Market Summary downloaded on 9/2/2023 at 12:33 PM
Scottsdale, Arizona, is known for its vibrant real estate market, attracting buyers and sellers alike with its unique blend of urban amenities and desert beauty. In August 2023, the Scottsdale residential real estate market exhibited noteworthy trends and changes. Let’s dive into the data to gain a comprehensive understanding of the market’s performance.
In August 2023, Scottsdale had 1,435 active residential listings. This marked a 25.5% decrease from the previous year. While a decline in active listings can suggest reduced inventory, it’s essential to consider multiple factors influencing the market.
The Scottsdale real estate market witnessed 685 new listings in August 2023. This showed an 8.1% decrease compared to 2022. The decline in new listings may be indicative of seasonal variations or shifts in market dynamics.
In August 2023, 542 residential properties were sold in Scottsdale, indicating a steady level of activity in the market.
The absorption rate for August 2023 stood at 2.8 months, signifying that properties were selling at a consistent pace. This figure indicates that, on average, it took 2.8 months to sell a property in Scottsdale during that month.
Sale to Original List Price Ratio
Sellers in Scottsdale achieved a sale to original list price ratio of 94.7% in August 2023. This metric reflects that sellers, on average, secured prices close to their initial listing amounts.
The average Cumulative Days on Market (CDOM) for August 2023 was 71.7 days. While this marked a 44.9% increase from the previous year, the Scottsdale real estate market remained active.
Average List Price
The average list price for residential properties in Scottsdale in August 2023 was $1,695,452.15, reflecting a significant 17.73% increase compared to 2022. This suggests that sellers may have listed their properties at higher price points.
Median List Price
The median list price in August 2023 was $950,000, indicating a 7.97% increase from the previous month.
Average Sale Price
The average sale price for residential properties in August 2023 was $1,061,714.26, representing a modest 4.34% decrease compared to 2022.
Median Sale Price
The median sale price in August 2023 was $800,000, showcasing a slight 0.88% increase from the previous year.
Price Range Analysis
Sold Listings by Price Range
- Properties in the $200,000-$249,999 price range experienced a significant 137.5% increase in sold listings compared to the previous year.
- Homes priced between $2,000,000 and $2,999,999 saw a substantial 59.1% increase in sold listings.
Scottsdale recorded 461 pending listings in August 2023, reflecting a marginal 0.9% increase compared to 2022. This suggests a stable level of buyer interest in the market.
The Scottsdale residential real estate market in August 2023 displayed several noteworthy trends. A decrease in active and new listings, along with a lower average sale price, could indicate some seasonal cooling in the market. However, the absorption rate remained steady, indicating that properties continued to sell at a reasonable pace.
Sellers appeared optimistic in August, with increased average list prices. Furthermore, properties in various price ranges experienced fluctuations in sold listings, indicating diverse opportunities for both buyers and sellers.
As we transition into the latter part of 2023, monitoring these market dynamics will be essential for those interested in the Scottsdale real estate market. Seasonal variations and broader economic factors can influence real estate trends, and staying informed will empower buyers and sellers to make well-informed decisions in this dynamic market.