Just like the rest of Maricopa County, the Scottsdale real estate frenzy is easing up. Let’s jump into my Scottsdale real estate update for September 2021.
First, sales are still going strong. There are fewer people willing to pay over the asking price, though this is still happening with exceptional homes. My appraiser said that over the past two months, he is no longer seeing any contracts where buyers are paying over the list price–in my opinion, this is a good thing.
Runaway appreciation and buyers throwing caution to the wind only points in one direction–an impending crash. Perhaps buyers are sensing that the brakes must be applied to a market that was a bit out of control. Here are some recent MLS stats:
- 735 active listings
- 1018 properties under contract
- 82 “coming soon” properties
- 1.00 list to sale price ratio
- $368/SF–average price per square foot obtained at sale
The following graph shows the average days on market and the sold price to original sale price ratio for the past year:
Scottsdale Luxury Market
Currently there are 321 luxury listings that have been on the market for an average of 105 days. There are 331 pending sales and 29 “coming soon” properties. Over the past 30 days, there have been 179 sales. The average days on market for the recently sold luxury homes was 58 and the average dollars per square foot obtained at sale was $442. The luxury market has changed dramatically over the past year. Year over year, the months’ supply of inventory has gone from over 7 months’ supply to just 1.7 months’ supply:
The above graph illustrates a 66% decline in luxury inventory. While the craziness may be coming to an end, all sectors of the Scottsdale market remain strong and we are still in a seller’s market. My hope is that more inventory will hit the market over the next few months and as long as rates remain low, buyer demand should continue through the end of the year.
Thanks for checking out my Scottsdale real estate update for September 2021. If you have a question about Scottsdale real estate, please reach out anytime.