At the end of February, there were approximately 1830 available properties between Scottsdale and PV–today that number remains relatively unchanged at 1821. Let’s dig into my Scottsdale and Paradise Valley market report for March 2023. There are some, like the incredible team that run the Cromford Report, who believe we are moving into a sellers market. If you look at key indicators for the Phoenix metro area, this could be true–though it might not be so clear for the Scottsdale and PV markets.
Scottsdale Under $1M
As of March 31, there are 822 active listings which have been on market an average of 83 days with 36 listings “coming soon”. There are 420 pending sales–down from 507 last month. Since March 1, there have been 442 sales with an average days on market of 71–down four days from last month. The average sold price per square foot was $360 and the list to sale price ratio remains at .98.
Scottsdale Luxury Market
Active inventory above the million dollar price point has fallen from 826 active listings last month to 817. The number of pending listings is down 13%. The average days on market for recent sales is down 6 days from last month to 77 days. The average sold price per square foot has also dropped from $526/SF to $518.
Paradise Valley
PV housing inventory is down from 203 active listings last month to 181 as of March 31–the average days on market for the active listings is 129. There are 81 pending sales and since March 1 there have been 35 closed sales.
Here are key MLS stats for recently closed transactions:
- Average days on market: 71–down from 85 last month
- Average sold price per square foot: $784–up 17% from last month
- Average list to sale price ratio: .96–down from .97 last month
- Average sold price: $3,928,932–this number is up nearly $1M from 30 days ago
This chart shows how the average sold price has changed in PV over the last two years:
Scottsdale Housing News
Toll Brothers Inc. recently closed on the last remaining lots in the master-planned community of Storyrock. The purchase price for the lots was just under $25M and Toll Brothers plans to build 81 homes on acre plus lots–with some parcels as large as three acres. Construction should begin in late 2024.
In other news, Banner Health is in the final stages of purchasing 48 acres near the corner of Hayden RD and the Loop 101 on which it will build a $400M facility–this project will create several thousand new jobs at full development.
Final Thoughts
PV seems to be on the upswing while Scottsdale values might be leveling off. Time will tell if this holds true, but much will depend upon how mortgage rates react after the next fed meeting in May. I think that home values in both Scottsdale and PV will hold strong at the luxury end of the market, but in the short-term we may see a small price decline at homes priced below $1M in Scottsdale. The average home price in Scottsdale has gone up so much over the past three years which has created an affordability crisis. Financed buyers simply cannot afford housing at rates above 6% because home values have not come down enough to counter the current interest rate levels. Thank you for checking out my Scottsdale and Paradise Valley Market Report for March 2023.
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