Total active inventory between Scottsdale and Paradise Valley is 1401 units–with 1272 of those in Scottsdale. Last month we reported that inventory was falling but as of today, levels are holding steady. Let’s dive into my Scottsdale and Paradise Valley market update for sales data through the end of July, 2023.
Scottsdale Under $2M
There are 956 active listings which have been on the market for an average of 78 days. There are 544 pending sales–this number is down slightly from last month. Since July 1, 2023 there have been 424 closed sales which were on the market an average of 70 days. The number of closed sales is down 32% from last month. The average sold price per square foot was $393 and the average list to sale price ratio was .98–both identical to last month’s figures.
Scottsdale Luxe Market
At the luxury end of the Scottsdale market, there are 316 active listings–similar to last month. There are 148 pending sales–down from 164 last month. From July 1 to July 31 there were 51 sales–down from 95 last month–this represents a 53% decline in sales month over month. Here are some MLS stats for the recently closed sales:
- Average days on market: 107–up from 97 last month
- Average sold price per square foot: $660–down from $668 last month
- Average list to sale price ratio: .96–down from .97 last month
For more detailed info about the Scottsdale luxury market, download the report below:
Paradise Valley Luxury
There are 114 active luxury listings in PV which have been on the market an average of 172 days–similar figures to last month. There are 36 pending sales and 4 “coming soon” listings. Pending sales are down slightly from June. From July 1 to July 31 there have been 20 sales which were on market an average of 106 days. The total number of sales is down 50% month-over-month. The average sold price per square foot is down $44 to $823 and the average list to sale price ratio remains unchanged at .96.
This chart shows how the number of listings under contract has changed in PV over the past two years:
There has been a marked decrease in overall sales which was expected given high interest rates and summer heat–there are typically far fewer buyers in July which is one of our hottest months. The climate overall is one of a weak to moderate sellers market–depending upon the price range–though I believe the market is beginning to level off. We might see a small amount of price appreciation over the next few months, but unless interest rates come down, we could be heading towards a more balanced market–this will also depend upon inventory levels and the health of the national economy. Thank you for reviewing my Scottsdale and Paradise Valley market update for sales through the end of July 2023.