Scottsdale Real Estate Update January 2024

Dated: January 12 2024

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January's Scottsdale Real Estate Market Update

Introduction

At Remax, we understand the importance of staying informed about the real estate market in your area. In this blog, we will be providing you with an update on the residential real estate activity for the month of December. We will discuss the number of active listings, the median listing price, the average number of days units spent on the market, the median sale price, and the number of units sold.

Number of Active Listings

During the month of December, the number of active listings remained stable compared to the previous year. However, it decreased by 7% from the previous month. Despite this decrease, buyers still enjoyed a greater selection of homes compared to one year ago.

Median Listing Price

The median listing price for residential properties in December was $1.05 Million. This is a significant increase compared to the previous year. Higher median listing prices indicate a strong demand for properties in the market.

Average Number of Days on the Market

The average number of days that units spent on the market before being sold decreased by 23% compared to the previous year. This lower number of days may signal a positive trend in the local inventory turnover rate. It suggests that the market is more active and properties are being sold at a faster pace.

Median Sale Price

The median sale price for residential properties in December was just under $800,000. This is a strong indicator of the market's performance. Higher median sale prices indicate that sellers are able to fetch better prices for their properties.

Number of Units Sold

The number of units sold in December increased by 7% compared to the previous year. However, it decreased by 5% compared to the previous month. The higher year-over-year figures suggest that more buyers have been finding what they're looking for in the market.

Conclusion

We hope you found this market update helpful in making smart and informed real estate decisions. Staying informed about the current trends and statistics in the market is crucial for both buyers and sellers. If you would like more information or assistance, please contact us today!

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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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