The Scottsdale real estate market continues to show resilience and growth as we close in on the end of 2023. In this comprehensive market report, we analyze the key statistics and trends gathered for the November 2023 market report. The data provides insights into the performance of the residential real estate sector in Scottsdale over the past year.
Active Listings and New Listings: The Scottsdale real estate market saw a slight decrease in active listings from December 2022 (1858) to November 2023 (1933), with a 4% increase in new listings. This suggests a competitive market with properties being listed and sold promptly.
Pending and Sold Listings: Pended listings saw a significant decrease from 350 in December 2022 to 317 in November 2023. However, sold listings remained relatively stable, indicating that the market is maintaining a healthy pace of transactions.
Average and Median Prices: Average list prices have consistently risen throughout the year, reaching $1,736,278.94 in November 2023, reflecting a 13.89% increase from the same period last year. The median list price also experienced growth, reaching $999,500, an 11.18% YoY increase.
Sale Prices: Average sale prices demonstrated a modest 3.58% increase YoY, reaching $1,142,231.54. However, the median sale price experienced a slight decrease of 2.47%, settling at $807,000. These figures suggest a diverse range of properties being sold, catering to various buyer preferences.
Days on Market (DOM): The average CDOM (Cumulative Days on Market) increased slightly from 59 in November 2022 to 60 in November 2023. This marginal change indicates that properties are still selling relatively quickly, maintaining the market’s dynamism.
Market Trends and Insights:
Absorption Rate: The absorption rate, a key indicator of market demand, increased significantly from 3.12 in November 2022 to 3.75 in November 2023, marking a substantial 20.19% YoY growth. This suggests a robust and active market with a higher demand for properties.
List Price Comparisons: Comparing the average list price and median list price, both metrics show positive growth. The average list price increased by 13.89%, indicating an appreciation in property values. Meanwhile, the median list price, a more representative measure, grew by 11.18%, suggesting a broad-based increase across different property segments.
Sale Price Trends: While the average sale price increased moderately, the decrease in the median sale price indicates that more affordable properties are in demand. This trend aligns with the diversification of the buyer pool, encompassing a range of budget preferences.
The Scottsdale real estate market remains active and dynamic, with positive trends in average and median list prices, absorption rates, and overall market demand. These metrics indicate a resilient market that accommodates various buyer preferences. As we move into 2024, it will be interesting to see how these trends evolve and influence the Scottsdale real estate landscape.
Note: All data is based on information available as of December 13, 2023, at 10:41 AM.
