The Scottsdale real estate market in May 2024 showcases notable trends and shifts. By analyzing key metrics such as active and new listings, absorption rates, sale prices, and days on market, we can gain insights into the current state and trajectory of this vibrant market.
Key Market Indicators for May 2024
1. Active and New Listings
- Active Listings: 2,235
- New Listings: 777
- May 2023 Active Listings: 1,727
- May 2023 New Listings: 772
- Change in Active Listings: 29.39% increase year-over-year
- Change in New Listings: 0.65% increase year-over-year
The significant increase in active listings indicates a growing inventory, providing more options for buyers and potentially leading to a more balanced market.
2. Sold Listings
- Sold Listings: 645
- May 2023 Sold Listings: 754
- Change: 14.45% decrease year-over-year
Despite the increase in inventory, the number of sold listings has decreased, suggesting a more competitive environment or changes in buyer behavior.
Pricing Trends
3. Average and Median List Prices
- Average List Price:
- May 2024: $1,890,545.66
- May 2023: $1,752,160.84
- Change: 7.9% increase
- Median List Price:
- May 2024: $1,100,000
- May 2023: $1,000,000
- Change: 10% increase
The rise in list prices reflects a robust market with higher property values and strong seller confidence.
4. Average and Median Sale Prices
- Average Sale Price:
- May 2024: $1,188,538.43
- May 2023: $1,119,829.77
- Change: 6.14% increase
- Median Sale Price:
- May 2024: $850,000
- May 2023: $825,000
- Change: 3.03% increase
Sale prices continue to rise, indicating sustained demand for properties in Scottsdale.
Market Efficiency
5. Absorption Rate
- May 2024: 4.2 months
- May 2023: 3.39 months
- Change: 23.89% increase
A higher absorption rate suggests a slower market pace, with homes taking longer to sell compared to the previous year.
6. Days on Market (DOM)
- Average CDOM (Cumulative Days on Market):
- May 2024: 74 days
- May 2023: 69 days
- Change: 7.25% increase
- Median CDOM:
- May 2024: 51 days
- May 2023: 42 days
- Change: 21.43% increase
Homes are staying on the market longer, which may indicate a more deliberate decision-making process by buyers.
Volume and Value
7. List and Sale Volume
- Active List Volume (May 2024): $4,225,369,548
- New List Volume (May 2024): $1,121,148,153
- Sold Sale Volume (May 2024): $766,607,290
The significant volumes in active, new, and sold listings underscore the substantial market activity and the high value of transactions in Scottsdale.
Year-to-Date (YTD) Performance
8. Year-to-Date Comparisons
- Average List Price (2024 YTD): $1,549,850.58 (up 9.25% from 2023 YTD)
- Median List Price (2024 YTD): $975,000 (up 8.45% from 2023 YTD)
- Average Sale Price (2024 YTD): $1,187,095.56 (up 9.8% from 2023 YTD)
- Median Sale Price (2024 YTD): $850,000 (up 7.59% from 2023 YTD)
Overall, the year-to-date data indicates a strong and appreciating market with rising prices and robust activity.
The Scottsdale real estate market in May 2024 is characterized by increasing inventory, rising prices, and longer days on market. These trends suggest a dynamic and evolving market, presenting opportunities for both buyers and sellers. As the market continues to grow, staying informed and working with experienced real estate professionals will be crucial for navigating this competitive landscape effectively.
Stay tuned for more updates and insights as we continue to monitor and analyze Scottsdale’s real estate market.
