Market Summary downloaded on 10/2/2023 at 12:33 PM
The Scottsdale residential real estate market in September 2023 continued to exhibit its dynamic nature, with fluctuations in various aspects of the market. As we analyze the latest data, we gain insights into the current state of the Scottsdale housing market.
Active Listings
In September 2023, there were 1,593 active residential listings in Scottsdale. This represents a decrease of 18.8% compared to the previous year. While this drop in active listings may suggest decreased inventory, it’s essential to consider the broader context of the market.
New Listings
The Scottsdale real estate market saw 768 new listings in September 2023, reflecting a 10.1% decline compared to 2022. The decrease in new listings could be attributed to seasonal trends or shifts in market dynamics.
Sold Listings
The number of sold listings in September 2023 was 440, showing relative stability in the Scottsdale housing market.
Absorption Rate
The absorption rate in September 2023 was 3.09 months, indicating that properties were selling at a healthy pace. This figure suggests that, on average, it took 3.09 months to sell a property in Scottsdale during that month.
Sale to Original List Price Ratio
The sale to original list price ratio stood at an impressive 95.7% in September 2023. This metric highlights that sellers in Scottsdale generally achieved prices close to their initial listing amounts.
Average CDOM
The average Cumulative Days on Market (CDOM) in September 2023 was 58.4 days. While this reflects an 18.37% increase from the previous year, it’s worth noting that Scottsdale’s real estate market remains vibrant.
Price Trends
Average List Price
The average list price in September 2023 was $1,670,521.46, marking a substantial 15.24% increase compared to 2022. This suggests that sellers may be listing their properties at higher price points.
Median List Price
The median list price in September 2023 was $1,020,000, reflecting a 14.75% increase from the previous year. This indicates that a wide range of properties are available at varying price levels in Scottsdale.
Average Sale Price
The average sale price in September 2023 was $1,066,414.18, showing a 9.11% increase from September 2022. This demonstrates a healthy market for sellers.
Median Sale Price
The median sale price in September 2023 was $795,000, marking a modest 1.27% increase from the previous year.
Price Range Analysis
Sold Listings by Price Range
- Properties in the price range of $200,000-$249,999 saw a 50% increase in sold listings compared to the previous year.
- Homes priced between $2,000,000 and $2,999,999 experienced a significant 68.4% increase in sold listings.
Pending Listings
In the pending listings category, Scottsdale saw 288 properties in September 2023, reflecting a 36.4% decrease compared to September 2022. This decline might indicate a slowdown in buyer activity for the upcoming months.
The Scottsdale residential real estate market in September 2023 displayed varying trends, with a notable decrease in new listings and active listings. Additionally, average list prices showed significant increases, indicating optimism among sellers about property values.
As we move into the final quarter of 2023, it will be essential to monitor how these trends evolve. Factors such as seasonal changes and broader economic conditions can influence the Scottsdale real estate market. For individuals considering buying or selling properties in Scottsdale, staying informed about these market dynamics will be crucial for making informed decisions in the ever-changing real estate landscape.
