Scottsdale, AZ

The ZIP code is currently experiencing a cooling market environment, characterized by significant year-over-year price declines across key metrics and an increasing inventory of active listings. While new listing activity has expanded, the pending ratio indicates a deceleration in absorption.

The median listing price, at $822,500, has seen a notable year-over-year decrease of 25.7%, despite a modest 1.9% month-over-month increase. Median price per square foot also contracted by 9.3% over the past year. Active listings have expanded significantly, up 29.4% year-over-year to 163 units, complemented by a 33.3% year-over-year increase in new listings. Median days on market improved by 11.9% year-over-year to 59 days, and the share of price-reduced listings saw a marginal year-over-year decrease of 1.3 percentage points to 22.1%. The pending ratio, currently at 0.32, has declined by 17.3% compared to the prior year.

The increasing inventory of active listings and the notable year-over-year decline in median listing price suggest a market with reduced urgency for buyers. The declining pending ratio, down 17.3% over the past year, indicates a slower pace of transactions, contributing to an environment where buyers may exercise greater price discipline. Sellers are navigating a market with expanding supply and moderating demand, potentially requiring greater flexibility in pricing and terms.

The average listing price of $1,109,507 significantly exceeds the median listing price of $822,500, illustrating a substantial contribution from higher-end properties. This $286,007 spread reflects the influence of the luxury segment. While the median price per square foot is $456, the presence of these high-value listings suggests that top-tier properties likely command significantly higher per-square-foot valuations, despite the overall market's year-over-year price adjustments.