October has been a busy month in terms of real estate activity.
Let’s dive into my Scottsdale market update for October 2020. At the end of September, we were sitting at 1437 active Scottsdale listings–as of October 30, 2020, we are at 1414 active listings.
There are 837 active listings priced under $1M with another 926 under contract and 59 listings “coming soon”. The number of pending sales is down 30% from last month. The average days on market for the active listings is 64–this is down a whopping 41%. So, while there aren’t as many sales, low inventory and low rates are still driving demand.
In the past month there have been 759 closed sales and the average days on market for those properties was just 52–down 38% from the previous 30 days. Here are some stats regarding the average sale over the past 30 days:
- Average sale price: $520,437
- Average sale to list price ratio: .99
- Average dollars per SF obtained at sale: $268
This chart shows the Sold Price Per Sq FT –Year Over Year Change for Scottsdale
Scottsdale Luxury Market
As of today, there are 579 active Scottsdale listings priced at $1M or more–the average days on market for these properties is 153. There are 313 pending sales and 12 “coming soon properties”.
While the active listings have dropped, the number of pending sales is up 11% in the past month. For the last 30 days, the average days on market for closed luxury sales is 113–this number is down 34% from last month. The average price per square foot obtained at sale is $390 and the average list to sale price rate is .96–still some room to negotiate at the upper end of the market–especially for homes priced North of $3M.
Interest rates continue to remain at historic lows with the 30-year fixed rate hovering at around 3%. Inventory in Scottsdale and across the county remains very low. The fall can bring a slow down, but until election results are in, and despite a spike in COVID cases in other parts of the country, I expect that we’ll see continued demand for the next 30-60 days.