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New Data Show Scottsdale Sold-Home Prices Grew Big In April

Scottsdale Real Estate Statistics

Greetings everyone. Today on LUXE BLOG, we have interesting news. It's good news for sellers. It's not such good news for buyers. Scottsdale had a great month for real estate in April. According to the latest data (which just recently came out), April was a very strong month for the city. Yes, we know June is already here, but this news is important. At Williams Luxury Homes, we're not here to hype the market. It concerns us what's going on. We've posted about it here. We've talked about how the lock-in effect is affecting Greater Phoenix. We recently discussed various aspects of the housing market and our concerns. Low inventory and high rates create a rare situation. Typically, it's one side that's struggling, but here, both sides face challenges. Prices are high in Scottsdale, and if you think the market is crashing, you're wrong. The lock-in effect is keeping the market stable. People don't want to sell their homes because they don't want to lose the low rates they got right after the pandemic. And this, among other issues, is keeping inventory low.

The backyard pool of a home in North Scottsdale.

The Closing Prices Of Scottsdale Sold-Homes Went Up In April

April's Real Estate Stats

With that out of the way, here are the latest statistics for April's real estate market:

  • Average price of 422 closed sales: $1,657,094
  • Sellers getting 97.45% of their asking price
  • Median sales price: $1.2 million
  • New listings increased 13.2% Valley-wide
  • Scottsdale new listings rose 7.5% to 518
  • Pending sales declined 45.2% to 228
  • Inventory of homes for sale rose 35% to 518 houses
  • Days on the market in Scottsdale: 77 days
  • Valley-wide closed sales increased 4% to 5,550 homes
  • Median sales price in the Valley: $490,000
  • Percent of list price received: close to 99%

April was another good month for home sellers in Scottsdale and the Valley. The average price of 422 closed sales in Scottsdale rose 18.9% over April 2023 to $1,657,094. Sellers got 97.45% of their asking price. The median sales price of $1.2 million in Scottsdale last month was 17.6% above April 2023's median. While a one-month boost isn't a trend, the reversal of prior months' declines is welcome news.

Valley-Wide Data

April's data for the Phoenix Metro region shows positive news (year over year):

  • New listings increased 13.2%
  • Supply increased by 43.4%
  • Days on market until sale dropped by 12.5%
  • Pinal County new listings rose 14%
  • Maricopa County new listings rose 13.4%
  • Nearly 7,100 homes came onto the market
  • Homes in Pinal County sat on the market for 65 days

New home listings in Scottsdale (in April) rose by 7.5% year-over-year to 518. However, pending sales declined 45.2% year-over-year to 228. Inventory of homes for sale in Scottsdale rose 35% year-over-year to 518 houses. Days on the market for homes sold in Scottsdale exceeded the Valley's average, rising 11.6% year-over-year to 77 days. Valley-wide closed sales increased 4% year-over-year to 5,550 homes, with the median sales price rising 7.7% year-over-year to $490,000. The percent of list price received holds at close to 99%.

Modern interior of a luxury home in Scottsdale.

The Valley's Overall Median Sales Price Was $490,000

Buyers' Market Challenges

For buyers, hopes for price breaks in the Valley housing market remain dim:

  • Average square-foot price of homes hit a record $308
  • Market resilience is evident
  • Buyers have 37% more homes to choose from than last year
  • Mortgage interest rates limit demand
  • Larger, more luxurious properties drive the market

The Cromford Report, a leading analyst, noted that on May 5, the average square-foot price of homes hit a record $308. Despite predictions of a massive price drop, the market remains resilient. Buyers Valley-wide have 37% more homes to choose from than last year, but mortgage interest rates limit demand. Pricing advanced further than expected, with the mix of homes favoring larger, more high-end properties.

Market Trends & Future Outlook

Several reports suggest that more buyers seek move-in-ready homes:

  • New home sales remain robust
  • Fix-and-flip opportunities increase
  • Inflation affects fix-up costs
  • Mortgage rates hover around 7%

Various reports suggest that more buyers are looking for move-in-ready homes and are less willing to consider homes needing significant work. This trend benefits new home sales and fix-and-flip investors. However, inflation is increasing fix-up costs. With mortgage rates around 7%, the market holds up better than expected. Any bargains are likely outside the heart of the Valley, especially in areas like Maricopa, Buckeye, and San Tan Valley, which face strong competition from new homes. The outlook for June is more of the same. The market remains very sensitive to mortgage rate changes.

Stay tuned to LUXE BLOG for more updates regarding the Greater Phoenix real estate market. We plan on posting all kinds of solid content in the month of June!

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