Like the rest of the Phoenix Metro area, Scottsdale and PV remain flat (some segments are declining). Total available housing inventory remains unchanged in these markets with a total of 1686 active listings in Scottsdale and 144 in PV. Let’s jump into my Scottsdale and Paradise Valley market update for August 2024.
Scottsdale Under $2M
Under $2M, there are 1305 active listings which have been on the market an average of 92 days. There are 496 pending sales and 60 “coming soon’ listings. Since August 1, 2024, there have been 347 closed sales. The closed sales were on the market an average of 80 days with an average sold price per square foot of $403.
Scottsdale Luxe
There are 381 active listings priced at $2M or more and those listings have been on the market an average of 163 days. There are 203 pending sales and since August 1, there have been 55 closed sales–compare this to 155 pending sales last month.
Paradise Valley Luxury
In the PV market, there are 122 active luxury listings–those listings have been on the market an average of 153 days. There are 25 pending sales (unchanged from last month) and there are nine “coming soon” listings. Since August 1, there have been just 16 closed sales. Last month there were 29 closed sales which was a decline from the previous month. Here are some MLS stats for recently closed sales:
- Average days on market: 155
- Average sold price per square foot: $976 (up from last month)
- Average sale price: $8,883,661 (due to three very large sales)
- Average list to sale price ratio: .96 (up from last month)
Summary
While the market below $2M is somewhat flat, the luxury market has declined in terms of sales activity. Mortgage rates have dropped slightly, but this has not translated into increased sales. I expect that inventory may be steady for another month and then we may see more folks list in the fall if rates drop.
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