As of December 2023, the real estate market in Scottsdale, Arizona, continues to show resilience and growth. This market summary provides a comprehensive look at key metrics, including active listings, new listings, pended listings, and sold listings, along with corresponding average and median prices. Additionally, we’ll explore year-over-year changes and analyze important statistics that shed light on the health and dynamics of the Scottsdale real estate market.
Market Metrics
Active Listings
- January 2023: 1789
- December 2023: 1856
- Percentage Change: +3.75%
The number of active listings increased slightly from the beginning to the end of the year, suggesting a healthy supply of properties on the market.
New Listings
- January 2023: 470
- December 2023: 851
- Percentage Change: +81.28%
New listings experienced a significant uptick, indicating a robust influx of properties entering the market. This may contribute to increased choices for potential buyers.
Pended Listings
- January 2023: 301
- December 2023: 511
- Percentage Change: +69.77%
The number of pended listings saw a substantial increase, signaling a heightened level of buyer interest and potential future closed transactions.
Sold Listings
- January 2023: 410
- December 2023: 356
- Percentage Change: -13.17%
While the number of sold listings decreased slightly, it’s important to note the seasonal variations in real estate activity.
Pricing Trends
Average List Price
- January 2023: $1,738,605.87
- December 2023: $1,638,605.87
- Percentage Change: -10.86%
The average list price decreased slightly by the end of the year. This may be attributed to market adjustments or variations in property types.
Median List Price
- January 2023: $1,027,500
- December 2023: $925,000
- Percentage Change: -14.29%
The median list price also experienced a decline, suggesting potential opportunities for buyers at various price points.
Average Sale Price
- January 2023: $1,189,153.67
- December 2023: $1,239,403.01
- Percentage Change: +4.24%
The average sale price increased, indicating a positive trend in property values and potential returns for sellers.
Median Sale Price
- January 2023: $775,000
- December 2023: $775,000
- Percentage Change: 0%
The median sale price remained stable, showcasing consistency in pricing at the mid-point of the market.
Market Performance
Absorption Rate
- December 2023: 3.59
- December 2022: 2.96
- Percentage Change: +21.28%
The absorption rate, representing the rate at which available homes are sold, increased significantly. This suggests a more active and dynamic market compared to the previous year.
Average CDOM (Cumulative Days on Market)
- December 2023: 70 days
- December 2022: 73 days
- Percentage Change: -4.11%
Homes spent slightly fewer days on the market before being sold, indicating increased demand and efficiency in the sales process.
Median CDOM
- December 2023: 49 days
- December 2022: 61 days
- Percentage Change: -19.67%
The median CDOM decreased, further emphasizing the faster pace of property sales in the Scottsdale real estate market.
Year-to-Date Comparison
2023 YTD vs. 2022 YTD
Absorption Rate
- 2023 YTD: 3.28
- 2022 YTD: 2
- Percentage Change: +64%
The year-to-date absorption rate saw a substantial increase, reflecting sustained market activity and demand throughout the year.
Average List Price
- 2023 YTD: $1,397,686.46
- 2022 YTD: $1,256,583.85
- Percentage Change: +11.23%
The average list price for the year increased, indicating a positive trend in property values and seller confidence.
Median List Price
- 2023 YTD: $895,000
- 2022 YTD: $850,000
- Percentage Change: +5.29%
The median list price also experienced growth, showcasing a broad-based improvement in property prices.
Average Sale Price
- 2023 YTD: $1,108,959.42
- 2022 YTD: $1,091,890.28
- Percentage Change: +1.56%
The average sale price for the year increased slightly, demonstrating stability and modest appreciation.
Median Sale Price
- 2023 YTD: $795,000
- 2022 YTD: $810,000
- Percentage Change: -1.85%
The median sale price for the year remained relatively stable, with a slight decrease.
Average CDOM
- 2023 YTD: 67 days
- 2022 YTD: 40 days
- Percentage Change: +67.5%
The average CDOM increased, indicating that properties took slightly longer to sell on average compared to the previous year.
Median CDOM
- 2023 YTD: 45 days
- 2022 YTD: 27 days
- Percentage Change: +66.67%
The median CDOM also increased, suggesting a nuanced shift in market dynamics.
The Scottsdale, AZ real estate market in December 2023 reflects a dynamic landscape with increased listing activity, steady pricing trends, and strong absorption rates. While there was a slight decrease in the number of sold listings, other key metrics such as average sale price and absorption rate experienced positive growth. Year-to-date comparisons show overall improvement in list prices, sale prices, and absorption rates, indicating a resilient and thriving market.
As with any real estate market, it’s essential for buyers and sellers to stay informed and work with experienced professionals to navigate the complexities of buying or selling a property in Scottsdale.
