As of February 29, there are 2155 active listings in Scottsdale and PV. Total inventory between these two areas has risen slightly over the past month. Let’s dig into my Scottsdale and Paradise market report for Feb 2024. Scottsdale active listings total 1915 and there are an additional 101 “coming soon listings”.
Scottsdale Under $2M
There are 670 pending sales–this figure is up substantially from last month. Since Feb 1, 2024, there have been 396 closed sales which were on the market for an average of 69 days. The average sold price per square foot was $405 and the average list to sale price ratio was .98.
Scottsdale Luxe
There are 548 active luxury listings in Scottsdale which have been on the market for an average of 125 days. There are 23 “coming soon” properties and 224 pending sales. Since Feb 1, 2024, there have been 61 closed sales. Here are some key MLS stats for recently closed sales:
- Average days on market: 90
- Average sale price: $3,204,075
- Average sold price per square foot: $722
- Average list to sale price ratio: .99
Paradise Valley Luxury
In PV there are 240 active listings and 10 “coming soon” properties. There are 58 pending sales and since Feb 1, 2024, there have been 26 closed sales. The closed sales were on the market an average of 64 days and the average sold price per square foot was $718–down from $833 in January. The average list to sale price ratio was .96 which shows that there is some room for negotiation at the luxury end of the market.
The following graph shows how the sold to list price ratio has changed over the past two years–this chart contains data up to Feb 1, 2024.
Summary
In the past 30 days there has been a bump in activity. January through April is the best time of the year for Arizona home sellers, but we got off to a slow start in January. Rates are on the high end, but somewhat stable and sellers are more willing now to consider closing cost concessions and price reductions–this is helping to keep sales going. We expect the next few months to bring a similar level of sales activity before we head into the slower, summer months. Thanks for checking out my Scottsdale and Paradise Valley market report. If you have a real estate question, don’t hesitate to reach out.
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