Across the county, housing inventory is on the rise and this holds true for both Scottsdale and Paradise Valley. Month over month, Scottsdale has seen a 10% increase in available inventory. There are currently 252 active listings available in PV and 2673 in Scottsdale. Active listings in Scottsdale have been on the market an average of 99 days versus 114 for PV.
Scottsdale Under $2M
There are 1965 active listings priced under $2M and those listings have been on the market an average of 85 days. There are 589 pending sales and 83 “coming soon” listings. From March 1 to March 31, there have been 568 sold listings. The closed sales were on the market an average of 78 days and sold for an average price per square foot of $414.
Scottsdale Luxury
As of April 19, there are 709 active listings priced at $2M or more. There are 219 pending sales and 18 “coming soon” listings. From March 1 to March 31, there were 108 closed sales. Here are some MLS stats for recently closed sales:
- Average days on market: 104
- Average sold price per square foot: $722
- Average list to sale price ratio: .96
PV Luxe
There are 208 active listings priced above $2M. The active listings have been on the market an average of 121 days. There are currently 43 pending sales and just one “coming soon” listing. Given recent turns in the stock market, the luxury market has begun to flatten out. From March 1 to March 31, there have been 41 sales. The average sold price per square foot for recent sales was $979 and the average list to sale price ratio was .95.
Market Summary
Since August of last year, the total days for available housing inventory (Scottsdale and PV) has steadily risen as evidenced by the chart below:
Both Scottsdale and PV are in very weak seller’s markets which are essentially the same as flat markets–if inventory continues to rise and rates remain high, I expect both to move into weak buyer’s markets in the near term. Seller’s need to be more realistic about pricing and present their homes in the best light possible. Buyer’s have more options now and have a bit more room to negotiate all terms–price, concessions and repairs.
Founder of the 
