The Scottsdale real estate market continues to evolve, demonstrating significant trends and shifts over the past year. The data from April 2023 to April 2024 provides valuable insights into market dynamics, including changes in listings, prices, absorption rates, and days on market. Here’s a detailed analysis of these trends and what they mean for buyers, sellers, and investors.
Key Market Indicators
1. Active and New Listings
- April 2024: 2,315 active listings and 874 new listings
- April 2023: 1,727 active listings and 772 new listings
- Change: 28.16% increase in active listings and 13.22% increase in new listings year-over-year.
The increase in both active and new listings indicates a growing inventory in Scottsdale, offering more options for buyers.
2. Sold Listings
- April 2024: 686 sold listings
- April 2023: 754 sold listings
- Change: 9.02% decrease year-over-year.
Despite the increase in listings, the number of sold properties has decreased slightly, which could suggest a more competitive market or shifting buyer preferences.
Pricing Trends
3. Average and Median List Prices
- Average List Price:
- April 2024: $1,869,170.95
- April 2023: $1,709,644.97
- Change: 9.33% increase
- Median List Price:
- April 2024: $1,100,000
- April 2023: $995,000
- Change: 10.55% increase
The upward trend in list prices reflects increased seller confidence and possibly higher property values in Scottsdale.
4. Average and Median Sale Prices
- Average Sale Price:
- April 2024: $1,255,069.85
- April 2023: $1,076,532.44
- Change: 16.58% increase
- Median Sale Price:
- April 2024: $884,000
- April 2023: $790,000
- Change: 11.9% increase
Sale prices have also seen a substantial rise, indicating strong demand and possibly reflecting the higher quality or desirability of the properties sold.
Market Efficiency
5. Absorption Rate
- April 2024: 4.46 months
- April 2023: 3.48 months
- Change: 28.16% increase
A higher absorption rate suggests that the market is becoming more balanced, with a slight tilt towards a buyer’s market as inventory increases relative to sales.
6. Days on Market (DOM)
- Average CDOM (Cumulative Days on Market):
- April 2024: 77 days
- April 2023: 74 days
- Change: 4.05% increase
- Median CDOM:
- April 2024: 47 days
- April 2023: 45 days
- Change: 4.44% increase
Properties are staying on the market slightly longer, which may indicate buyers are taking more time to make decisions or negotiate.
Volume and Value
7. List and Sale Volume
- Active List Volume (April 2024): $4,327,130,746
- New List Volume (April 2024): $1,285,663,631
- Sold Sale Volume (April 2024): $860,977,914
The substantial volumes highlight the significant market activity and the high value of transactions taking place in Scottsdale.
Year-to-Date (YTD) Performance
8. Year-to-Date Comparisons
- Average List Price (2024 YTD): $1,571,985.28 (up 8.94% from 2023)
- Median List Price (2024 YTD): $975,000 (up 8.34% from 2023)
- Average Sale Price (2024 YTD): $1,186,758.07 (up 11.25% from 2023)
- Median Sale Price (2024 YTD): $850,000 (up 8.97% from 2023)
Overall, the year-to-date data indicates a strong market with rising prices and a robust inventory.
The Scottsdale real estate market in April 2024 reflects a period of growth and transition. Increased inventory levels, rising list and sale prices, and a balanced absorption rate suggest a healthy market that offers opportunities for both buyers and sellers. As always, staying informed and working with knowledgeable real estate professionals will be key to navigating this dynamic market effectively.
Stay tuned for more updates and insights as we continue to monitor and analyze Scottsdale’s vibrant real estate landscape.
