Scottsdale, AZ

The 85259 market is currently cooling, characterized by a declining pending ratio and an increase in price reductions, despite a notable year-over-year appreciation in median listing prices.

Median listing prices have sustained a year-over-year increase of 9.3%, reaching $1,500,000, with no month-over-month change. While active listings have decreased by 25.0% year-over-year, the pending ratio of 0.40 reflects a 10.0% decline over the past year. Median days on market have slightly extended by 5.1% year-over-year, to 73 days, and the share of listings with price reductions has risen by 3.7% year-over-year to 21.5%.

The decrease in the pending ratio and the increased prevalence of price reductions suggest a market where buyers are exercising greater price discipline. While inventory remains constrained with active listings down significantly over the past year, the extended days on market indicate a recalibration of pricing expectations may be underway, influencing the pace of transactions.

The average listing price, at $1,973,534, exceeds the median listing price by a substantial margin, indicating a strong presence of higher-priced properties within the market. The median price per square foot stands at $464, reflecting a 3.5% year-over-year increase.