Latest - Homes Prices Scottsdale - Paradise Valley
Read More - Bookmark this tab for updates. Last Update - January 23rd 2023
February Market Summary will be posted as housing numbers come in from all our
Real Estate Market for Scottsdale, Paradise Valley and Phoenix - Comparisons and Trends Study
Latest - Homes Prices for Scottsdale - Paradise Valley - Stats
January 2023 VS. January 2022 The PARADISE VALLEY AZ Real Estate Market still has lots of steam. January 2022 saw per square foot prices in Paradise Valley at $862.00 psf - Then again in July of 2022, Paradise Valley hit a high of $862psf for a 2nd time. But we all know, November is Thanksgiving month. So Paradise Valley Home Sellers celebrated with a new, all time record high of $885.00 psf averaged over 8 home sales.
Nevertheless, home buyers wanting to bring in the 2023 new year with a little glee... were able to delight in a small glimmer of joy with the current per square foot price in Paradise Valley starting the new year at $811.00 per square foot. (based on the latest 9 closed sales as of January 23rd 2023)
Paradise Valley Sales numbers are down... and days of inventory are up.
Paradise Valley with it's up and downs in pricing, is down just 7% from 12 months ago.
However days of inventory are up. In April of 2022 there were just 43 days of inventory
before Paradise Valley Homes were sold out. Whereas, today there is 137 days of inventory.
In other words, for those calculating, inventory (available properties) have gone up almost 200%, however, home prices have only dropped 7%. Call me and I will share some interesting perspective 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 . As of January 23rd 2023 The per square foot price closed sales price for homes closing between 1.5 and 2 million was $464 psf. A decrease of 8.3% . Inventory in this price range is currently 93 days compared to March 5th of 2022 when there was only 23 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. Today January 23rd 2023 , the average sold sale price on homes between 2 and 3 million in Scottsdale is 582 psf . Up 13% from just 12 months ago.." in a Declining market " And might I add, with 140 days of inventory versus 36 days of inventory 12 months ago.
For those of you who have been waiting for prices to drop since last year, all things considered, the market is heading in the wrong direction for buyers waiting for a significant price drop. This is extraordinary, despite, inventory being UP and higher rates; prices in the 2 million and up range or only mildly retreating.
All things considered, in the current market, a steep 'slow down" is not assured. The primary reason is, "rates are up but not enough to offset supply and demand economics. Although housing Inventory in the Phoenix Metro area is almost 17,000 units ... 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 January 2023 compared with January 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, this last week there were 2558 new listings added.
* Home listings across all areas were up over 150% in September 2022 to 16,384.
* Then in 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 Jan. 23rd inventory is now 16,478.
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*.
- 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 125 on the CMI indicating an edge to home sellers this month. Comparatively, Paradise Valley is up as well with a CMI of 167.
*** 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 - FEBRUARY 2023 NUMBERS OUT By FEBRUARY 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,
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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 -