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According to Flex-MLS, the Marketplace for Scottsdale Residential Properties, in Quarter 4, 2022 versus Quarter 4, 2021:
The Number of SOLD listings decreased by 32% to 4,417 units, with a top sale of $28,100,000 at 21264 N 113th Place, Scottsdale.
The Average Sales Price increased by 17% to $1,393,700, moving the Average Price Per Sq Foot up to $455 per sq foot.
The inventory of properties available for sale, measured in month’s supply, increased by 32% to 1.57 months worth of properties for sale.
Mortgage rates increased with the 30 year fixed rate average up 106% to 6.74%, according to Bank Rate.com.
In spite of media headlines, Scottsdale experienced overall market appreciation of 17% year over year. Currently Scottsdale is teetering between a ‘mild’ sellers market and a ‘balanced’ market. However, after a long 4th quarter sellers should be able to enjoy fewer days on market, and serious buyers in the first half of 2023. The best advice for buyers is to stay engaged with where rates are on a daily basis, and be fully educated on lender programs and seller incentives available so that they can be the first to act when the property and the payment is right for them.
Scottsdale
Average Sales Price: 2021 > $1,188,791 vs 2022 > $1,393,700 = 17% increase
Average Days On Market: 2021 > 44 vs 2022 > 43 = 2% decrease
Average Sale Price Per Square Foot: 2021 > $372 vs 2022 > $455 = 22% increase
Sale to List Price Ratio: 2021 > 99.03% vs 2022 > 99.06% = 0% No Change
Number of Sold Listings: 2021 > 6487 vs 2022 > 4417 = 32% decrease
Months Supply of Inventory: 2021 > 1.19 vs 2022 > 1.57 = 32% increase
Mortgage Rate: 2021 > 3.27% vs 2022 > 6.74% = 106% increase
Top 10 Sales
$28,100,000 21264 N 113th Place
$13,250,000 10355 E Robs Camp Rd
$12,500,000 10804 E Canyon Cross Way
$11,750,000 10387 E Robs Camp Rd
$11,200,000 9820 E Thompson Peak Pkwy #826
$9,800,000 21413 N 110th Place
$9,610,000 20981 N 104th Way
$9,500,000 9643 E Cintarosa Pass
$9,300,000 11125 E Feathersong Ln
$9,000,000 11240 N 98th Place
