Like the rest of the Phoenix metro area, active Scottsdale housing inventory is dropping. At the end of November, there were 1745 active listings–today there are 1508. Overall, active listings are down 14%. Now we’ll look at the various price segments in Scottsdale and Paradise Valley.
Scottsdale up to $1M
As of December 31, 2022, there are 804 active listings priced up to $1M–the active listings have been on market an average of 93 days. There are 325 pending sales and 25 “coming soon” listings. Since 12/1 there have been 256 closed sales. Here are some MLS stats for the closed sales:
- Average days on market: 69
- Average sold price per square foot: $345
- Average list to sale price ratio: .97
In the luxury price segment, there are 704 active listings which have been on the market for an average of 116 days. There are 247 pending sales and 48 “coming soon” listings. Since 12/1 there have been 120 closed sales that were on market an average of 79 days. Here are some other closed sale stats:
- Average sold price per square foot: $520
- Average list to sale price ratio: .95
- Average sold price: $2,017,023
There are 143 active listings ranging in price from $279,000 to $30,600,000 which have been on market for an average of 145 days. There are eight “coming soon” listings and 42 properties under contract. Since December 1, 2022 there have been 29 closed sales. Here are stats for the closed sales:
- Average days on market: 74
- Average sold price per square foot: $648
- Average list to sale price ratio: .94
This graph shows how the average Paradise Valley sale price has changed over the past two years:
Over the next 30 days, we expect overall inventory to decline and sales activity to fall as well. With home loan rates above 6% and an economy that is stalling, real estate sales won’t be as robust as we experienced in 2022. Thank you for reviewing my Scottsdale and Paradise Valley market update for December 2022. Let me know how I can be of help.