Housing inventory in Scottsdale and PV has remained stable over the past month while inventory has risen slightly across the Phoenix metro area. Today there are approximately 2160 active homes for sale between the two areas–compare this to last month at 2208 properties. Let’s jump into my Scottsdale and Paradise Valley market update for May 2024.
Scottsdale Under $2M
There are 1407 active listings which have been on the market an average of 84 days. There are 551 pending sales–compare this to 693 last month. There are 42 “coming soon” listings and 502 sales since May 1, 2024. The average sold price per square foot was $419–slightly higher than last month.
Scottsdale Luxe
As of May 31, 2024 there are 546 active luxury listings which have been on the market an average of 136 days. There are 231 pending sales, 14 “coming soon” listings and in the past 30 days there have been 81 sales. The closed sales were on the market for an average of 102 days and sold for an average of $688/SF.
Paradise Valley Luxury
Active listings in PV have dropped slightly to 182 units. The active listings have been on the market for an average of 159–the average asking price per square foot is $1112. There are 35 pending sales and since May 1, 2024 there have been 33 sales. Here are some MLS stats for recently closed sales:
- Average days on market: 113
- Average sold price per square foot: $824
- Average list to sale price ratio: .96
- Average sold price: $5,350,364
This graph shows how the average sold price in PV has changed over the past two years.
If the FED lowers the discount rate at the next meeting and it translates to lower home loan interest rates, we will see a bump in sales. For now, high rates continue to sideline buyers. Inventory, while not super high, is at a level where we are somewhat balanced though we are heading into a buyers market. Thank you for reviewing my Scottsdale and PV market update.
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