The Scottsdale Real Estate Market
The year 2020 had its challenges, but the real estate market in the 85255 zip code, Scottsdale, and the entire Phoenix metropolitan area was very strong. This report provides perspective on the 2020 market compared to the 2019 market in North Scottsdale, the 85255 real estate market, and data on a selection of specific neighborhoods.
We prepare these data reports annually and while we don’t provide data on every neighborhood, if you would like to see a report on a neighborhood we have not included, let us know, we are happy to provide it for you.
Scottsdale Market Overview
In 2020 there were 9,351 homes sold throughout the year in Scottsdale. These sales are a 7.4 percent increase over the previous year, which is 645 more homes. Prices increased with the median home price in Scottsdale being $560,000, 15.5 percent above 2019. The average price per square foot in Scottsdale also rose nearly 13 percent to $281. Homes were selling significantly faster than in 2019, with the average number of days a home was on the market decreasing almost 20 percent to only 73 days.
Demand for homes in our area is coming heavily from out of the state. Realtor.com prepares a cross-market demand report. For the fourth quarter here are the top ten feeder markets into Phoenix/Scottsdale/Mesa based on home searches.
What is particularly interesting is that one-quarter of the potential home buyers are coming from California.
North Scottsdale Real Estate Market Overview
The story in all three zip codes that comprise North Scottsdale is the same. Sales are up, prices are up, and inventory is way down. At the beginning of 2020, there were 934 homes on the market in North Scottsdale. At the beginning of this year, there were only 422 homes for sale. The chart below shows the weekly inventory counts for the past three years, and the drop in available homes is astounding. We started 2021 with 5,536 homes for sale this is 67 percent below where we started in 2019
The median price of a home in the area is $823,500. This median price is 16.4 percent higher than in 2019. The number of homes sold is also up dramatically, with 3,001 homes sold during the year, 23 percent higher than in 2019. Finally, in 2020 homes sold significantly faster than they did in 2019, with the average number of days a home was on the market dropping nearly 20 percent to 104 days.
85255 Real Estate Market Overview
85255 real estate was robus in 2020, with a 21 percent increase in the number of homes sold over 2019. The increase represents 285 more homes sold in 2020. The median home price in the zip code increased 10.4 percent to $735,000. Just as in the overall market, the average number of days it took to sell a home decreased nearly 18 percent over 2019, to 88 days.
For Sellers of 85255 Real Estate
If you are considering selling 85255 real estate , this is a great time to do so. It is truly a seller’s market. Housing inventory in our market is at a historical low point. One way real estate inventory is measured is called Days Of Inventory. It is somewhat of a theoretical measure because it assumes that if no more homes came onto the market, the number of days it would take for the market to run out of homes at the current rate of sales. In North Scottsdale, this usually averages close to 200 days. At the end of the year, Days of Inventory in North Scottsdale had dropped to a mere 51 days.
The reduced inventory is driving home prices in our market higher and sometimes resulting in multiple offers that can drive the selling price above the asking price. In the last quarter of 2020, 15 percent of homes sold above the asking price in North Scottsdale.
If you wonder what your home is worth in this changing market, allow us to prepare a no-obligation market report for you. If you decide to sell, we would appreciate the opportunity to earn your business and list your home.
For Buyers of 85255 Real Estate
When inventory is low, buyers of 85255 real estate need strategies to ensure that the homes they like can be theirs. The market is as active as it is now when it is a seller’s market. A market like this does not mean that a buyer can’t negotiate a favorable deal, but a buyer needs to be prepared to jump when they find the right home. Working with a strong agent as your partner when buying is critical. You want someone on your team that truly understands the market, can help you negotiate the best deal, and get from offer to close.
Even though prices are creeping up, this is a great time to buy because of the amazingly low-interest rates. Lenders have a variety of programs that can assist most buyers. Since the rates are so favorable, you may qualify for more than you think. The key in this market is to be pre-qualified before you even start to look. If you are interested in learning more about rates and programs, allow us to introduce you to one of our lenders.
About This Report on 85255 Real Estate
The data used to prepare this report on the 85255 real estate market is from the Arizona Regional Multiple Listing Service and The Lifestyle Collection team compiles the information. If you would like to ensure you receive copies in the future, please sign up by visiting our subscription page .
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