Last month Scottsdale and PV housing inventory had fallen and for the month of April active listings continued to fall. Here is my Scottsdale and Paradise Valley market update for April sales data. The number of active Scottsdale listings is down 20% from last month and PV active listings have only declined slightly. There are currently 176 active listings in Paradise Valley and 1459 in Scottsdale. As a side note, due to the increase in home values over the past few years, I am redefining “luxury” to be homes price over $2M though admittedly there are other factors that define luxury.
Scottsdale Under $2M
Under the $2M price point, there are 1069 listings which have been on the market for an average of 86 days. There are 778 properties that are under contract, 65 that are “coming soon” and since April 1, 2023, there have been 472 closed sales. The closed sales were on the market an average of 71 days and sold on average for $391 per square foot. The average list to sale price ratio was .98.
There are 388 active luxury properties for sale which have been on market an average of 128 days. There are 185 pending sales and 20 “coming soon” luxury properties. Since April 1, there have been 54 closed sales that were on the market an average of 98 days. The average sale price per square foot was $662 and the average list to sale price ratio was .95.
This graph shows how the average sold price in the Scottsdale luxury segment has changed:
Active listings in PV remain relatively unchanged–there are 178 active properties which have been on market an average of 129 days. There are 74 pending sales and 9 “coming soon” listings. Since April 1 there have been 55 closed sales. Here are some MLS stats for recently closed sales:
- Average days on market: 117
- Average sale price: $3,715,889
- Average sold price per square foot: $708
- Average list to sale price ratio: .96
Housing inventory around the county has continued to decline and as we head into summer, this trend may continue. The FED just raised the discount rate another quarter point–this may or may not lead to higher mortgage rates. Mortgage rates are certainly having an impact on the refinance sector and home sales under the $1.5M mark. My feeling is that sales activity is going to decline over the next few months, but could pick up again in the fall if rates come down. Thank you for reviewing my Scottsdale and Paradise Valley market update for April 2023.