Here’s what happened in the Scottsdale housing market this June.
The market is going through some drastic changes. I have never seen a month like this in my entire career. Today I’ll share some critical real estate market updates for June 2022.
Compared to last year, active listings increased by 36%, new inventory increased by 16.9%, the number of homes sold decreased by 21%, and inventory increased by 73%. What does this all mean? The rising interest rates caused more homes to come on the market, and more buyers are no longer qualified. Inventory is starting to grow, and sellers are beginning to reduce their prices to get offers on their properties.
Many homes are not getting multiple offers, and some are not getting showings, so more properties are coming off the market. Don’t be surprised if buyers start asking for assistance with closing costs. Rate buydowns are a big thing right now, and it’s helping to keep inventory moving. Scottsdale is still a great relocation area and a better market than most.
If you have any questions, don’t hesitate to call or email me. I’m happy to help!