Scottsdale, AZ

The housing market in Scottsdale, AZ (ZIP 85266) is currently experiencing a cooling trend. While the median listing price saw an increase month-over-month, a year-over-year decline and other key indicators suggest a market moderating from previous highs.

The median listing price at $1,625,000 shows a month-over-month increase of 5.3% but a year-over-year decline of 6.5%. Active listings have decreased by 19.5% year-over-year to 128, and new listings have seen a substantial 54.5% year-over-year drop to 20. Median days on market have risen significantly by 38.9% year-over-year to 91 days. The price-reduced share stands at 26.1%, an increase of 6.3% year-over-year. The pending ratio is 0.33, an 8.3% increase year-over-year, with 42 pending listings.

The rising days on market and the increased share of price reductions suggest a shift in negotiating leverage. While the year-over-year increase in the pending ratio indicates some continued demand, the overall slowing in new listings and the growth in price reductions point to a market where buyers are less compelled to move quickly, allowing for greater price discipline. The decline in year-over-year median listing price indicates pressure on valuations, and sellers may need to adjust their expectations regarding pace and price.

In the luxury segment, the average listing price of $2,312,887 is notably higher than the median listing price of $1,625,000, indicating a significant spread characteristic of a top-tier market. This average price has increased by 4.2% year-over-year, suggesting some resilience at the higher end despite the broader market cooling. The median price per square foot is $498.