home Sales – Blue Line – The number of homes sold during each month.

MAY 2023 RESULTS

Scottsdale Home sales May 2023
  • Scottsdale Homes for Sale: Inventory has been shrinking for the past several months. We are now close to the 900 mark, down almost 200 homes since January.
  • UCB (Under contract, accepting backup offers): UCB contracts were down in May when compared with April. However, this is still the second best performance for UCBs in the past year.
  • Pending Homes Sales in Scottsdale: Pending sales were also down in May, but similar to April, posted the second highest number of pendings in the past 12 months.
  • Scottsdale Home Sales: Home sales jumped by 135 (or 29.7%) between April and May. This is the highest sales figure we have seen in the past year.

This last section contains two more sales metrics that we like to keep an eye on.

Scottsdale real estate market May 2023

Percent Change Month Over Month – The chart on top looks at performance on a month-over-month perspective. For instance, the number of active listings fell 7.5% between the end of April and the end of May.

Sales Price to List Price – The bottom chart examines home prices and at what discount homes are selling for relative to their asking prices. In May, we came in at 95.9% which means homes sold at an average discount of 4.1% off of the average list price.

*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.

Curious about your buying power? Click on the link to learn more.

Search Scottsdale AZ Homes for Sale

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2023. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2023 Heather Tawes Nelson | Joyce Tawes

The Best Time To Sell Your House Is When Others Aren’t Selling

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If you’re thinking about selling your house, you should know the number of homes for sale right now is low. That’s because, this season, there are fewer sellers listing their houses for sale than the norm.

In fact, in Scottsdale, inventory has been decreasing over the last several months.

Looking back at every April since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below):

While there are a number of factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. It’s called rate lock.

As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 months say they’re waiting for rates to come down.

While this wait-and-see approach is right for some sellers, it also creates an opening for more eager sellers to jump in now.

If your current house truly doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to stand out. When fewer sellers are putting their homes up for sale, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. That’s why your house could see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”

Bottom Line

If you’re ready to sell now, beat the competition before it comes onto the market. If you do, your house should stand out and could get multiple offers. Let’s connect to get you market ready.

The Worst Home Price Declines Are Behind Us

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If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tells a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us.

If we take a year-over-year view, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic. To get a more detailed picture of some of the trends in the market, we need to look at monthly data. 

The monthly graphs below use recent reports from three sources to show that the worst home price declines are already behind us, and prices are on their way back up nationally.

The story this more detailed monthly view tells us is that the last year has been a tale of two halves in the housing market. In the first half of 2022, home prices were climbing, and they peaked in June. Then, in July, home prices started to decline (shown in red in the graphs above). And by roughly August or September, the trend began to stabilize. As we look at the most recent data for the early part of 2023, these graphs also show a recent rebound in momentum with prices ticking back up. Monthly changes in home prices are gaining steam as we move into the busier spring season. 

While one to two months doesn’t make a trend, the fact that all three reports show prices have stabilized is an encouraging sign for the housing market. The month-over-month data conveys a clear, but early, consensus that a national shift is taking place today. In essence, home prices are starting to tick back up.

Andy Walden, Vice President of Enterprise Research at Black Knight, says this about home price trends: 

“Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February.”

Selma Hepp, Chief Economist at CoreLogic, explains the limited supply of homes available for sale is contributing to this positive turn:

“ . . . prices in many large metros appeared to have turned the corner, with the U.S. recording a second month of consecutive monthly gains. . . . The monthly rebound in home prices underscores the lack of inventory in this housing cycle.” 

Here’s What This Means for You 

  • Sellers: If you’ve been holding off on selling because you’re worried about what was happening with home prices and how it would impact the value of your home, it may be time to jump back in and partner with an agent to list your house. You don’t have to put your needs on hold any longer because the latest data shows a turn in your favor. 
  • Buyers: If you’ve been waiting to buy because you didn’t want to purchase something that would decrease in value, you now have the peace of mind things are looking up. Buying now lets you make your move before home prices climb more and gives you the chance to own an asset that typically grows in value over time. 

