It has been two months since our last update and during that time, active listings in PV has dropped slightly and listings in Scottsdale have risen. There are 2403 active property listings between the two areas and those listings have been on the market for an average of 106 days. Let’s take a closer look at these markets.
Scottsdale Under $2M
Currently, there are 1591 active listings under $2M in Scottsdale. The average list price per square foot is $444–this takes into account all property types. There are 524 pending sales and 77 “coming soon” listings. Since November 1, 2024, there have been 1060 sales that were on the market for an average of 76 days.
Scottsdale Luxury
At the luxury end of the market, there are 593 active listings which have been on the market an average of 142 days. There are 32 “coming soon” listings and 203 pending sales. In the past six days, there have been 186 sales. Here are MLS stats for recently closed sales:
- Average days on market: 111
- Average list to sale price ratio: .95
- Average sold price per square foot: 692
PV Luxe
Over the past six days, Paradise Valley has seen a slight drop in inventory, though luxury sales have remained robust. There are currently 191 actively listed properties and 11 that are “coming soon”. There are 50 pending sales and since November 1, 2024, there have been 62 sales. The average days on market for recently closed properties was 121 while the average sold price per square foot was $895. The average dollars per square foot obtained at sale has been steadily rising. On average, sellers were willing to negotiate down 3% from the listed price.
Market Summary
Inventory has remained somewhat steady despite some minor fluctuations month-to-month. There is more room for negotiating at the sub-luxury end of the market as properties are sitting on market a bit longer. Also, with interest rates still above 7%, more sellers are providing concessions which include interest rate buy-downs. The luxury markets in both Scottsdale and PV remain quite strong and this trend is likely to continue.
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