Total available inventory between Scottsdale and PV has remained steady since last month, while active listings across the Phoenix metro area have risen slightly. Let’s dive into my Scottsdale and Paradise Valley market update for sales date through the end of August 2023. There are currently 1299 active listings in Scottsdale and 140 active listings in Paradise Valley. Now we’ll look more closely at each market.
Scottsdale Under $2M
Today there are 973 active listings which have been on market for an average of 79 days. The average asking price per square foot is $479. There are 481 pending sales–down from 544 this same time last month. Since August 1, there have been 480 sales which were on market an average of 66 days–the number of sales have gone up while the days on market has dropped.
Scottsdale Luxe Market
North of $2M, there are 335 active listings which have been on the market for an average of 142 days. The number of active listings has remained steady in this segment. There are 165 pending transactions and there are 16 “coming soon” listings. Since August 1, there have been 62 sales. Here are some MLS stats for recently closed luxury sales:
- Average days on market: 113 (risen slightly)
- Average sold price per square foot: $617 (down from $660 last month)
- Average list to sale price ratio: .94 (down from .96)
This chart shows how the average sold price for Scottsdale luxury homes has changed over the past two years:
Paradise Valley Luxury
In PV there are 139 active listings ranging in price from $399K to $75,000,000. The active listings have been on the market for an average of 153 days. Active inventory has increased by 26%. There are 40 pending sales (up slightly from last month) and 6 “coming soon” listings. Since August 1, there have been 27 sales which were on the market an average of 97 days–total sales increased month-over-month. The average sold price per square foot was $651 and the average list to sale price ratio was .95–both figures have dropped since July.
For more detailed info about the Paradise Valley luxury market, download the report below:
Despite high interest rates, sales in Scottsdale and PV have remained steady. With fairly limited inventory around the Phoenix metro area, we expect that sales will continue into fall. With several large companies relocating to the valley, there will be continued demand for housing. Thank you for reviewing my Scottsdale and Paradise Valley market report for August 2023.