Scottsdale, AZ

The housing market in ZIP 85254 is characterized by strong year-over-year price appreciation in median listing prices, despite some indicators suggesting a cooling trend. While the median listing price shows robust annual growth of 10.7%, active inventory has increased, and the pending ratio has softened compared to the previous year. New listings have surged significantly, contributing to more choices for prospective buyers.

The median listing price currently stands at $1,089,900, reflecting a 10.7% increase over the past year and a 7.8% gain from the prior month. Active listings have expanded by 7.9% year-over-year, now totaling 205 properties. A notable influx of new listings, up 38.9% annually, has brought 100 additional properties to the market. Median days on market remain stable over the past year at 72 days, indicating consistent absorption pace. The share of properties with price reductions has decreased by 9.9% year-over-year, now at 21.0%. The pending ratio, currently at 0.36, has seen a modest decline of 3.3% compared to the prior year, suggesting a slight moderation in contract activity relative to active inventory.

Despite a rise in active listings and a significant increase in new listings, which typically afford buyers more options, the year-over-year growth in median listing prices suggests sustained pricing power for sellers. However, the slightly declining pending ratio indicates a moderation in the pace of transactions, implying that while price discipline may still be observed, the intensity of immediate acquisition pressure has somewhat eased, offering more room for negotiation compared to the previous year.

The average listing price of $1,316,432, 8.0% higher than the previous year, notably exceeds the median listing price by $226,532, indicating a substantial concentration of luxury inventory at higher price points. The median price per square foot is $457, reflecting a 2.5% increase over the past year, while the disparity between average and median prices highlights the pronounced influence of high-value properties on the overall market.