Scottsdale has evolved into a flat market with some parts of the city in a weak buyer’s market while Paradise Valley is still experiencing a weak seller’s market–especially in the higher price ranges. Overall, inventory has fallen in both cities over the past sixty days–a trend we are seeing across the Phoenix metro area. There are currently 1976 active listings in Scottsdale and 123 in Paradise Valley.
Scottsdale Under $2M
There are 1483 active listings that have been on the market an average of 103 days. There are 471 pending sales and 43 “coming soon” listings. Over the past two months, there have been 897 closed sales with an average days on market of 81.
Scottsdale Luxury
The luxury end has seen inventory fall, pending sales increase, days on market go up and the average price per square foot obtained at sale decrease. There are currently 165 pending sales and 493 active listings. The active listings have been on the market an average of 170 days. For recent sales, the average dollars per square foot has dropped to $744, while the days on market has increased to 136. The list to sale price ratio has dropped to .94–this indicates that on average, sellers are accepting offers 6% below the asking price.
Paradise Valley Luxe
Paradise Valley is one of just four cities/towns experiencing a weak seller’s market–the rest of the Phoenix metro area is in either a flat market or buyer’s market. There are currently 101 active luxury listings in PV ranging in price from $2,000,000 to $50M. There are 26 pending sales and 11 “coming soon” listings. Here are some recent MLS stats for closed sales over the past two months:
- Average sold price per square foot: $838 (the median price/SF is around $940)
- Average days on market: 114
- Average list to sale price ratio: .94
The number of new listings coming to market is one of the drivers of current market conditions in PV as the chart below illustrates.
Market Summary
PV sales have been relatively strong–this is partly due to fewer homes being on the market. The higher end of the market has proven to be more resilient over the past few months. Scottsdale, for the most part, has moved into a flat market. Flat markets can also be characterized as weak buyer’s markets. Most of Maricopa County has moved into either flat or buyer’s markets with only a few areas still experiencing a weak seller’s markets. I expect present conditions to persist a bit longer. We’ll have to see what happens (if anything) with mortgage rates. Thanks for reviewing my Scottsdale and Paradise Valley market update for August 2025.
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