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In contrast to the positive trend in Scottsdale, the Metro Phoenix real estate market experienced a 28% decrease in SOLD listings, totaling 303 units. This decline in sales has contributed to a 9% decrease in the Average Sales Price, which now stands at $958,526, leading to a lower Average Price Per square foot of $373. Furthermore, the 7% decrease in mortgage rates to 7.41%, as reported by Bank Rate.com, might potentially influence demand, while the 36% increase in the inventory of available properties for sale, now at 5.65 months’ worth, provides a balanced market environment that could offer opportunities for both buyers and sellers in the upcoming months in the Metro Phoenix area.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: October 2023 > $1,051,570 vs November 2023 > $958,526 = 9% decrease
Average Days On Market: October 2023 > 56 vs November 2023 > 49 = 13% decrease
Average Sale Price Per Square Foot: October 2023 > $380 vs November 2023 > $373 = 2% decrease
Sale to List Price Ratio: October 2023 > 97.21% vs November 2023 > 97.92% = 1% increase
Number of Sold Listings: October 2023 > 420 vs November 2023 > 303 = 28% decrease
Months Supply of Inventory: October 2023 > 4.16 vs November 2023 > 5.65 = 36% increase
Mortgage Rate: October 2023 > 8.01% vs November 2023 > 7.41% = 7% decrease
Top 10 Sales
$8,361,367 6163 N 61st Pl, Paradise Valley
$7,995,000 3825 E Berridge Ln, Paradise Valley
$5,250,000 9834 N 61st Pl, Paradise Valley
$4,200,000 6522 N 61st Pl, Paradise Valley
$4,200,000 7024 N Longlook Rd, Paradise Valley
$3,600,000 6336 E Gold Dust Ave, Paradise Valley
$3,600,000 4425 N 38th St, Phoenix
$3,500,000 4010 E San Miguel Ave, Phoenix
$3,462,000 4605 E Palomino Rd, Phoenix
$3,400,000 4748 E White Dr, Paradise Valley
