High interest rates and extremely hot weather have put a bit of a damper on our market. Last month we reported that housing inventory in Scottsdale and PV was on the decline. Inventory levels have continued to fall in Scottsdale/PV and around the Phoenix Metro area. Let’s get into my Scottsdale and Paradise Valley market report for sales activity through June 30, 2023.
Scottsdale Under $2M
Under $2M, there are currently 924 active listings which have been on the market an average of 84 days. There are 577 pending sales and from June 1 to June 30, 2023, there have been 623 closed sales. The closed sales were on market an average of 69 days–up two days from last month. The average sold price per square foot was $393 and the average list to sale price ratio was .98–unchanged from May.
Scottsdale Luxury Market
There are 321 active listings–down from 374 last month. The active listings have been on the market an average of 146 days. There are 164 pending sales and 8 “coming soon” listings. From June 1 to June 30, 2023, there have been 95 sales that were on market an average of 97 days. The average sold price per square foot was $668–down from $699 last month. The average list to sale price ratio was .97.
This graph shows how the number of luxury listings under contract have changed over the past two years:
Paradise Valley Luxury
There are 121 active luxury listings in Paradise Valley that have been on market an average of 165 days. There are 41 pending sales and from June 1 to June 30, 2023, there have been 39 sales. Here are some MLS stats for recently closed transactions:
- Average days on market: 98
- Average sold price per square foot: $866
- Average list to sale price ratio: .96
- Average sale price: $4,873,818
For more detailed info about the PV luxury market, download the report below:
Due to current interest rates and our usual high summer heat, we expect sales activity to slow for the next 45-60 days. Prices may continue to rise but only slightly for the next few months. Thank you for reviewing my Scottsdale and Paradise Valley market report for June 2023.