This months’ Scottsdale and Paradise Valley market report will be a little different from my last report for March. Today I want to talk more broadly about what’s happening in these markets. Overall, available housing inventory in both Scottsdale and PV has dropped slightly in the past 60 days–this is also true for the Phoenix metro area. We have seen a consistent increase of available housing, and despite a recent minor surge in sales both PV and Scottsdale are experiencing markets that slightly favor buyers.
This chart shows the recent small increase in the number of homes under contract in Scottsdale and PV:
Scottsdale Luxury
At the luxury end of the spectrum, active listings and the number of pending sales have fallen slightly. The average days on market for recent sales is 109 and the average dollar per square foot obtained at sale is $771. The number of pending sales is down from the past sixty days and with few “coming soon” listings, we may see inventory fall a bit more.
Paradise Valley Luxe
Active listings, pending sales, and month-over-month sales have all decreased at the luxe end of the spectrum in PV. A few quick highlights:
- Average days on market: 115
- Average sold price per square foot: $913
- Average list to sale price ratio: .95
For a more detailed report about PV, send me a message and I will send you a report from the Luxury Home Institute.
Market Commentary
While Scottsdale and PV have shifted into a buyer’s markets, we are not seeing a precipitous decline in prices. Though mortgage rates are still high, which continues to keep some buyers on the fence, the last few months have seen a small surge in sales. Generally speaking though, I believe inventory may fall a bit more this summer and prices will continue to gently slide downward–though some areas may remain more flat. Thanks for reviewing my Scottsdale and Paradise Valley market report.
Founder of the 
