Scottsdale, AZ

The market currently exhibits Very Weak conditions, characterized by a low pending ratio of 0.17, a substantial year-over-year decline in the median listing price (-24.2%), and a notable increase in active listings (30.5% year-over-year).

The market is experiencing a significant downturn across key indicators. The pending ratio stands at 0.17, marking an 18.8% decrease over the past year, signaling reduced buyer activity relative to available inventory. Active listings have risen by 30.5% year-over-year to 355 units, further contributing to supply pressure. While new listings also increased by 25.0% year-over-year to 80, the pace of sales has not kept up. The median days on market has decreased by 14.6% year-over-year to 82 days, suggesting some properties are moving more quickly, but this does not offset broader weakening. Price reductions affect 26.1% of listings, a 6.3% increase from the prior year, indicating increasing seller concessions.

With a pending ratio of 0.17 and a considerable increase in active listings year-over-year, inventory pressure is elevated. This dynamic points to increased buyer optionality and greater price discipline required from sellers to attract offers. The notable year-over-year decline in median listing price (-24.2%) and median price per square foot (-10.2%) underscores a shift in negotiating leverage.

A significant spread exists between the average listing price ($943,251) and the median listing price ($492,000), highlighting a distinct luxury segment within the ZIP code. This top tier also experiences a median price per square foot of $370.