Scottsdale and PV housing inventory has fallen–like the rest of Maricopa County. There are 1551 active listings between PV and Scottsdale. Let’s dive into my Scottsdale and Paradise Valley market update revealing sales data through the end of May 2023. Last month we reported that active inventory was dropping and that trend has continued.
Scottsdale Under $2M
There are 1018 active listings which have been on the market for an average of 85 days. There are 671 pending sales and since May 1, 2023, there have been 663 closed sales–this number has increased 30% month-over-month. The closed sales were on market an average of 67 days–the average sold price per square foot was $396–up from $391 last month. The average list to sale price ratio was .98.
Scottsdale Luxury Market
There are 374 active luxury listings in Scottsdale that have been on the market for an average of 137 days. There are 175 pending sales and there are 16 “coming soon” listings. Since May 1, 2023 there have been 93 closed sales that were on the market an average of 84 days–down from 98 days month-over-month. Here are some other MLS stats for recently closed sales:
- Average sold price per square foot: $699
- Average sale price: $3,289,273
- Average list to sale price ratio: .95–unchanged from last month
For more detailed info about the Scottsdale luxury market, download the report below:
Paradise Valley Luxury
Currently there are 139 active luxury listings in Paradise Valley. There are 53 pending sales and two “coming soon” listings. Since May 1, 2023 there have been 33 closed sales–total sales are down 40% month-over-month. The average days on market for recently closed sales was 84–down from 117 last month. The average sold price per square foot was $900 and the average list to sale price ratio was .95–down from .96 last month.
For more detailed info about the Paradise Valley luxury market, download the report below.
Market Commentary
With inventory running at fairly low levels, demand in Scottsdale and Paradise Valley will likely be slightly stronger than normal this summer unless the Fed raises rates on the 14th–and that increase leads to higher mortgage rates. Rates are currently around 7% and if rates worsen, we’ll see less activity in the sub-luxury market. The higher end of the market should not be affected as much since a large proportion of sales are closed with cash. Thanks for reviewing my Scottsdale and Paradise Valley market update for May 2023. If you have questions about luxury real estate, reach out anytime.
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