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A growing number of sellers are becoming more flexible with their initial asking prices. Recent reports indicate that in September, approximately 9.2% of home listings experienced a reduction in their listed prices. This trend is increasingly creating opportunities for prospective buyers, provided they can overlook the impact of interest rates. The market boasts a higher volume of active listings and a more significant number of motivated sellers than ever since last December. This fall, the elevated percentage of price reductions could be attributed to sellers setting overly ambitious initial listing prices, buyers exercising caution due to rising interest rates, or a combination of these factors.
– Grant Van Dyke
Scottsdale | 3rd Quarter 2023
Average Sales Price: Q3 2022 > $1,333,470 vs Q3 2023 > $1,348,732 = 1% increase
Average Days On Market: Q3 2022 > 47 vs Q3 2023 > 72 = 53% increase
Average Sale Price Per Square Foot: Q3 2022 > $447 vs Q3 2023 > $449 = 0% change
Sale to List Price Ratio: Q3 2022 > 96.32% vs Q3 2023 > 96.43% = 0% change
Number of Sold Listings: Q3 2022 > 883 vs Q3 2023 > 920 = 4% increase
Months Supply of Inventory: Q3 2022 > 3.12 vs Q3 2023 > 2.4 = 23% decrease
Mortgage Rate: Q3 2022 > 6.73% vs Q3 2023 > 7.55% = 12% increase
Top 10 Sales
$1,0975,000 21280 N 102nd Street
$9,500,000 11301 E Honey Mesquite Drive
$8,600,000 20914 N 104th Street
$7,250,000 8868 E Hualapai Drive
$7,000,000 9952 E Sienna Hills Drive
$6,750,000 26885 N 90th Street
$6,709,889 4859 N Ascent Drive
$5,400,000 10584 E Greythorn Drive
$5,100,000 19025 N 99th Street
$4,790,000 41731 N 111th Place
