Scottsdale Market Trends
Maricopa County Market Trends
The overall prices of homes in Scottsdale and Phoenix are softening as interest rates rise. The inventory of homes for sale is also rising which gives Buyers more options to choose from. It became a more balanced market between Buyers and Sellers in 2023. In the fourth quarter of 2023, the median sales price for homes in Maricopa County is up 3.3 percent from last year, and the average sales price is up 7.9 percent.
For more information on current market trends in Phoenix and Scottsdale contact Carmen Brodeur at Carmen@TopScottsdaleHomes.com, or check out recent articles below.
Pending Home Sales Activity Remains Unchanged
Phil Hall, WRE News, December 28, 2023
The level of pending home sales in November was unchanged from October and down by 5.2% from one year earlier, according to the National Association of Realtors (NAR).
NAR’s Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings – stayed at 71.6 in November. An index of 100 is equal to the level of contract activity in 2001.
Metro Phoenix Housing Market Balanced for Now
Catherine Reagor, Arizona Republic, December 28, 2023
But the Valley’s housing market is ending 2023 on a pretty flat note despite interest rates inching down. After its roller coaster ride during the past few years — with spiking home prices and sales and then last year’s slowdown — that’s not a bad thing.
Phoenix-area home sales were down last month, and so is supply.
Housing analysts are calling metro Phoenix’s housing market balanced, which means it doesn’t favor sellers or buyers.
Home Prices Rise as Inventory Crunch Continues, Report Shows
AZ Business Magazine, October 13, 2023
For the second month in a row, home prices rose on an annual basis in September (+0.4%) as the inventory shortfall lingers, with the number of homes on the market falling year over year for the third consecutive month (-4.0%), according to the Realtor.com® September Monthly Housing Trends Report released today. Active inventory remained 45.1% below pre–pandemic (2017-2019) levels, although the number of homes for sale increased month-over-month (4.9%) in September, contrary to typical seasonal trends but attributable to the unusual bump in new listings in August.
Closed, Pending Sales Fall in Phoenix Area
By Emily Marek, Phoenix Agent Magazine, October 12, 2023
Both pending and closed sales fell in Maricopa County during September, according to the latest market update from Phoenix REALTORS®.
Closings decreased by 17.4% year over year, with 3,402 homes sold compared to 4,119 in September 2022. Pending sales fell by a larger margin of 34.3%, with 2,262 homes going under contract compared to 3,445 a year ago.
New listings, meanwhile, fell 28% as Realtors entered 4,455 new properties into the Multiple Listing Service (MLS) during the month. That wasn’t enough to replenish area inventory, which decreased by 39.1% year over year.
Stay informed on the latest Scottsdale real estate market trends by bookmarking this page. The real estate trends in Phoenix and Scottsdale are completely different than the national trends. This page is updated frequently to keep you informed on the changes in the market. Research the latest Scottsdale real estate trends and housing statistics right here. We want all of our clients to have access to the most current Scottsdale real estate stats.
Please call Carmen Brodeur at (602) 791-0536 with any questions.