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In the coming months, it will be important to watch for continued stabilization of home prices and shifts in buyer activity due to decreasing mortgage rates. In August 2024, Scottsdale’s real estate market saw a 9% decline in both sold listings and the average sales price, which settled at $1,432,827. Inventory increased to 5.4 months’ worth of homes, signaling a more balanced market. With mortgage rates dropping to 6.48%, buyer interest could rise, especially in the competitive $500,000 to $700,000 range. For September 2024, we anticipate that prices will stabilize while moderate demand continues.
– Grant Van Dyke
Scottsdale
Average Sales Price: July 2024 > $1,566,703 vs August 2024 > $1,432,827 = 9% decrease
Average Days On Market: July 2024 > 84 vs August 2024 > 82 = 2% decrease
Average Sale Price Per Square Foot: July 2024 > $478 vs August 2024 > $473 = 1% decrease
Sale to List Price Ratio: July 2024 > 95.72% vs August 2024 > 95.94% = No Change
Number of Sold Listings: July 2024 > 321 vs August 2024 > 292 = 9% decrease
Months Supply of Inventory: July 2024 > 4.96 vs August 2024 > 5.4 = 9% increase
Mortgage Rate: July 2024 > 6.86% vs August 2024 > 6.48% = 6% decrease
Top 10 Sales
$10,800,000 42994 N 102nd St
$7,350,000 10777 E Distant Hills Dr
$6,900,000 7627 E Sunnyside Dr
$5,900,000 10040 E Happy Valley Rd #389
$5,500,000 12474 N 82nd St
$4,635,000 11573 E Mirasol Cir
$4,412,106 24898 N 91st St
$4,250,000 18683 N 101st Pl
$4,100,000 10040 E Happy Valley Rd #455
$4,000,000 8068 E Remuda Dr
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➡️ 7 Steps To Home Seller Plan – http://vandykesellerplan.com
➡️ 8 Steps To Agent Success – http://vandykeagentplan.com
