As of today, January 18, 2024, there are 1,816 homes in Scottsdale, Arizona for sale. There are 442 homes for sale priced between $1 and $2 million in Scottsdale for sale. Homes available in Scottsdale range from a $33,900 mobile home on leased land to a $32 million mansion on a two acre parcel built in 2023! There is truly something for everyone!
The main chart shows that every city in Maricopa County (3 in Pinal County) have seen increases in Cromford Market Index. Any number over 110 reflects a sellers market.
A bit about Scottsdale - Scottsdale, Arizona was founded in 1951 and is named after Winfield Scott who came to Arizona in 1888. Scott purchased 640 acres in what is now an area just north of Old Town Scottsdale. He's also responsible for planting peanuts and citrus in Phoenix and Scottsdale.
Scottsdale is bounded to the south by Tempe and the Salt River Pima Maricopa Indian Reservation; to the west is Phoenix; to the north is Cave Creek and Carefree; with the town of Fountain Hills and the McDowell Mountain Regional Park to the East. The McDowell Mountain Regional Park is 33,000 acres. Scottsdale is 11 miles wide and 31 miles long. Below is the Canal filled with Colorado River Water headed into Scottsdale just south of Scottsdale and Camelback Roads in Old Town Scottsdale. History of the Canal system.
The following charts are specific to Homes for Sale priced from $1 to $2 million in Scottsdale. Inventory in Scottsdale is just 3.6% of the total in Maricopa County, which is 12,263 homes, mobile homes, condos, and townhomes. This sort of makes sense since the Population of Scottsdale is about 250,000 (5%) versus Maricopa County being 4,497,000. Low inventory is a constant theme across the US. Current inventory in this price range is higher than 2023, but lower than 2020.
The biggest supply of inventory in this price range are homes sized from 2500 - 3500 square feet. There are very few homes in Scottsdale that are under 1500 square feet.
The median price for homes in Scottsdale just increased to $844,000 in January from $775,000 in December, 2023. Median price excludes the highest and lowest price to come up with a more normal average.
How many buyers are paying over list price for homes between $1 and $2 million? The number has decreased since the frenzy between 2020 and 2022, but there are still homes selling over list price. In the last 30 days, 47 homes priced from $1 to $1.5 million have sold over list price. For homes priced slightly higher at $1.5 - $2 million, 33 buyers paid over list price. That is STRONG evidence of a sellers' market.
How long will it take to sell existing inventory? According to the Cromford Report, four months in this price range! The lowest point in history when these homes sold the quickest was March, 2022 when there were 4 weeks of inventory.
Prices continue to climb for homes priced from $1 to $2 million in Scottsdale according to this chart. The current price per square foot - $821.91.
Year over year, this chart reflects appreciation by price range. As inventory remains low with increasing prices, there is upward pressure on sales.
If you're looking to make a change in your real estate holdings, make sure to use a knowledgeable professional to take advantage of the housing market.
These charts are produced by subscription to the Cromford Report. Please do not reproduce.
