Housing inventory had been on the rise through the end of September, but over the last two months, available housing has been somewhat stable. As of December 12, there are 1643 available properties in Scottsdale and 187 in Paradise Valley. Active inventory has been on the market for an average of 99 days. Let’s dig into my Scottsdale and Paradise Valley market update for November 2023.
The following chart shows how available listings have changed in Scottsdale and PV over the past two years:
Scottsdale Under $2M
There are 453 pending sales and 58 “coming soon” listings. Since October 1, there have been 743 closed sales. The closed sales were on the market for an average of 54 days and the average sold price per square foot was $402. The average sale price was $826,718 and the average list to sale price ratio was .97.
Scottsdale Luxe Market
North of $2M, there are 172 pending sales and two “coming soon” listings. Over the last 60 days there have been 124 closed sales. Here are some MLS stats for recently closed sales:
- Average days on market: 84
- Average sold price per square foot: $736
- Average list to sale price ratio: .97
Paradise Valley Luxury
In PV there are 30 pending sales and 11 “coming soon” listings. Sales activity has dropped by about 30% over the past 60 days. Since October 1, 2023 there have been 40 sales. The average days on market for closed sales was 69. The average sold price per square foot was $815–down from over $1000 in September. The average list to sale price ratio was .96.
Summary
Interest rates, while high, have gone down some over the past month. Per Bankrate.com, 30 year fixed rate mortgage rates range from 6.499 to 6.65. With housing inventory stable around the Phoenix metro area, we expect available listings to remain at similar levels going into 2024–though inventory may fall if rates decline another half a point or so. Pending sales have declined, but this is to be expected as we get closer to the holiday season. We will likely see a slowdown for the next 4-6 weeks. Thank you for reading my Scottsdale and Paradise Valley market update for November 2023.
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