Last month there were approximately 1500 active listings in Scottsdale and 140 in Paradise Valley–inventory levels have increased about 10% over the past 30 days. Let’s dig into my Scottsdale and Paradise Valley real estate report for January 2023.
As of January 31, 2023, there are 1654 active listings in Scottsdale (all price ranges and product types) which have been on market an average of 95 days. Now we’ll look at various price points in Scottsdale.
Scottsdale Under $1M
There are 834 active listings which have been on market an average of 84 days. The average list price per square foot is $387 and the average list price is $643,835. There are 393 properties under contract and 23 “coming soon” listings. Since January 1, 2023 there have been 210 closed sales. The closed sales were on market an average of 73 days with an average list to sale price ratio of .97 and average sold price per square foot of $353.
This graph shows how the average sold price per square foot has changed over the past two years.
Scottsdale $1M Plus
There are 820 active listings compared to around 700 last month–the active listings have been on market for an average of 104 days. There are 317 pending sales and 47 “coming soon” listings. Since January 1 there have been 105 sales. Here are some MLS stats for the recent sales:
- Average days on market: 78
- Average sold price per square foot: $525
- Average list to sale price ratio: .96
There are 162 active listings ranging in price from $359,000 to $30,600,000–the average days on market is 138. There are 55 pending sales and 11 more “coming soon” listings. Since January 1, 2023 there have been 23 closed sales which were on market an average of 102 days. The average sold price per square foot was $734 and the list to sale price ratio was .93.
While total listing inventory remains somewhat low, sale activity has slowed–likely due to interest rates hovering near six percent and fears of a potential housing crash. I believe that sales will continue but that home prices may fall a bit more–especially if there are further rate hikes. Thank you for checking out my Scottsdale and Paradise Valley real estate report for Jan 2023.