Unlike the rest of the Phoenix metro area, where inventory has risen over the past 30 days, the active inventory in Scottsdale has fallen. Let’s get right into my Scottsdale market report for August 2022. As of August 30, there are 1579 active listings–compare this to 1669 last month. There are 759 properties under contract–this number is up slightly from last month.
There are 79 “coming soon” properties and since August 1, 2022, there have been 431 closed sales. Here are some key MLS stats for the recently closed sales:
- Average days on market: 49 (up from 36 last month)
- Average list to sale price ratio: .96 (down from .98 last month–sellers are clearly more motivated)
- Average sold price per square foot: $424
- Average sale price: $1,143,260
Ultra Luxe Scottsdale Market
At the very high end of the Scottsdale market–those homes priced at $10M or more, the vast majority of home sales are in the communities of Silverleaf at DC Ranch and Desert Mountain. There are currently 15 active listings north of $10M; two pending sales; one “coming soon”; and four closed sales since January 1, 2022. The average days on market for the four sales was just 88 days. The average price per square foot obtained at sale was a bit more than $1100.
Scottsdale Market Summary
Due to a recent increase in home loan rates, I think the Scottsdale market, like the rest of the county, will cool off some over the next month or so. The next Fed meeting is September 21 and much will hinge on the outcome of that meeting. Updated inflation numbers will be out soon so we’ll see how things look in September. If you have any questions about Scottsdale real estate, please reach out anytime.