Bottom Line

If you put off your plans to move because you were worried about home prices falling, data shows the worst is already behind us and prices are actually rising nationally. Let’s connect so you have an expert on the local market to explain what we’re seeing with home prices in our area.

Scottsdale AZ Luxury Home Market – April 2023

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– Scottsdale Luxury Home Market Performance for April 2023 –

Sales activity in the luxury home market was mixed in April, but still delivered a solid performance.

This report looks at the luxury home market in Scottsdale. All of the homes were listed for $1 million or more. To show more granular data, we have separated the sales activity into four different price ranges.

– APRIL 2023 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

Scottsdale Homes for Sale between $1 and $1.5 million April 2023

– Active Scottsdale Homes on the Market: Inventory was down over 10% between the end of March and the end of April. This is the second lowest we have seen it in the past year.
– UCB Scottsdale Home Sales: The number of UCBs jumped 34.4% month-over-month. April posted the highest number of UCB contracts we have seen in the last year.
– Pending Scottsdale Home Sales: The number of pending sales was also up in April, coming in with the second-highest performance in the past 12 months.
– Scottsdale Homes Sold: After a very impressive March, home sales fell quite a but in April. However, the pending pipeline indicates that May might see an increase in sales again.
– Sales Price to Listed Price: 96.2%- On average, buyers saw a discount of 3.8% off of list price.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

Scottsdale Homes for Sale between $1.5 and $2 million April 2023

– Active Scottsdale Homes on the Market: The number of homes on the market fell 17.5% month-over-month. Inventory is now at the second lowest we have seen in the past year.
– UCB Scottsdale Home Sales: The number of UCB contracts surged in April and was the highest-performing month of the past year.
– Pending Scottsdale Home Sales: Pending sales saw a modest increase over March, but also tied for the highest level we have seen in the past 12 months.
– Scottsdale Homes Sold: There were 46 sales in April, coming in ahead of the 12 month average of 39.
– Sales Price to Listed Price: 97.3% – On average, buyers saw a discount of 2.7% off of list price.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

Scottsdale Homes for Sale between $2 and $3 million April 2023

– Active Scottsdale Homes on the Market: Inventory was down slightly in April, but is still trending very high.
– UCB Scottsdale Home Sales: UCB contracts were up by one at the end of the month, making it the highest-performing month we have seen in the past year.
– Pending Scottsdale Home Sales: Pending sales were up over 23% over March. And, this was the second-highest number of pendings in the past year.
Scottsdale Homes Sold: Home sales fell to 31 in April. This was a decent performance, but we are anticipating a rebound in May based on pending activity.
– Sales Price to Listed Price: 94.8% – On average, buyers saw a discount of 5.2% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million April 2023

– Active Scottsdale Homes on the Market: Inventory was at the highest level we have seen in the past year.
– UCB Scottsdale Home Sales: UBC contract activity was level with March at 29, tied for the highest level e have seen in UCBs in the past year.
– Pending Scottsdale Home Sales: Pending sales were also up to 33, just slightly ahead of the 12 month average of 32.
– Scottsdale Homes Sold: After very strong sales in March, sales in April fell quite a bit. We are hopeful that the pending inventory will result in a better sales month in May.
– Sales Price to Listed Price: 92.8% – On average, buyers saw a discount of 7.2% off of list price.

If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2023 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright ©2023 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – April 2023

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Luxury Condo Sales in Scottsdale and Phoenix – April 2023

Although sales were down slightly from March, the luxury condo market in Scottsdale and Phoenix still posted strong results.  

This report covers the Scottsdale and Phoenix luxury condo market. All of these homes were listed for $1 million or more. 

ACTIVE LISTINGS AT THE END OF APRIL

The number of units for sale fell from sixty at the end of March to fifty-four at the end of April. Forty-seven of the fifty-four were located in Scottsdale.

