Market Summary downloaded on 7/2/2023 at 12:33 PM
The Scottsdale residential real estate market in June 2023 continued to show signs of strength and growth, with an increase in active listings, new listings, and sold listings compared to the previous month. Let’s delve into the data to gain a deeper understanding of the Scottsdale real estate landscape.
Active Listings
In June 2023, there were 1,569 active residential listings in Scottsdale, reflecting a 2.7% increase from the previous year. This suggests a healthy supply of homes on the market, giving prospective buyers a broader range of options.
New Listings
The Scottsdale real estate market saw 694 new listings in June 2023, a substantial decline of 37.5% from June 2022. This drop in new listings could be attributed to seasonal factors or market dynamics. Nevertheless, buyers still had a significant number of properties to consider.
Sold Listings
The number of sold listings in June 2023 remained steady at 717, reflecting the stability and desirability of the Scottsdale housing market.
Absorption Rate
The absorption rate, which measures the pace at which properties are sold, was 3.1 months in June 2023. This figure still indicates a strong sellers market, but compared to June 2022, the absorption rate increased by a remarkable 58.97%, underlining a slight slowing of the Scottsdale real estate market.
Sale to Original List Price Ratio
The sale to original list price ratio stood at an impressive 94.9% in June 2023. This metric reflects that sellers in Scottsdale are often able to secure sales close to their initial listing prices, further indicating a seller’s advantage.
Average CDOM
The average Cumulative Days on Market (CDOM) in June 2023 was 72.9 days, reflecting a 111.76% increase compared to June 2022. While this may suggest properties are staying on the market longer, it’s important to note that Scottsdale’s real estate market remains robust overall.
Price Trends
Average List Price
The average list price in June 2023 was $1,722,820.79, showing a healthy 4.72% increase from June 2022. This suggests that sellers are confident in pricing their properties competitively.
Median List Price
The median list price in June 2023 was $995,000, marking a 4.74% increase from the previous year. This indicates that a wide range of properties are available at various price points in Scottsdale.
Average Sale Price
The average sale price in June 2023 was $1,172,814.30, representing a slight decrease of -0.23% from June 2022. However, the market continues to demonstrate stability, with minimal fluctuations in sale prices.
Median Sale Price
The median sale price in June 2023 was $800,000, reflecting a decrease of -7.51% from June 2022. While this might seem like a significant drop, it’s important to consider that median prices can be influenced by the types of properties sold in a given month.
Price Range Analysis
Sold Listings by Price Range
- Properties in the price range of $250,000-$299,999 saw a 38.5% increase in sold listings compared to the previous month.
- Homes priced between $500,000 and $549,999 experienced a -2.9% decrease in sold listings.
- The $3,000,000+ price range witnessed a notable 26.3% increase in sold listings, indicating strength in the luxury market.
Pending Listings
In the pending listings category, Scottsdale saw 560 properties in June 2023, reflecting a 13.8% increase compared to May 2023. This suggests a healthy level of buyer interest and activity in the market.
The Scottsdale residential real estate market in June 2023 remains vibrant and competitive. While there was a drop in new listings and a slight decline in certain price ranges, the overall market performance indicates a favorable environment for both buyers and sellers. The absorption rate, sale to original list price ratio, and average list price all suggest that sellers have the upper hand in this market. As we move into the second half of 2023, it will be interesting to see how these trends continue to evolve and whether the market maintains its robustness. For those considering buying or selling in Scottsdale, staying informed about these market dynamics will be crucial for making informed decisions.
