Scottsdale, AZ

The ZIP code 85260 market is currently Cooling, characterized by a notable decrease in median listing prices year-over-year, alongside increased active inventory. While the pending ratio suggests some underlying demand, the market is experiencing a deceleration in activity as new listings decline and properties spend more time on market.

The market is showing clear signs of cooling, with the median listing price experiencing a significant year-over-year decline of 17.0% and a month-over-month decrease of 2.2%. Active listings have expanded by 10.1% over the past year, contributing to increased inventory. New listing activity has contracted by 23.1% year-over-year, indicating fewer properties entering the market. Properties are spending less time on market, with median days on market down 15.0% year-over-year to 71 days, though this is likely a lagging indicator. The share of price-reduced properties has risen by 3.6% year-over-year to 24.2%, suggesting a need for price adjustments. The pending ratio stands at 0.39, representing a modest 1.1% increase year-over-year, indicating a relatively steady pace of transactions against available inventory.

The current environment suggests a shift in negotiating leverage towards buyers. The year-over-year increase in active listings combined with a decrease in new listings could lead to a buildup of inventory if the sales pace does not keep up. The rising share of price reductions and the overall deceleration in median listing price growth indicate that sellers are increasingly needing to exercise price discipline to attract offers, granting buyers more time and options to negotiate favorable terms.

In the luxury segment, the average listing price of $1,319,333 significantly exceeds the median listing price of $699,000, illustrating the broad range of properties available. The average listing price has seen an 8.9% year-over-year decrease. The median price per square foot across the market is $398, reflecting a 4.3% year-over-year decline.