Over the past 30 days we’ve seen a slight decrease in available housing inventory in Scottsdale, Paradise Valley and around the Phoenix metro area. Let’s get into my Scottsdale and Paradise Valley market report for November 2022. As of November 30, 2022, there are 1745 active listings in Scottsdale.
Scottsdale Market Up to $1M
There are 942 active listings priced up to $1M with an average days on market of 78. There are 389 listings under contract and 12 “coming soon” listings. Since 11/1/2022, there have been 235 closed sales. The closed sales were on market an average of 55 days and the average dollars per square foot obtained at sale was $361. The list to sale price ratio over the past 30 days was .97.
Scottsdale Luxury Market
In the luxury segment, there are 803 active listings with another 266 under contract. There are 27 “coming soon” listings and since 11/1/2022, there have been 138 sales. Here are some stats for the recent sales:
- Average days on market: 62
- Average dollars per square foot obtained at sale: $531
- Average list to sale price ratio: .96
To illustrate the trouble some sellers have had recently, this graph shows cancelled listings in Scottsdale (all price points) over the past two years–note the recent spike from August to October.
Active listings and recently sold homes are down a bit in Paradise Valley. There are currently 173 actively listed properties with an average days on market of 131. There are 45 pending sales and 12 “coming soon” listings. Since 11/1/2022, there have been 18 sales with an average days on market of 64. The average dollars per square foot obtained at sale is $638 and the average list to sale price ratio is .94–on average, sellers are coming down 6% from the asking price.
Mortgage rates have come down approximately half a point in the past few weeks and at some price points, there has been a small increase in sales–for Scottsdale and PV, we expect sales activity to decrease over the next month or so. Thanks for reviewing my Scottsdale and Paradise Valley market report for November 2022.