Housing inventory in Scottsdale and PV has been on the rise the past 30 days–a trend we are seeing across the Phoenix metro area. Let’s jump into my Scottsdale and Paradise Valley market report for September 2024. As of Sept 30, there are a total of 1876 properties for sale in Scottsdale and 191 in PV.
Scottsdale Under $2M
There are 1431 active listings under $2M–up from 1305 last month. There are 514 properties under contract and 79 “coming soon” listings. Since Sept 1, 2024, there have been 300 closed sales. The closed sales sold for an average of $410/SF and were on the market an average of 81 days.
Scottsdale Luxury
North of $2M, there are 445 active listings–up from 381 last month. There are 180 pending sales and 29 “coming soon” listings. In the past 30 days there have been 51 sales that were on the market an average of 113 days. Total sales have only dropped slightly since August. The average sold price per square foot was $708.
This graph shows how the luxury closed sale price has changed in Scottsdale over the past few years.
PV Luxe
There has been a huge jump in PV luxury inventory–there are 160 active listings priced at $2M or more–compare this to 122 in August. The active listings have been on the market an average of 129 days. Here are some MLS stats for the 12 recently closed sales:
- Average days on market: 95
- Average sold price per square foot: $877–down from $976 last month
- Average sold to list price ratio: .94–sellers are negotiating, on average, six percent off the listed price
- Average sold price: $4,538,333
Summary
Although we have seen year-over-year price increases, the rise in inventory could further slow sales in both Scottsdale and PV. While current interest rates may temper some buyer enthusiasm, the underlying demand for homes in these desirable areas is likely to sustain price levels. We may see more inventory come to market over the next thirty days and during that time, we’re likely to see a similar level of sales activity.
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