The Scottsdale real estate market has been a dynamic and intriguing one in recent times. As we dive into the latest data for July 2023, we can see how various factors have influenced the market, including trends in property types, price ranges, and market activity.
Property Types and Location
The focus of the Scottsdale real estate market remains on residential properties, with a specific focus on the city/town of Scottsdale itself. This emphasis on residential properties reflects the growing popularity of Scottsdale as a place to live and invest in real estate.
Market Activity Overview
Let’s start by taking a closer look at the key indicators of market activity for July 2023:
- Active Listings: The month began with 1,953 active listings, indicating a steady supply of homes on the market.
- New Listings: July saw 854 new listings, showcasing a healthy influx of properties entering the market.
- Pended Listings: There were 453 properties that went under contract in July, suggesting that buyers were actively pursuing properties.
- Sold Listings: A total of 443 properties were successfully sold during the month.
- Absorption Rate: The absorption rate for July stood at 2.77, indicating that the market was absorbing properties at a steady pace.
- Sale to Original List Price Ratio: At 93.8%, this ratio suggests that sellers were generally achieving prices close to their original list prices.
- Sale to List Price Ratio: The sale-to-list price ratio was 97.2%, indicating that properties were, on average, selling for a little over 97% of their listing prices.
- Average CDOM (Cumulative Days on Market): Properties spent an average of 49.9 days on the market before being sold.
- Average ADOM (Active Days on Market): The average active days on market was 49.5, suggesting that properties were selling relatively quickly.
- List Volumes: The total volume of properties listed in various categories reflected the diversity of the Scottsdale market.
- Sale Volumes: Similarly, the sale volumes highlighted the continued demand for properties in Scottsdale.
Pricing Trends
Pricing remains a key factor in the Scottsdale real estate market. Let’s delve into the pricing trends for July 2023:
- Average List Price: The average list price for active listings was $1,452,429.20, indicating that properties on the market were priced attractively.
- Median List Price: The median list price for active listings was $977,408.65, offering a more balanced view of the market.
- Average Sale Price: The average sale price for properties that were successfully sold during July was $1,007,381.32.
- Median Sale Price: The median sale price for sold properties stood at $799,000, reflecting the diversity of properties and their pricing in the market.
Price Ranges
Scottsdale’s real estate market spans various price ranges, catering to a broad spectrum of buyers. Here’s a breakdown of properties sold in different price ranges in July:
- $250,000-299,999: 16 properties sold, marking an 87.5% increase from the previous year.
- $750,000-999,999: 105 properties sold, demonstrating a 23.5% increase compared to the previous year.
- $2,000,000-2,999,999: 24 properties sold, reflecting a 33.3% increase from the previous year.
- $3,000,000+: 24 properties sold, showing a notable 33.3% increase from the previous year.
These statistics highlight the diversity in the Scottsdale market, with properties available at various price points to suit different buyer preferences and budgets.
Pending Listings
Pending listings, which represent properties under contract but not yet closed, provide insights into future market activity. In July 2023:
- Total Pending Listings: The month began with 451 properties pending, signaling a healthy level of buyer interest.
- Price Ranges: Properties pending sale covered a wide range of price points, from below $100,000 to $3,000,000 and beyond, reflecting Scottsdale’s diverse real estate landscape.
Active Listings
Active listings are a crucial metric for gauging the current state of the market. As of July 2023:
- Total Active Listings: There were 1,450 active listings in Scottsdale, indicating a market with a substantial inventory of available properties.
- Price Ranges: Active listings encompassed a broad spectrum of price ranges, ensuring that buyers have a range of options to consider.
New Listings
New listings are an indicator of the supply side of the market. In July 2023:
- Total New Listings: Scottsdale saw 604 new listings, suggesting a continuous supply of properties coming onto the market.
- Price Ranges: New listings spanned various price ranges, catering to a diverse set of buyers.
The Scottsdale real estate market for September 2023 remains active and dynamic. With a diverse range of properties available across different price points, buyers have options to explore, while sellers continue to benefit from a market where properties are selling at prices close to their list prices. As the year progresses, it will be fascinating to see how these trends evolve and whether Scottsdale’s real estate market maintains its appeal among both residents and investors.
Please note that all data is accurate as of September 30, 2023, at 09:23 AM and is subject to change as the market evolves.
