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1. Active Listings Surge by 22.4%
In November 2024, the number of active listings climbed to 2,046, up significantly from 1,671 in November 2023. This increase signals more inventory, providing buyers with greater choices in a competitive market.
2. Sold Listings See a Modest Gain of 7.9%
The number of sold listings rose to 451, up from 418 last year. This uptick indicates steady demand, reinforcing Scottsdale's reputation as a desirable market for both buyers and investors.
3. Median Sale Price Per Square Foot Edges Up by 1.6%
Home prices continue their upward trend, albeit at a slower pace. The median sale price per square foot reached $406.20, compared to $399.95 in November 2023. This steady appreciation shows Scottsdale's value as a long-term investment.
4. Months of Supply Increases by 13.5%
The months of supply now stand at 4.54 months, up from 4.00 months a year ago. While still favoring sellers, this shift gives buyers slightly more breathing room in negotiations.
5. Median Days on Market Jump by 22.5%
Homes in Scottsdale are staying on the market longer, with the median days on market rising to 49 days, up from 40 days last November. This increase reflects a slower pace of sales compared to the rapid turnover seen in recent years.
What This Means for Buyers and Sellers
Buyers: With more listings and slightly longer selling times, you have more opportunities to explore homes and negotiate favorable terms. Scottsdale remains a strong investment with steadily increasing property values.
Sellers: While the market is shifting slightly, demand is still solid. Pricing competitively and working with an experienced realtor will help ensure a smooth and timely sale.
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