Scottsdale, AZ

The market in this ZIP code is currently classified as Accelerated. A strong increase in the pending ratio year-over-year, coupled with declining active and new listing inventory, suggests a shift towards more rapid absorption of available properties. While the median listing price shows a modest month-over-month gain, it remains significantly below the level of the prior year, alongside a notable year-over-year decrease in median price per square foot.

The pending ratio, a key indicator of demand relative to supply, has increased significantly by 38.6% over the past year to 0.72. This acceleration in pending activity is occurring alongside a contraction in active listings, which are down 10.7% year-over-year, and new listings, which have decreased by 7.4% year-over-year. Median days on market have slightly extended by 3.4% over the past year, reaching 91 days. The share of price-reduced listings has decreased by 3.8% year-over-year to 13.6%. The median listing price shows a marginal month-over-month gain of 0.1% but is down 12.3% year-over-year. Similarly, the median price per square foot is down 3.5% from the prior year.

The substantial year-over-year increase in the pending ratio, combined with a decline in available inventory, indicates increasing demand pressure. This environment suggests a quickening pace of transactions, with available properties being absorbed more rapidly. While year-over-year price metrics show a degree of rebalancing, the decreasing share of price reductions and contracting inventory suggest that sellers are encountering a more receptive market with less need for aggressive price adjustments and potentially swifter transaction timelines.

The average listing price of $2,436,920 significantly exceeds the median listing price of $1,600,000, illustrating a substantial contribution from higher-priced properties. However, the average listing price has seen a considerable year-over-year decrease of 14.8%. The median price per square foot for the overall market is $548, reflecting general valuation trends, though the specific price per square foot at the upper end of the market is not directly provided.