The highest-priced listing is a carryover from last month that took a price reduction. This fantastic penthouse at The Plaza Lofts at Kierland has three bedrooms, three and one-half bathrooms and 4,059 square feet. It was on the market for $5,650,000.

The least expensive condo for sale is also a carryover from previous months. This Optima Camelview home comes with two bedrooms and bathrooms and 1,346 square feet. It was on the market for $1,000,000. 

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

UCB contracts rebounded significantly in April. We went from two at the end of March to eight at the end of April.

UCB Condos in Scottsdale

  • Portico Condominiums– Portico is under development in North Scottsdale.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,444,500.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,445,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,657,000
  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 2,000 square feet. Asking price was $1,875,000.
  • Seven at Desert Mountain – Three bedrooms, three and one-half bathrooms, 2,721 square feet. Asking price was $2,395,000.
  • ICON at Silverleaf – Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,195,000.

UCB Condos in Phoenix

  • One Lexington – Two bedrooms, two and one-half bathrooms and 2,835 square feet. Asking price was $1,695,000.
  • Esplanade Place – Two bedrooms and bathrooms and 2,417 square feet. Asking price was $1,199,875.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

The number of pending sales was down compared to the end of March. The month ended with fifty-four units in pending status. A majority of these pending contracts were located in communities still under development in Scottsdale. 

Scottsdale Pending Luxury Condos

  • Optima Camelview – Three bedrooms, two bathrooms, 2,000 square feet. Asking pice was $2,250,000.
  • Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,425,600.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,431,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,582,200.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,637,100.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,658,500.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,660,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,669,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,600.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,728,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,738,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,879,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,890,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,899,000.
  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,271,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,279,900.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,447,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,532,900.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,450,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,500,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,750,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,895,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • ICON at Silverleaf – Currently under construction.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,625,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,900,000.
    • Three bedrooms and bathrooms, 3,157 square feet. Asking price was $2,995,000.
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,995,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,600,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 5,534 square feet. Asking price was $8,000,000
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000. 

Phoenix Pending Luxury Condos

  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

The luxury condo market saw a solid sales month in April. Eight units sold and seven of the eight were located in Scottsdale.

Scottsdale Luxury Condo Sales

  • Optima Camelview – Three bedrooms, two bathrooms, 2,222 square feet. Asking price was $1,395,000 and it sold for $1,200,000.
  • The Reserve
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500 and it sold for $1,183,841.
    • Three bedrooms and bathrooms, 2,675 square feet. Asking price was $1,206,500 and it closed for $1,275,053.
  • Plaza Lofts at Kierland – Two bedrooms and bathrooms, 1,636 square feet. Asking price was $1,795,000 and it closed for $1,735,000.
  • Optima Kierland
    • Two bedrooms and bathrooms, 1,465 square feet. Asking price was $1,349,000 and it sold for $1,335,000.
    • Two bedrooms and bathrooms, 1,387 square feet. Asking price was $1,140,000 and it sold for $1,100,000.
  • Scottsdale Waterfront – Two bedrooms, two and one-half bathrooms, 2,227 square feet. Asking price was $1,985,000 and it sold for $1,800,000.

Phoenix Luxury Condo Sales

  • Two Biltmore Estates – Three bedrooms, three and one-half bathrooms, 3,931 square feet. Asking price was $2,995,000 and it sold for $2,775,000.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale 

Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2023 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed.  There may be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright ©2023 Heather Tawes Nelson | Joyce Tawes

The Impact of Inflation on Mortgage Rates

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If you’re reading headlines about inflation or mortgage rates, you may see something about the recent decision from the Federal Reserve (the Fed). But what does it mean for you, the housing market, and your plans to buy a home? Here’s what you need to know.

