Since my last report in November, housing inventory in Scottsdale, Paradise Valley and the Phoenix metro area has risen slightly. Let’s jump into my Scottsdale and Paradise Valley market update for January 2024. Total Scottsdale inventory currently sits at 1839 units–with 105 listings “coming soon”. Now we’ll break things down a bit further.
Scottsdale Under $2M
There are 1319 active listings under $2M which have been on the market an average of 82 days. There are 567 pending sales and since January 1, 2024, there have been 280 sales. The average days on market for closed sales was 69 and the average sold price per square foot was $408.
Scottsdale Luxe
At the luxury end of the market, there are 508 active listings and 36 more “coming soon” listings. There are 186 pending sales and since January 1, there have been 36 closed sales. Here are some MLS stats for recently closed sales:
- Average days on market: 90
- Average sold price per square foot: $694
- Average sale price: $3,278,905
- Average list to sale price ratio: .96
The days on market has increased slightly from last November and the list to sale price ratio and sold price per square foot have come down slightly as well–no major changes though.
Paradise Valley Luxury
There are 185 active luxury listings in PV and 14 “coming soon” listings. There are 37 pending sales and since January 1, 2024, there have been 15 closed sales. The average days on market for closed sales was 75–up from 69 a few months ago. The average sold price per square foot was $833–up slightly from November 2023.
This graph shows how the average sold price has changed in PV over the past two years:
Summary
While the markets of Scottsdale and Paradise Valley have cooled off, we are still seeing some demand and sales continue–though we’re seeing many more price reductions and seller concessions. Interest rates had come down from around 8% in November to just below 7% and have risen slightly in the past few weeks. My hunch is that we’ll see a small uptick in sales in February, but nothing dramatic. Thank you for checking out my Scottsdale and Paradise Valley market update.
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