Scottsdale Arizona February 2023 Residential Real Estate Update

Dated: February 7 2024

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Scottsdale Arizona February 2023 Residential Real Estate Update

Introduction

Welcome to February's market update! In this blog, we will be taking a closer look at the residential real estate activity in your area during the month of January. We will explore key statistics and trends that can help both buyers and sellers make informed decisions in the market.

Active Listings

During the month of January, the number of active listings in your area increased by 14% compared to the previous year. This is a positive sign for buyers as it indicates a healthy inventory to choose from. Additionally, there was a 24% increase in active listings compared to the previous month, providing even more options for potential buyers.

Median Listing Price

The median listing price for residential properties in your area during January was just under $1.1 million. This is an important factor to consider for both buyers and sellers. For sellers, it indicates the current market value of their property. For buyers, it helps them understand the price range they can expect when searching for a home.

Market Turnover Rate

One key metric to analyze the health of the real estate market is the average number of days units spend on the market before being sold. In January, this number decreased by 20% compared to the previous year. A lower number of days on the market suggests a positive trend in the local inventory turnover rate. This means that properties are selling at a faster pace, which is good news for sellers.

Median Sale Price

The median sale price for residential properties in your area during January was just over $800,000. This is the price at which half of the properties were sold for more and half were sold for less. It is a useful indicator of the overall price range of properties in your area. The slight decrease compared to last year may be attributed to various factors such as market fluctuations or specific property types.

Number of Units Sold

The number of units sold in your area increased by 8% compared to the previous year. This indicates a growing demand and a higher number of successful transactions. However, there was a 5% decrease in the number of units sold compared to the previous month. This fluctuation could be influenced by seasonal factors or other market conditions.

Conclusion

Thank you for reading our February market update. We hope you found this information helpful as you navigate the real estate market. Remember, these statistics and trends are valuable tools for making smart and informed decisions. If you would like more information or assistance, please don't hesitate to reach out to us. Simply click the button on the screen and our team will be happy to assist you.

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Tyler Lein

Having worked with the top RE/MAX agents in our market since 2001, I bring a wealth of knowledge to the table to help my agents build their business. My strongest areas are in the technology realm bo....

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