Total housing inventory between these luxury markets has dropped about 16%. Last month, inventory was around 2160 and today that number is 1824. Let’s dig into my Scottsdale and Paradise Valley market report for July 2024.
Scottsdale Under $2M
As of July 31, 2024, there are 1279 active listings under $2M. The active listings have been on the market for an average of 95 days. There are 53 “coming soon” listings and 445 pending sales. Since June 1, 2024, there have been 798 closed sales which were on the market for an average of 76 days.
Scottsdale Luxe
In the luxury price range, there are 398 active listings and 185 pending sales. Since June 1, 2024, there have been 155 closed sales. Here are stats for recently closed sales:
- Average days on market: 106
- Average sold price per square foot: $689
- Average sold to list price ratio: .95
- Average sold price: $3,372,757
Paradise Valley Luxury
In Paradise Valley there are currently 127 active listings which have been on the market for an average of 167 days. There are 26 pending sales and just two “coming soon” listings. Closed sales activity has dropped significantly with just 29 closed sales over the past two months. The average days on market for closed sales was 122–up from 113 from a few months ago. The average sold price per square foot increased to $848 while the sold price to list price ratio dropped to .94 from .96. The average sale price also dropped from $5,350,364 to $5,169,240.
This graph shows the number of expired listings in Paradise Valley over the past two years for homes priced at $3M or higher.
Summary
While overall sales activity has slowed in both luxury markets, Scottsdale and PV are experiencing flat markets–heading towards buyer’s markets. With a few more months of very hot weather and home loan rates that are still unattractive, I expect that sales will drop slightly over the next 60 days–hopefully improving by October. If you have questions about buying or selling homes in these markets or anywhere else around the Phoenix metro area, I am here to serve you.
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