Scottsdale, AZ

The housing market in Scottsdale, AZ (ZIP 85258) is currently cooling, characterized by declining median listing prices and an increase in new listings. While active listings have seen a modest decrease year-over-year, the pending ratio of 0.41 indicates a slower pace of transactions.

Median listing price has decreased significantly, down 9.4% month-over-month and 12.9% year-over-year to $849,000. Active listings are down a slight 3.7% year-over-year to 208, but new listings have surged by 26.7% year-over-year to 76. Median days on market saw a modest decrease of 3.1% year-over-year, settling at 62 days. The share of price-reduced listings increased slightly by 1.3% annually to 27.4%. Pending listings stand at 86, resulting in a pending ratio of 0.41, a 2.9% increase year-over-year.

The increasing number of new listings coupled with a moderating pending ratio suggests a shift in market dynamics. Buyers may find comparatively less urgency, with more inventory becoming available and properties spending a slightly longer time on the market. This scenario may allow for greater price discipline among purchasers, as the significant year-over-year decline in median listing price indicates a lessening of upward price pressure.

The average listing price of $1,177,353, significantly higher than the median listing price of $849,000, points to a continued presence of a luxury segment. The median price per square foot is $460, representing a 5.9% year-over-year decrease.