Scottsdale Real Estate Report August 2022
The Scottsdale Real Estate market seems to have found its footing in August. After the traditional summer decline of June and July, that was augmented by a steep rise of mortgage interest rates, August pending sales and closings have picked up pace. Scottsdale closings (494) were up 12% from July and with 427 new pending sales August sales were strong.
The overall Maricopa County values and sales were slightly up to mostly flat month over month, down from the high of April of this year, see data below. Scottsdale Values were up slightly month over month but inline with the values seen earlier in the year. The market seems to come to grips with new mortgage interest rates, which are higher than in Covid times are still very low in the mid to high 5% range.
|Maricopa County||Total Sales||Average Sales Price||Price Per SQFT||DOM|
As we head into the fall (also know as still summer in Arizona) interest rates should edge up slightly, inventory should remain near current levels and sales should continue at similar pace as August. The Frantic days of post Covid-Low Interest rates of March and April are gone, sales should continue are the more normal pace.
If you are looking to buy or sell in Scottsdale please give us a call at the Dahl Real Estate Group, 480-630-3888. With over 30 years and over $1 Billion in Real Estate Sales, Experience Matters.