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For both buyers and sellers, the good news is that mortgage rates have steadily declined since last October and are expected to remain in the mid-6% range for 2024. While higher than the record lows of 2020 and ’21, they still fall below the historical average of 7.74%. This, along with increased inventory, signals the beginning of a robust real estate market, where buyers enjoy greater choices, and sellers can anticipate receiving 96 to 97% of their asking price, as long as their properties are appropriately priced.
-Grant Van Dyke
Scottsdale
Average Sales Price: Dec 2023 > $1499031 vs Jan 2024 > $1397356 = 7% decrease
Average Days On Market: Dec 2023 > 72 vs Jan 2024 > 73 = 1% increase
Average Sale Price Per Square Foot: Dec 2023 > $473 vs Jan 2024 > $467 = 1% decrease
Sale to List Price Ratio: Dec 2023 > 96.16% vs Jan 2024 > 96.68% = 1% increase
Number of Sold Listings: Dec 2023 > 265 vs Jan 2024 > 244 = 8% decrease
Months Supply of Inventory: Dec 2023 > 5.6 vs Jan 2024 > 7.11 = 27% increase
Mortgage Rate: Dec 2023 > 6.90% vs Jan 2024 > 6.84% = 1% decrease
Top 10 Sales
$10,500,000 20936 N 109th Place
$5,600,000 6246 E Hillcrest Blvd
$4,950,000 18903 N 98th Way
$4,800,000 8003 N 75th Street
$4,628,605 24802 N 91st Street
$4,600,000 19979 N 102nd Place
$4,395,000 6142 E Alta Hacienda Drive
$4,200,000 37595 N 104th Place
$4,000,000 8602 E Cactus Wren Road
$3,990,000 23030 N 94th Street
