Buckle up because we’re about to hit you with our Scottsdale market update for July 2020.
Total available housing inventory across the valley dipped below 8000 in the past week, but we’re now sitting at around 8400 units. In Scottsdale, there are 1388 active properties for sale–compare this to 1567 properties in June.
For all properties priced under $1M, there are 814 active listings. There are 838 pending sales and 48 “coming soon” properties. Since July 1, 2020, there have been 1073 sales.
The average days on market for the active listings is 71 and the active days on market for the recently closed sales is 65–similar to one month ago.
Here is a graph showing Supply v Demand for all of Scottsdale–it compares last month to 12 months ago.
We are still seeing a fair amount of inventory above $1M. Currently there are 584 luxury homes on the market and another 248 that are under contract. There are 32 “coming soon” homes and since July 1, there have been 222 sales ranging from $1M to $8.7M.
The average price for luxury homes sold recently was $1,664,368 and the average list price to sale price ratio was .96–still some room to negotiate on Scottsdale homes priced above $1M.
The average price per square foot obtained at sale was $363 and the average days on market for recently closed homes was 149.
With interest rates hovering around 3%, demand should stay strong into the fall. Of course we are still dealing with market volatility, an upcoming election and covid, but for now, the outlook remains positive.
If you have any questions about Scottsdale real estate, please reach out any time–I would be very glad to help!