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Demand weakened, as it always does during the holiday season, which is why our supply took a 24% jump this month. However weak demand does not necessarily make a market crash. Excess supply is what really drives prices down hard, and we’re simply not seeing that. The downward pricing trend is actually weakening. Asking prices are now on the rise, and we’ll likely see closed prices following suit during the second quarter.
Grant Van Dyke
Scottsdale
Average Sales Price: December 2022 > $1,345,064 vs January 2023 > $1,266,952 = 6% decrease
Average Days On Market: December 2022 > 78 vs January 2023 > 79 = 1% increase
Average Sale Price Per Square Foot: December 2022 > $425 vs January 2023 > $432 = 2% increase
Sale to List Price Ratio: December 2022 > 95.28% vs January 2023 > 95.57% = 0% No Change
Number of Sold Listings: December 2022 > 240 vs January 2023 > 206 = 14% decrease
Months Supply of Inventory: December 2022 > 6.21 vs January 2023 > 7.7 = 24% increase
Mortgage Rate: December 2022 > 6.74% vs January 2023 > 6.42% = 5% decrease
Top 10 Sales
$6,700,000 9401 E Aw Tillinghast Road
$4,850,000 14296 E Kalil Drive
$4,450,000 9779 E Reflecting Mountain Way
$3,725,000 24884 N 124th Place
$3,650,000 7326 E Lower Wash Pass
$3,500,000 19982 N 102nd Street
$3,425,000 8034 E Tecolote Circle
$3,400,000 22225 N Dobson Road
$3,300,000 12475 N 85th Street
$3,278,528 7530 E Sundown Court
