From last month, inventory in Scottsdale has dropped slightly and PV inventory has increased. Let’s get into my Scottsdale and Paradise Valley market update for February 2023. As of February 28, there are 1628 active listings which have been on market an average of 94 days. The average list price per square foot is $516. Now let’s look at various price segments.
Scottsdale Under $1M
Under $1M, there are 803 active listings which have been on the market for an average of 86 days–two more than last month. The average list price is $651,916 and the average list price per square foot is $391. There are 507 pending sales–43 “coming soon” listings and since Feb 1, there have been 244 closed sales. Here are some MLS stats for the recently closed sales:
- Average days on market: 75
- Average sold price per square foot: $364
- Average list to sale price ratio: .98–up from .97 last month
The chart below shows how the average sold price under $1M has changed over the past two years–the last month shows a marked increase in price.
Scottsdale $1M +
There are 826 active listings priced at $1M or more with an average days on market of 103. There are 43 “coming soon” listings and there are 430 pending sales. Since Feb 1, there have been 145 closed sales with an average days on market of 83. The average sold price per square foot was $526.
Paradise Valley
PV has seen an increase of active inventory of more than 20% since last month. As of Feb 28, there are 203 active listings with an average days on market of 109. There are 57 pending sales and since Feb 1, there have been 26 closed sales. Here are some MLS stats for recently closed sales:
- Average days on market: 85
- Average sold price per square foot: $647
- Average sale price: $3,045,983
- Average list to sale price ratio: .97–up quite a bit from .93 last month
Overall, the Scottsdale and PV markets have been pretty resilient through this downturn. New construction sales are going strong in Scottsdale and homes that are nicely updated are moving pretty quickly. Sales activity is still down year-over-year, but with interest rates above 6.5%, this is to be expected. Thanks for reviewing my Scottsdale and Paradise Valley market update for February 2023.
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