Scottsdale Real Estate Report September 2022
The Scottsdale Real Estate Market continues to maintain a typical summer pace, with total sales and sales prices down from the super hot spring season. Mortgage Interest rates continue to rise, with rates now in the high 6% to low 7% range. The underlying fundamentals of Scottsdale Real Estate remain strong with a solid job market, relatively low supply still under normal supply levels.
Both Maricopa County and Scottsdale prices were down slightly as the data below indicates. Maricopa County actually had a month over month increase in total sales, while Scottsdale total sales were down about 10% and prices were down about 13% from August. Scottsdale's Average Price dropped below $1 million for the first time in quite some time. This is probably more representative of the property mix and low July new escrows than a trend. August saw 166 new escrows over $1 Million which have not yet closed and should close in October. I would expect October sales and price data to bounce back near the August numbers.
Overall, the Scottsdale Real Estate market will continue to bounce along with the fall bringing more cash buyers not effected by higher rates. Interest rates should continue to climb slightly over the next few months as the FED raises rates to fight inflation. These higher mortgage interest rates should have a downward pressure on prices, but with Scottsdale higher percentage of Cash buyers, any price decrease should be moderate in the short term.
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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.