Inflation and the Housing Market

While the Fed is working hard to lower inflation, the latest data shows that, while the it has improved somewhat, the inflation rate is still higher than the target (2%). And that played a role in the Fed’s decision to raise the Federal Funds Rate last week. As Bankrate explains:

“Keeping its inflation-fighting streak alive, the Federal Reserve has raised interest rates for the 10th time in 10 meetings . . . The hikes aimed to cool an economy that was on fire after rebounding from the coronavirus recession of 2020.”

While the Fed’s actions don’t directly dictate what happens with mortgage rates, their decisions do have an impact and have contributed to the intentional cooldown in the housing market last year. 

How This Impacts You 

During times of high inflation, your everyday expenses go up. That means you’ve likely felt the pinch at the gas pump and in the grocery store. By raising the Federal Funds Rate, the Fed is actively trying to lower inflation. If the Fed is successful, it could also ultimately lead to lower mortgage rates and better homebuying affordability for you. That’s because when inflation is high, mortgage rates tend to be high. But, as inflation cools, experts say mortgage rates will likely fall.

Where Experts Think Mortgage Rates and Inflation Will Go from Here

Moving forward, both inflation and mortgage rates will continue to impact the housing market. And as Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Mortgage rates are likely to descend lower later in the year as the consumer price inflation calms down . . .” 

Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA), explains: 

“We continue to expect that mortgage rates will drift down over the course of the year as the economy slows . . .”

While there’s no way to say with certainty where mortgage rates will go from here, the experts think mortgage rates will trend down this year if inflation comes down too. To stay informed on the latest insights, connect with a trusted real estate advisor. They keep their pulse on what’s happening today and help you understand what the experts are projecting and how it could impact your homeownership plans.

Bottom Line

Don’t let headlines about the latest decision from the Fed confuse you. Where mortgage rates go from here depends on what happens with inflation. If inflation cools, mortgage rates should tick down as a result. Let’s connect so you have expert insights on housing market changes and what they mean for you.

Quick Video Update of the Scottsdale Real Estate Market – April 2023

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– April 2023 Scottsdale Housing Market Video –

Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of April.

April 2023 – Video


Scottsdale Active Listings

Scottsdale homes for sale April 2023

The month of April closed out with 1,061 homes for sale. This is up 72% over April 2022, but at that time, Scottsdale was severely lacking in homes for sale.

Inventory at the end of April was down 9% compared to the end of March. We have been seeing the number of homes for sale trend down over the last couple of months.

Median List Price for Scottsdale Homes

Scottsdale homes median list price April 2023

If you are not familiar with the median listing price, it is it the midpoint price of all of the homes on the market. 50% of the homes are priced higher and 50% of the homes are priced lower. 

In April, Scottsdale’s median listing price for Scottsdale was $1.45 million. This is higher than last month’s $1.4 million, but lower than April 2022’s $1.5 million. 

Days on Market

Scottsdale homes days on market April 2023

This next image gives you a quick look into the health of a given market. Days on Market, also called DOM, calculates the number of days it takes homes to sell on average.

If you see a high DOM, homes are taking longer to sell. A lower DOM means homes are selling at a brisker pace.

Scottsdale’s DOM in April was 72 days. While it comes in 118% higher than last April, April 2022 was a very strong market.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price April 2023

Now we will look at Scottsdale’s median sales price for April.

While it was a little less than the previous year’s $1.1M, it did come in a tiny bit higher than March 2023’s figure.

Number of Homes Sold

This next section covers actual home sales activity. The top image is a year-over-year comparison and the bottom image is a month-over-month comparison.

Scottsdale home sales April 2022 vs April 2023

Home sales fell 34% when you compare April 2023 to April 2022. We had hoped to see less of a decrease than we did.

Scottsdale home sales March versus April 2023

Sales in April fell off quite a bit from March’s sales. This was due to fewer pending contracts at the end of 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.

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Interested in other stats for our market? Visit our Real Estate Market Update page.

Disclaimer: Data deemed to be accurate, but is not guaranteed.

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