Like the rest of the Phoenix metro area, housing inventory in Scottsdale and PV is on the rise. We’ve seen a 10% increase in inventory since our last report. Let’s dig into my Scottsdale and Paradise Valley market report for September 2023. As of October 11, there are currently 1440 active listings in Scottsdale and 152 in Paradise Valley. Buyers are showing more patience due to high interest rates and more available housing and this in turn may have sellers scrambling to grab what’s left of what is becoming a very weak sellers market.
Scottsdale Under $2M
There 1111 active listings priced under $2M compared to 973 last month. The average days on market for active listings is 75 and the average asking price per square foot is $433–compare this to $479 last month. There are 460 pending transactions and from 9/1 to 9/30 there were 392 sales–both pending transactions and sales are down since August.
This chart shows the change in active residential listings:
Scottsdale Luxe Market
At the luxury end of the market, there are 373 active listings with 172 under contract. The average asking price per square foot is $785 and there are 21 “coming soon” listings. From 9/1 to 9/30 there have been 51 sales that were on the market for an average of 60 days. The average sold price per square foot was $792 and the average list to sale price ratio was .97.
Paradise Valley Luxury
Inventory levels above $2M have not changed in the past 30 days–today there are 139 active listings and nine “coming soon” listings. The active asking price per square foot is a whopping $1067. There 32 pending sales–down 20% from last month. From 9/1 to 9/30 there have been 29 sales–the average days on market was 73–this is down from 97 the month before. The average sold price per square foot was $881 and the average list to sale price ratio was .97.
Interest rates have risen to the highest levels in the past 20 years. While home values have dropped a little, home prices are just not affordable for most folks when having to pay 7.5% or more in interest. Although most cities/towns are still experiencing a weak sellers market, things are starting to flatten out. With so many crazy things going on in the world right now, not to mention high inflation, high gas/food prices, a looming banking crisis, etc, we may see a decline in activity in the next few months. Thank you for reviewing my Scottsdale and Paradise Valley market report for September 2023.