Real Estate In Scottsdale – Update

Real Estate in Scottsdale is moving quickly, and the market has made some dramatic shifts this year. We see available housing inventory across all price points at the lowest level it has been in years. Homes at many price points receive multiple offers, back-up offers, and offers over the list price. Median prices are up dramatically. Scottsdale’s median price across the entire market has increased 14.4 percent from $480,000 in 2019 to $549,000 this year. Here is some interesting data on today’s real estate market in our area. In a word, the Scottsdale real estate market is “HOT.”

To provide insight into what “HOT” means for real estate in Scottsdale, we prepared comprehensive, detailed year-over-year market perspectives on homes in Scottsdale as well as select zip codes. We then looked at specific neighborhoods. You can view the neighborhood reports below, or to go to a specific neighborhood report just click on the name., The neighborhoods include Bellasera, Desert Highlands, Desert Mountain, Estancia, Legend Trail, Mirabel, Silverleaf, Sincuidados, Troon, Troon North, Terravita, Whisper Rock, The Boulders, and Legend Trail. You can get more perspective on each of these communities on our community page. If you live in another community and would like to see a market perspective on your neighborhood, please email or call us.

Luxury Real Estate in Scottsdale

The first data point that stood out is the number of homes sold. To get an overall perspective on luxury real estate in Scottsdale, we looked at homes priced above $750,000 in zip code areas 85255, 85262, and 85266.  Each of these shows phenomenal growth from 2019.  Sales so far this year, 2,193 homes have sold in this price range ins Scottsdale. This level of sales represents a 35 percent increase over the same period in 2019. As you will see in the detailed charts below, year-over-year sales growth is consistent across all zip codes and in most neighborhoods.

Prices are also on the rise for real estate in Scottsdale.  The median home price for homes on the market priced above $750,000 in Scottsdale has risen 7.1 percent to $1,050,000, and price increases were up in all of the zip codes and most of the neighborhoods.

The Data and Numbers

The charts below will provide you with additional perspective on real estate in Scottsdale and specific areas.

This first chart provides information on the entire real estate in Scottsdale market priced above $750,000:

Scottsdale AZ Real estate for sale

This chart provides the data for North Scottsdale comprised on zip codes 85262, 85266, and 85266:

North Scottsdale Real Estate Overview

Real Estate in Scottsdale Zip Code 85255

The next chart breaks down the data for the 85255, followed by several neighborhood reports for communities in the 85255 zip code:

Real estate in Zip Code 85255
Desert Highlands homes for sale
Real Estate in Silverleaf - Scottsdale
Troon - real estate in Scottsdale

Real Estate in Scottsdale Zip Code 85262

The following charts provide insight into real estate in Scottsdale’s 85262 Zip code and select neighborhoods:

Real Estate in Scottsdale -zip code 85262
Real Estate in Scottsdale - Desert Mountain
Real Estate in Scottsdale - Estancia
Real Estate in Scottsdale - Legend Trail
Real Estate in Scottsdale - Mirabel Club
Real Estate in Scottsdale - Troon North

Real Estate in Scottsdale Zip Code 85266

The following charts provide insight into real estate in Scottsdale’s 85262 Zip code and select neighborhoods:

Real Estate in Scottsdale - Zip code 85266
Real Estate in Scottsdale - Bellasera
Homes for sale in Sincuidados
Terravita one of the beautiful Del Webb Communities in Scottsdale
Real Estate in The Boulders
Whisper Rock Estate

How Much Inventory is Down

We measure housing stock in a variety of ways. Days of inventory is a strong indicator of the market condition. It is a theoretical number that measures how soon we will run out of homes to sell if no more homes come onto the market. The chart below compares the days of inventory in Scottsdale by price point on October 26, 2019, to October 26 of this year. As you can see at every price point, the remaining inventory has decreased and is down 34 percent across all price points.

Real estate inventory in Scottsdale

How strong is The Scottsdale Real Estate Market?

Another indicator of market strength or weakness is the contract ratio. You calculate this ratio as follows: (Count of Listings Under Contract / Count of Active Listings)*10.  The result tells us the market condition, and this is a good guide. For example, if the contract ratio is 130, then for every 100 active listings, there are 130 under contract. If the contract ratio is 20, then for every 100 listings, 20 are under contract. The Cromford Report, our data source, uses the following scale to benchmark the market:

  • 0-20 = Cool
  • 21-40 = Warm
  • 41-74 = Warmer
  • 75-99 = Hotter 
  • 100 and Over = FRENZY

Here is the contract ratio by price point for the real estate in Scottsdale:

Contract Ration on Scottsdale homes

Thinking of Relocating?

We were recently featured in The Wall Street Journal’s Mansion Global section for an article titled, “When Relocating, New Technology and In-the-Know Brokers Are Key to Finding the Right Spot.”  Whether you are thinking of buying or selling, the article will provide give you great perspective on how the market is changing.  You can read it at –

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