Q4 2023 Scottsdale Market Report

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Scottsdale Market Report Fourth Quarter 2023

talk/text with real estate expert Erica Anderson directly @ (480) 599-6811

- Quarterly Market Review -

A Review Of Key Market Differences Year over Year 4th Quarter 2022 | 4th Quarter 2023

SINGLE-FAMILY HOMES Q4: 2022

Q4: 2023

Q4: 2022

Q4: 2023

1,060

1,225

Median List Price

$999,999

$1.069M

Total Inventory

1,166

Median SP/LP Ratio Average SP/LP Ratio Median PP/SqFt

97%

99%

Total Sold

789

Median Sale Price

$975,000 96%

$380

165

New Listings

$1.06M 97%

$437

18

Total Sold

New Listings

2,903

Average Home Size

$85,000 Med. Sale Price

SINGLE-FAMILY HOMES MARKET SUMMARY Official Market Type: Seller’s

16

Median DOM

|

1,257 807 1

2,914

0

DOM

4th Quarter 2023

New Inventory is up by almost 16% year over year, but the buyer demand is still out pacing the supply of available inventory offering continued conditions for a Seller’s Market. It’s to be noted that the market is softening when comparing inventory available vs. properties under contract from Q3 to Q4 2023.

Homes are selling for an average of 97% of asking price, slightly higher than this time last year.

The median sales price has increased by $85,000.

There were 807 SFD sales during Q4 2023: 322 were all Cash and 362 were closed with a Conv. loan.

Four of the sales from this quarter were categorized as distressed sales (Bank Owned, Short Sale, HUD owned, pre-foreclosure etc.) compared to 1, this time last year.

- Quarterly Market Review -

A Review Of Key Market Differences Year over Year

SOLD BY PRICE

4th Quarter 2022 | 4th Quarter 2023 Q4: 2022

Q4: 2023

95 99

93 106

$1.1M - $1,199,999

78 70 36 46

70 50 43 41

$1.2M - $1,299,999

47

37

$1.3M - $1,399,999

27

39

$1.4M - $1,499,999

19

23

$1.5M - $1,999,999

88

95

$2M - $2,499,000

39

49

$2.5M - $2,999,999

21

31

$3M - $3,499,999

21

24

$3.5M - $3,999,999

11

15

$4M - $4,499,999

9

15

$4.5M - $4,999,999

5

6

$5M - $6M+

11

16

under $500K

$500K - $599,999 $600K - $699,999 $700K - $799,999 $800K - $899,999 $900K - $999,999 $1M - $1,099,999

23 44

13 41

Some of the data used to create this brochure is from the Cromford® Report. The data used to create the Cromford® Report is obtained from public records and obtained under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS). Cromford Associates LLC and ARMLS expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability or fitness for any particular purpose.

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A Note from the Team Leader...

Happy New Year to You! I’m pleased to share that mortgage rates have dropped since our last update, signaling a promising year ahead for both buyers and sellers.

In the current market, selling success depends on a well-thought strategy. By staying apprised about your area’s pricing trends, pricing your property at Fair Market Value and working with a pro-active experienced realtor, like me, you stand a great chance of meeting your real estate goals this year.

As your trusted real estate advisor, my commitment to providing you with top-notch service and insightful guidance remains unwavering. Here’s to a year filled with prosperity, wise investments, and realizing your real estate dreams in Scottsdale. I look forward to supporting you every step of the way in 2024!

Cheers, Erica Anderson

www.RealPremierTeam.com

©2024 All rights reserved. This representation is based on sales & data reported by multiple brokers/agents to the ARMLS for October, November, and December 2022 & 2023.

Listings & sales may not be those of Erica Anderson or Real Premier Team of RE/MAX Fine Properties. The National Association of Realtors®, ARMLS and/or the Cromford Report do not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of any existing agency relationship. Our real estate market report derives data primarily from the local Multiple Listing Service (ARMLS), public records & the Cromford Report. We employ statistical analysis, expert review, & qualitative insights to ensure the report’s accuracy. While we strive for reliability, market fluctuations & regional variations may impact the data’s precision. To find out how this data directly relates to your property’s value, contact us.