Since my last update in February, inventory levels in Scottsdale, PV and the Phoenix metro area have gone up slightly. Let’s dive into my Scottsdale and Paradise Valley market report for April 2024. As of April 30, there are a total of 2208 properties for sale in Scottsdale and PV–compare this to 2155 at the end of February.
Scottsdale Under $2M
There are 1386 available properties which have been on the market for an average of 83 days. There are 693 pending sales and another 77 “coming soon” listings. Over the past sixty days, there have been 1006 closed sales. The average sold price per square foot was $407 and the average list to sale price ratio was .98–these figures are nearly identical from February numbers.
Scottsdale Luxe
Currently there are 592 luxury listings in Scottsdale–these listings have been on the market an average of 129 days. The average asking price per square foot is $825. There are 244 pending sales and since March 1, there have been 186 closed sales. The average sold price per square foot was $708 and the average list to sale price ratio was .96–while sales have increased, the dollars per square foot obtained has decreased. Also, sellers are negotiating more than before.
Paradise Valley Luxury
There are 204 active luxury listings in Paradise Valley–these listings have been on the market for an average of 129 days. There are 57 pending sales and two “coming soon” listings. Since March 1, there have been 52 closed sales–this is on par, month-by-month with the amount of sales activity in February. Here are some key MLS stats for recently closed sales:
- Average days on market: 126
- Average sold price per square foot: $874–up from $718 at the end of February
- Average list to sale price ratio: .95–down from .96
Since the end of February, sales activity in Scottsdale and PV has been steady and we’ve not seen a big jump in inventory. As we move into summer, the pace of sales should slow down. Mortgage rates continue to keep some would-be buyers on the sideline. Thank you for checking out my Scottsdale and Paradise Valley market report–if you have any questions, reach out anytime.
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