Scottsdale and Paradise Valley housing inventory has risen over the past few months. As of October 30, 2022, there are over 1900 active properties for sale in Scottsdale. Let’s get into my Scottsdale and Paradise Valley market update for October 2022.
Scottsdale Market up to $1M
There are 1016 active listings in Scottsdale up to $1M and 386 that are under contract. There are 28 “coming soon” properties and since September 1, 2022, there have been 559 sales. Here are MLS stats for the recent sales up to $1M:
- Average days on market: 51
- Average price per square foot: $371
- Average list to sale price ratio: .97
Scottsdale Luxury Market
In the luxury price range there are 839 active listings ranging in price from $1M to a whopping $55M for a 15,oooSF home on 237 acres in Rio Verde. There are 329 pending sales, 36 “coming soon” listings and 297 sales since 9/1/2022. Here are MLS stats for recent sales above $1M:
- Average days on market: 60
- Average price per square foot: $507
- Average list to sale price ratio: .96
This graph shows how the average days on market has changed in the luxury segment:
Paradise Valley
In PV, there are 187 active luxury listings ranging in price from $1,050,000 to just over $30M. There are 39 pending sales and three “coming soon” listings. Since September 1, 2022, there have been 37 sales–the highest sale at $24M. Here are MLS stats for recent sales:
- Average days on market: 75
- Average price per square foot: $638
- Average list to sale price ratio: .94
This graph shows how the average sold price has changed in PV over the past two years:
According to ARMLS data, there is a 2.6 month supply of homes in PV priced from $1M to $3M, but over $3M there is a 14.5 month supply. Inventory has been climbing for months all over the greater Phoenix metro area. Due to high interest rates and a sluggish economy, we expect inventory levels in Scottsdale and PV to remain elevated. Thanks for checking out my Scottsdale and Paradise Valley market update for October 2022. If you have any real estate questions, reach out anytime.
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