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If you’re thinking about buying or selling residential real estate it’s important to understand the current market trends.
According to Flex-MLS, the Marketplace for Scottsdale Residential Properties, in November 2022 versus October 2022:
The Number of SOLD listings decreased by 11% to 248 units with a top sale of $11,200,000 at 9820 E Thompson Peak Parkway #826, in DC Ranch.
The Average Sales Price increased by 5% to $1,377,497, moving the Average Price Per Sq Foot up to $444 per sq foot.
The inventory of properties available for sale, measured in month’s supply, increased by 4% to 6.52 months worth of properties for sale.
Mortgage rates decreased with the 30 year fixed rate average down 6% to 6.78% according to Bank Rate.com
The Scottsdale real estate market is not crashing. Property values this year have shown positive appreciation through November. Buyer demand under $1,000,000 in Scottsdale is down month over month, due in part to seasonality and interest rates, however the Luxury Market continues to maintain its positive momentum. The count of listings under contract has been almost cut in half compared with this time last year, providing a clear pathway of home ownership for the smart buyer.
If you’re thinking about buying or selling residential real estate, now or in the near future, it’s important to seek the guidance and advice of a professional real estate agent.
Scottsdale
Average Sales Price: September 2022 > $1318014 vs October 2022 > $1377497 = 5% increase
Average Days On Market: September 2022 > 60 vs October 2022 > 60 = 0% No Change
Average Sale Price Per Square Foot: September 2022 > $440.02 vs October 2022 > $443.67 = 1% increase
Sale to List Price Ratio: September 2022 > 95.34% vs October 2022 > 96.36% = 1% increase
Number of Sold Listings: September 2022 > 278 vs October 2022 > 248 = 11% decrease
Months Supply of Inventory: September 2022 > 6.27 vs October 2022 >.52 = 4% increase
Mortgage Rate: September 2022 > 7.20% vs October 2022 > 6.78% = 6% decrease
Top 10 Sales
$11,200,000 9820 E Thompson Peak Pkwy #826
$7,000,000 8217 N 75th Street
$5,565,000 8881 E Via del Sol Drive
$5,500,000 9820 E Thompson Peak Pkwy #830
$4,350,000 10040 E Happy Valley Rd #504
$4,275,000 40860 N 97th Street
$4,275,000 10878 E Sundance Trail
$4,100,000 8867 E Diamond Rim Dr
$3,950,000 18827 N 101st Place
$3,900,000 8529 E Cholla Street
