Scottsdale, AZ

The housing market in this ZIP code is currently categorized as Very Weak, characterized by a low pending ratio of 0.23, significant year-over-year declines in new listings, and an extended median days on market. While the median listing price shows a modest year-over-year increase, the latest month saw a notable decrease.

The market exhibits significant cooling trends. New listings have experienced a substantial decrease of 41.2% over the past year, contributing to a nearly flat year-over-year change in active listings, up just 0.4%. The pending ratio stands at 0.23, reflecting a year-over-year decline of 1.9%, indicating slowing transaction activity. Properties are spending more time on the market, with median days on market rising 7.1% over the past year to 120 days. Price adjustments are also more prevalent, as the share of price-reduced listings has increased by 3.9% over the past year to 11.4%. The median listing price, while up 4.7% year-over-year, declined 4.2% from the prior month. Similarly, the median price per square foot has decreased by 4.5% over the past year.

The current environment suggests reduced pressure for buyers and increased demands for price discipline from sellers. The low pending ratio and declining new listings point to a market where buyers have more time to evaluate options. Sellers may face longer marketing periods and potentially greater negotiation on price, as evidenced by the increase in median days on market and the rising share of price reductions.

In the luxury segment, a notable divergence exists between the average listing price of $3,021,748 and the median listing price of $2,299,000, indicating the presence of higher-end properties influencing the average. The median price per square foot is $543, reflecting the valuation at this segment's typical transaction point.