Housing inventory across the valley has been on the rise for many months–this includes Scottsdale and Paradise Valley. As of March 11, there are 2664 properties for sale between the two luxury areas–2427 in Scottsdale and 237 in Paradise Valley. With the exception of a few dips, we’ve seen the number of available homes steadily rise since 2023.
The chart below shows how the available housing inventory in Scottsdale and PV has risen over the past two years:
Scottsdale Under $2M
Under $2M, there are approximately 1800 active listings which have been on the market for an average of 85 days. There are 615 pending sales and 94 “coming soon” listings. The contract ratio (percentage of homes under contract compared to active listings) has been steadily dropping–in this price category, the ratio is 34%. For the month of February, there were 502 sales–those sales took an average of 74 days to sell and the average sold price per square foot was $437.
Scottsdale Luxury
North of $2M, there are 679 active listings which have been on the market for an average of 135 days. There are 210 pending sales and for the month of February, there have been 94 sales. Here are MLS stats for recently sold properties:
- Average days on market: 94
- Average list to sale price ratio: .97
- Average sold price per square foot: $758
- Average sold price: $3,159,288
PV Luxe
Luxury sales in Paradise Valley have taken a sharp decline in the past 45 days. The graph below shows the number of sold listings in PV for the past two years:
There are currently 201 active luxury listings which have been on the market for an average of 121 days. There are 77 pending sales and 10 “coming soon” listings. From February 1 to February 28, there were 32 sales. The average days on market for closed sales was 88 and the average sold price per square foot was $895. The list to sale price ratio was .95–sellers are negotiating more than just a few months ago.
Market Summary
With the continued increase in active listings, both Scottsdale and PV are moving into balanced markets–which soon may become buyers markets as summer approaches–especially if inventory continues to rise. So far, there has been no relief for buyers in terms of interest rates and this has dampened overall demand. For sellers, even at the luxury end of the market, home presentation and correct pricing are vital. For buyers, opportunities for good deals are increasing daily. For detailed luxury reports about Scottsdale and PV, please contact us.
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