Market Summary downloaded on 11/6/2023 at 10:43 AM
The Scottsdale, Arizona real estate market has continued to evolve in October 2023, reflecting changes in supply, demand, and property values. Let’s explore the latest data to gain insights into the current state of the market.
Active Listings
In October 2023, Scottsdale had 1,787 active residential listings, a figure that’s been gradually increasing over the past several months. This rise in active listings may be influenced by factors like seasonal fluctuations or shifts in buyer and seller behavior.
New Listings
The market also saw 838 new listings in October 2023. While this number was slightly lower than the peak of new listings earlier in the year, it remained a robust level of new properties entering the market.
Sold Listings
A total of 431 residential properties were sold in Scottsdale in October 2023, suggesting a stable level of buyer activity. The number of sold listings may have been influenced by various factors such as buyer demand, property availability, and pricing.
Absorption Rate
The absorption rate for October 2023 stood at 3.47, indicating that properties were selling at a brisk pace. This figure reveals that, on average, it took 3.47 months to sell a property in Scottsdale during that month which is trending better than the majority of the country.
Sale to Original List Price Ratio
Sellers achieved an impressive sale to original list price ratio of 96% in October 2023, reflecting the ability of sellers to secure prices close to their initial listing amounts.
Average CDOM
The average Cumulative Days on Market (CDOM) for October 2023 was 56 days, showing a slight decrease from the previous month. This data point indicates that properties were selling more quickly.
Price Trends
Average List Price
The average list price for residential properties in Scottsdale in October 2023 was $1,697,002.99. This marked a 14.53% increase from the start of the year. The rising average list price may be influenced by a variety of factors, including increased demand for higher-priced properties.
Median List Price
The median list price in October 2023 was $999,999, reflecting a 12.56% increase from the beginning of the year. The median list price can provide insights into the pricing trends for typical properties in the market.
Average Sale Price
The average sale price for residential properties in October 2023 was $1,203,924.15. This figure represents a 15.32% increase from the start of the year, indicating strong appreciation in property values.
Median Sale Price
The median sale price in October 2023 was $805,000, showing a 2.42% increase since the beginning of the year. This figure highlights the trends in pricing for typical properties in Scottsdale.
Conclusion
The Scottsdale real estate market in October 2023 continues to experience strong demand and robust price appreciation. An absorption rate of 3.47 reflects a seller’s market, indicating that properties are selling relatively quickly, and sellers can often secure prices close to their initial listing amounts.
With an increasing average list price and median list price, it appears that the market is experiencing upward pressure on property values. The high sale to original list price ratio underscores the strength of the market and the ability of sellers to realize their asking prices.
As we move into the final months of 2023, monitoring these market dynamics will be crucial for anyone interested in Scottsdale’s real estate market. Market conditions can change, and understanding the current trends is essential for both buyers and sellers to make informed decisions in this dynamic real estate landscape.
