Latest - Homes Prices Scottsdale - Paradise Valley
Read More - Bookmark this tab for updates. Latest Update - April 5th 2023
May Market Summary will be posted as housing numbers come in from all our
data sources.
Real Estate Market for Scottsdale, Paradise Valley and Phoenix - Comparisons and Trends Study
Latest - Homes Prices for Scottsdale - Paradise Valley - Stats
April 2023 The PARADISE VALLEY AZ Real Estate Market is back up. Just when you think it's going down, it's back up again. Let's look at the numbers for comparison. In January 2022 the per square foot prices in Paradise Valley were at $862.00 psf - Then Paradise Valley started the new year down at at $811.00 per square foot. Today April 5th 2023 . The short term price per square foot is at 863.00 PSF -
Paradise Valley Sales numbers are down... and days of inventory are up.
Paradise Valley with it's up and downs in pricing, is now at new record highs!! Even with days of inventory up. On April of 2022 there were was just 43 days of inventory before Paradise Valley Homes were sold out. Whereas, today April 5th 2023 there is over 224 days of inventory.
In other words, for those calculating, inventory (available properties) have gone up over 200%, however, home prices have reached new record highs. Call me and I will share some interesting stats from 2007.
Scottsdale Pricing and Graphs and Data 1.5 million to 2 million
SCOTTSDALE Luxury starts at 1.5 million. In April of 2022 the average per square foot price based on 50 SALES between 1.5 and 2 million was $504 psf . On January 23rd 2023 The per square foot price closed sales price for homes closing between 1.5 and 2 million in Scottsdale was $464 psf. A decrease of 8.3% TODAY APRIL 5th - The price is back UP ! and at 508.72 PSF-. Inventory in this price range is currently 102 days compared to April 2nd of 2022 , when there was only 47 days of inventory.
Scottsdale Home Prices 2 Million and Above
Scottsdale Home priced between 2 million and 3 Million are still a favorite of cash buyers and those more interested in comfort now. In January of 2022, price per square foot for homes sold in Scottsdale between 2 and 3 million was $510.00 per square foot averaged on 33 sales. In July of 2022, per square foot prices in this Scottsdale price range hit a high of $589 psf on 27 sales. On February 6th 2023 , the average sold sale price on homes between 2 and 3 million in Scottsdale was $557 psf . Up 9% from just 12 months ago.." in a Declining market " And might I add, with 145 days of inventory versus 36 days of inventory 12 months ago. NOW today March 19th 2023, the PSF prices sales are at $547 or down less than 2% based on 22 sales. While the average per square foot price across Phoenix has risen 1.5% from last month but down 4.9% from same period last year. See MARCH - APRIL Report below.
For those of you who have been waiting for prices to drop significantly since last year, all things considered, the market is not moving in that direction in any kind of hurry . This is rather extraordinary, despite, inventory being UP and higher rates; prices in the 2 million and up range or only mildly retreating. And as an IMPORTANT NOTE here.. The more exceptional properties - on better lots are receiving significantly higher sale prices. The mild price decreases are currently on the average home versus the extraordinary home. Please call for more details.
All things considered, in the current market, is just mildly slowing down and more so on less high demand properties. The primary reason is, "rates are up but not enough to offset supply and demand economics. Housing Inventory in the Phoenix Metro area was 14,946 30 days ago , we are now down to 14,002 in less than 30 days... still inventory is waaay up from 5500 in August 2022. It does not seem to be enough to slow anxious buyers, still enjoying relatively low interest rates. To view the exact current conventional rates, click the link for TODAY'S Mortgage Rates.
Scottsdale - Paradise Valley Real Estate Market Statistics - by the Numbers
Here are the basics. Latest - Homes Prices Scottsdale - Paradise Valley. The ARMLS (Realtor Data and Statistics site) numbers for April 2023 compared April 2022 for all areas & types: These stats are available as the "Sold Homes" are recorded with Maricopa county. Accordingly, for up to minute stats on a neighborhood or 'available listings' in a specific neighborhood, Please call me. It is my pleasure to discuss any specific home pricing updates. Or to review any community or home of interest.
Scottsdale Prices are still Hovering at Record Highs - Bidding War Stats -
The good news for Scottsdale home buyers is at least the bidding wars have slowed down. For example, in March of 2022 there were 134 bidding wars. So 134 buyers purchasing homes in a bidding war situation and likely over 500 home buyers continuing their search.
By comparison, the latest reports show only 11 bidding wars in last 30 days and only one in Scottsdale over 3 million.
- Scottsdale - Phoenix Market - 150 days by the Numbers
Latest news. At the beginning of the slow down there were between 2900 and 3100 more active listing added every week. By comparison, the first seven days of April there were 2030 added
* Home listings across all areas were up over 150% in September 2022 to 16,384.
* For comparison- October 2022, home listings were up over 21,214. Then in early December Housing Inventory had retreated to just over 18,500. Then Jan 11th 2023 housing inventory was 16,747. Today April 7th inventory is now 14,002
THE REAL ESTATE MARKET FOUR MONTHS AGO TODAY -
*From October Report . "Due to the increased competition among sellers we are seeing a large jump in the number of list price reductions. Sellers' less lofty ambitions are also reflected in the average price per sq. ft. for active listings which has retreated and are no longer projecting even higher ... but starting a very, very slow retreat." ---- That Excerpt From Oct - . *New day New Market updates*. Today... Those prices are moving UP again.. BUT for how long?
- Sales Contract Statistics Available by Text
Scottsdale and Paradise Valley Home Prices and Stats
* Scottsdale Homes for Sale from $500,000 to $1,000,000 - Call or Text
* Scottsdale Home listings for Sale from $1001,000 to $2,000,000 - Text or Call
* Paradise Valley Homes For Sale between $2,500,000 and $7,500,000 - Call or Text
* Homes for Sale in Scottsdale listed range of $2,000,000 and $5,000,000 - Call or text
Phoenix Metro - Home Prices and Market Stats
- Pending Listings Scottsdale: - Call me for up to minute
- Active listings in greater Phoenix including Scottsdale and PV
- Total area measure is over 515 Square Miles of the Phoenix MLS
- Under Contract Listings (including Pending, CCBS & UCB): Call for up to minute
- Monthly Sales: Are DOWN. For a detailed report - Text me
- Highest Price drops this Month - This fact is always interesting - Call
- Monthly Median Home Sales Price: Interesting number - Email or Call
Market Update Definitions and Resources
THE MARKET INDEX REPORT
Market Index - Is a numeric value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years. Values below 100 indicate a buyer's market, whereas values above 100 indicate a seller's market. Comparatively - A value of 100 indicates a balanced market. In fact, Scottsdale is at 133 on the CMI indicating an edge to home sellers this month. Comparatively, Paradise Valley is getting closer to balanced with a CMI of 122.
*** What does this month's Market Index Show today for other cities - Please call for details. This is Changing daily!
REPORT UPDATED FOR YOU EVERY MONTH - April 2023 NUMBERS OUT By April 22nd 2023
Please call me for a more detailed analysis. My pleasure to review them with you. In addition, I am here to provide you excellent representation and counsel when buying or selling a home.
Again please enjoy the graphs and market report. And please call me for additional information. Noting: Entire report updated every 35 days. In other words,
bookmark this page.
Call Michael Chaisson Realtor RL Sotheby's International Realty Specializing in Luxury Homes in Scottsdale, Paradise Valley and the greater Phoenix area. 480-450-4632
National Home Pricing Forecast/Projections including Scottsdale -
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