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Sonoran Escapes

Connie Clark, Broker/Owner
480-298-3635

Scottsdale Real Estate Market Update 2022

May 2022

From our Local Cromford Report…

Market Summary for the Beginning of May

Here are the basics – the ARMLS numbers for May 1, 2022 compared with May 1, 2021 for all areas & types:

  • Active Listings (excluding UCB & CCBS): 6,688 versus 5,080 last year – up 31.7% – and up 32.4% from 5,051 last month
  • Under Contract Listings (including Pending, CCBS & UCB): 10,889 versus 12,187 last year – down 10.7% – and down 6.3% from 11,620 last month
  • Monthly Sales: 9,270 versus 10,200 last year – down 9.1% – and down 8.6% from 10,144 last month
  • Monthly Average Sales Price per Sq. Ft.: $302.64 versus $243.36 last year – up 24.4% – and up 4.1% from $290.75 last month
  • Monthly Median Sales Price: $466,000 versus $373,000 last year – up 24.9% – and up 2.3% from $456,000 last month

Between late October and mid March we saw a downward trend in supply. However this has completely changed direction over the past 6 weeks and active listing counts are rising very strongly. They are up more than 32% in a single month, one of the most dramatic shifts in direction we have ever seen. If this trend continues for several months the market dynamics will change significantly.

The large increase in supply is caused by a combination of factors. First, we are seeing more new listings arrive, possibly because people who have made large unrealized profits cash out while the going is good. Secondly, we are seeing a significant drop in demand as a sudden jump in interest rates and eye-watering prices discourage new owner-occupiers from entering the market. We note that listings under contract are down more than 6% since last month. Closed sales are also down more than 9% from April 2021. Demand is weak and getting weaker.

The overall effect is a major cooling event, turning a hot housing market into one that still favors sellers (for now) but is looking increasingly dangerous with each passing day. It only favors sellers because the supply is still very low compared with a normal market. But if supply continues to increase, as looks very likely at this point, we could quickly find ourselves with as many sellers as buyers. The market does not turn on a dime, but it can certainly change dramatically over a handful of months, as it did between August and November 2005. The charts today suggest we are now entering a very different phase of the market cycle.

Make no mistake – closed prices will continue to rise for some time – they are a trailing indicator and will only stop rising long after the market has cooled down. But it does not take too much imagination to envisage a situation where they overshoot. Right now we have just seen the average $/SF rise 4.1% in a single month. But this reflects the huge imbalance between supply and demand that existed two months ago. That imbalance is much smaller today and is shrinking noticeably with every passing day.

We are entering a much more uncertain period and great caution is advisable. The mid-range market between April 2021 and April 2022 has been largely driven by enthusiastic investors. If their enthusiasm dissipates and turns to fear we could see far more rapid change than we have become used to.

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8407 E Avalon Drive Scottsdale 85251, Scottsdale Estates 16 2504-2531

$579,400
Bedrooms: 3
Baths: 2
Sqft: 1,161
MLS: #6418659
Broker: Delex Realty
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6811 E Mescal Street Scottsdale 85254, Casa Del Oeste

$1,400,000
Bedrooms: 6
Baths: 4
Sqft: 3,283
MLS: #6406951
Broker: HomeSmart
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5324 E Hillery Drive Scottsdale 85254, Cactus Glen 3

$785,000
Bedrooms: 4
Baths: 3
Sqft: 2,308
MLS: #6404924
Broker: HomeSmart
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835 N Granite Reef Road 44 Scottsdale 85257, Scottsdale Haciendas Condominiums UT 1-180

$279,950
Bedrooms: 2
Baths: 2
Sqft: 855
MLS: #6414070
Broker: Russ Lyon Sotheby's International Realty
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11000 N 77th Place 2077 Scottsdale 85260, Sovanna Condominiums Scottsdale Country Club Mod

$599,000
Bedrooms: 2
Baths: 2
Sqft: 1,463
MLS: #6396167
Broker: American Realty Brokers
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5734 E Betty Elyse Lane Scottsdale 85254, Cactus Glen 4

$825,000
Bedrooms: 4
Baths: 2.5
Sqft: 2,367
MLS: #6408947
Broker: Realty Executives
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15095 N Thompson Peak Parkway 1119 Scottsdale 85260, Signature Scottsdale Condominium

$349,000
Bedrooms: 1
Baths: 1
Sqft: 810
MLS: #6425501
Broker: Core Realty Professionals
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2514 N 68th Place Scottsdale 85257, Melrose Village

$500,000
Bedrooms: 3
Baths: 2
Sqft: 1,918
MLS: #6426608
Broker: United CountryReal Estate-Arizona Property & Auction
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7020 E Latham Street Scottsdale 85257, Papago Parkway 3

$500,000
Bedrooms: 4
Baths: 2
Sqft: 2,576
MLS: #6426800
Broker: United CountryReal Estate-Arizona Property & Auction
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23937 N 74th Place Scottsdale 85255, Talara Lot 1-104 TR A-I

$1,350,000
Bedrooms: 4
Baths: 3
Sqft: 3,068
MLS: #6423658
Broker: Core Realty Professionals
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16420 N Thompson Peak Parkway 2121 Scottsdale 85260, Cachet AT Mcdowell Mountain Ranch Condominiums

$529,900
Bedrooms: 2
Baths: 2
Sqft: 1,338
MLS: #6413141
Broker: HomeSmart
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7955 E Chaparral Road 139 Scottsdale 85250, La Villita

$764,900
Bedrooms: 2
Baths: 2
Sqft: 1,889
MLS: #6385128
Broker: Biltmore Investment Properties
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20210 N 76th Way Scottsdale 85255, Grayhawk Village 1 Parcel 1G1I Phase 2

$990,000
Bedrooms: 4
Baths: 2
Sqft: 1,882
MLS: #6412171
Broker: eXp Realty
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5340 E Charleston Avenue Scottsdale 85254, Arabian Views

$1,095,000
Bedrooms: 5
Baths: 3
Sqft: 2,796
MLS: #6421582
Broker: HomeSmart
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21647 N 74th Way Scottsdale 85255, Grayhawk Parcel 1A North

$889,900
Bedrooms: 4
Baths: 2
Sqft: 1,873
MLS: #6416750
Broker: HomeSmart
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Copyright 2022 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS.

IDX Solution Provided by iFoundAgent.com

ARMLS Listing Data last updated 7/4/2022 6:47 PM MST.
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Get in Touch

Connie Clark, Broker/Owner
Sonoran Escapes Homes & Lifestyles
6501 E. Greenway Parkway, Ste. 103 - 153
Scottsdale, AZ 85254
Direct: 480-298-3635
cac777@cox.net

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