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The Scottsdale single-family home market in July 2024 showed a cooling trend compared to June. Sold home prices experienced a modest decline all the while properties sold slightly quicker, suggesting a more active market. The number of homes sold also dropped month over month. Additionally, the inventory of available homes decreased, which could lead to a tighter market in the future. The most exciting news is the reduction in interest rates from 7.02% in June to 6.86% in July. This significant drop in borrowing costs makes buying more attractive for those waiting on the sidelines, encouraging them to enter the market and take advantage of the lower rates.
– Grant Van Dyke
Scottsdale
Average Sales Price: June 2024 > $1641907 vs July 2024 > $1581394 = 4% decrease
Average Days On Market: June 2024 > 85 vs July 2024 > 82 = 4% decrease
Average Sale Price Per Square Foot: June 2024 > $485 vs July 2024 > $482 = 1% decrease
Sale to List Price Ratio: June 2024 > 96.53% vs July 2024 > 95.75% = 1% decrease
Number of Sold Listings: June 2024 > 324 vs July 2024 > 301 = 7% decrease
Months Supply of Inventory: June 2024 > 5.54 vs July 2024 > 5.14 = 7% decrease
Mortgage Rate: June 2024 > 7.02% vs July 2024 > 6.86% = 2% decrease
Top 10 Sales
$17,000,000 10323 E Robs Camp Road
$9,975,000 8015 N 74th Place
$6,643,538 37200 N Cave Creek Rd #1021
$6,500,000 9820 E Thompson Peak Pkwy #654
$6,000,000 28094 N 103rd Place
$5,100,000 20663 N 102nd Place
$4,900,000 39870 N 98th Way
$4,700,000 20653 N 101st Street
$4,250,000 10040 E Happy Valley Rd #305
$4,000,000 10667 E Yearling Drive
