The Scottsdale Real Estate Market Continues to Be Strong
This is our Scottsdale real estate market update for May 2021 – The Scottsdale real estate market continues to be strong but is starting to show some signs of slowing, which is good for buyers. Sellers need not worry though as months of market demand have driven prices higher in the past several months. Supply is still down significantly, as you can see in the active weekly listing counts chart below, so a seller looking to market their home today should have little problem finding a buyer if they have priced their home correctly.
Looking to Buy or Sell Scottsdale Real Estate
If you are looking to buy real estate in Scottsdale or the neighboring cities, this is an excellent time to start looking. We are about to enter the warmest months in our city, and many buyers, especially second home and luxury home buyers, shy away from looking when our temperatures exceed 100 degrees. However, home sales happen at all price points every month of the year, so summer may be just the right time for you to house hunt with less competition from other buyers, and provide a better opportunity for you to actually get your dream home.
Homes in Scottsdale Selling Above List Price
One backward-looking statistic in this Scottsdale real estate market update tells the story of how low supply fell is the number of closings over list price. In Scottsdale this May, 50.2 percent of the homes sold closed for more than their listing price averaging $28,000 above their price. In the luxury market, between $1,000,000 and $3,000,000, where offers rarely rise above the list price, the number is still at around 35 percent. The chart below will provide more perspective on this aspect of the market.