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The decrease in the number of sold listings by 3% to 265 units, along with the luxury market continuing to keep a steady pace, has had a noticeable effect on the market. This shift contributed to a 14% increase in the Average Sales Price in October, consequently raising the Average Price Per Square Foot to $486 per square foot. Additionally, the inventory of available properties increased by 11% to 5.91 months, potentially influenced by the 6% rise in mortgage rates, which reached 8.01% according to Bank Rate.com, impacting the housing market dynamics. Open House activity is up, pointing to Buyers wanting to get off the sidelines and to go shopping for that new home.
– Grant Van Dyke
Scottsdale
Average Sales Price: September 2023 > $1,337,495 vs October 2023 > $1,523,787 = 14% increase
Average Days On Market: September 2023 > 61 vs October 2023 > 61 = 0% No Change
Average Sale Price Per Square Foot: September 2023 > $454 vs October 2023 > $486 = 7% increase
Sale to List Price Ratio: September 2023 > 97.07% vs October 2023 > 96.95% = 0% No Change
Number of Sold Listings: September 2023 > 273 vs October 2023 > 265 = 3% decrease
Months Supply of Inventory: September 2023 > 5.34 vs October 2023 > 5.91 = 11% increase
Mortgage Rate: September 2023 > 7.55% vs October 2023 > 8.01% = 6% increase
Top 10 Sales
$12,000,000 42412 N 105th St, Scottsdale
$9,700,000 19018 N 97th Pl, Scottsdale
$7,000,000 4211 N 66th St, Scottsdale
$5,700,000 8867 E Sierra Pinta Dr, Scottsdale
$4,500,000 10040 E Happy Valley Rd #1004, Scottsdale
$4,200,000 10179 E Sundance Trl, Scottsdale
$4,125,000 7260 E Camino Santo –, Scottsdale
$4,100,000 30821 N Estrella Ct, Scottsdale
$4,075,000 22055 N 88th Way, Scottsdale
$4,000,000 26258 N 111th St, Scottsdale
