Scottsdale Real Estate Report October 2022
The Scottsdale real estate market continues on its path to a normal real estate market, after two years of the low inventory and super low interest rate real estate market we experienced during Covid. October saw 433 sales of Scottsdale homes and condos, which was basically flat from September. The average sales price in Scottsdale bounced back after a decline in September.
The normal Scottsdale seasonal sales pattern of a slow Summer Season and better Fall Season seems to have contributed to the increase in average sales price, due to more high-end sales causing the higher average price. Looking at all metrics, Scottsdale prices are down about 5% from the heights of April-May of this year.
Looking forward, mortgage interest rates will continue to be the biggest component effecting the market. Mortgage interest rates are currently hovering around 7 to 7.25%, up from the Spring low of 2.5 to 3%. Expect mortgage interest rates to continue to increase slightly over the next two quarters. This increase will have two impacts on the Scottsdale Real Estate Market, some buyers will move forward to lock-in todays rates while some buyers will be priced out of the market. The Scottsdale Real Estate market is less effected by mortgage interest rates than the overall Phoenix-Metro real estate market, as Scottsdale buyers are more likely to be larger down payment buyers and all cash buyers.
The overall Scottsdale Real Estate fundamentals remain strong with a strong jobs market, a strong rental market and still below normal inventory levels. This may change some in the first quarter of the new year as the FED continues to flight inflation with rate increases.
Scottsdale Real Estate Market
|SFR Average $||$1,497,938||$1,432,036||$1,436,429||$1,401,174||$1,406,317||$1,200,012||$1,318,069|
|Total Sales (Condo/SFR)||832||798||679||440||495||436||433|
|All Scottsdale Average $||$1,137,158||$1,125,842||$1,138,907||$1,084,633||$1,121,355||$991,317||$1,048,529|
|All Scottsdale $/SQFT||$455||$463||$459||$442||$424||$422||$420|
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.