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January Market Update - The Griffin Team

Tiffany Griffin

Tiffany Griffin, a dedicated real estate professional with over 18 years of experience in the industry...

Tiffany Griffin, a dedicated real estate professional with over 18 years of experience in the industry...

Dec 11 5 minutes read

                                                                       

This Market Report showcases everything you need to know about local real estate trends in Scottsdale, Phoenix, Tempe, Mesa, Gilbert, Chandler and Queen Creek.


If you’re thinking about buying a home or selling your home, having a good understanding of what’s going on in our local market is vital.

Being aware of the data such as the average sales price, the number of homes sold, and average days on market will better arm you with the knowledge you need to make an informed decision about listing your home.

                                                                       

Real Estate Shows Signs of Stability in 2024...


After a rollercoaster ride in 2022, the Scottsdale real estate market settled into a steadier pace in 2023, reflecting a national trend of moderation. While price growth slowed significantly, key indicators point to underlying strength and a gradual return to balance.

Price Trends Show Recovery and Stabilization:

  • 3-month moving average price per square foot: This key metric, which smooths out short-term fluctuations, saw a healthy 6.9% increase from December 2022 to December 2023. This suggests a sustained upward trajectory despite the overall slowdown.

  • Median sales price: Back to pre-correction levels, the median sales price reached $428,000 in December 2023, a modest 3.2% above December 2022. This signals a stable market where sellers are no longer facing significant downward pressure.

  • Average price per square foot: Recovering from a 12.3% dip in 2022, the average price per square foot climbed 9.1% to $293 by December 2023. This indicates buyer confidence and renewed demand for Scottsdale properties.

Market Dynamics Reveal a Balancing Act:

  • Scottsdale Cromford Index: This indicator of market balance dipped slightly from 126 in January 2024 to 119 in December 2023. However, it remains firmly in "seller's market" territory, suggesting continued advantage for sellers despite declining demand.

  • Supply and demand: Both supply (51.8% of normal) and demand (65.6% of normal) remained below pre-pandemic levels, contributing to the seller-leaning market.

  • Listings and market speed: The number of listings dropped by 19.1% compared to 2022, indicating a tighter market with less inventory available. However, median days on market decreased by 31%, and price reductions fell by 35%, suggesting faster sales despite fewer listings.

  • Sales velocity and appreciation: Although sales velocity slowed compared to December 2022, it remained healthy overall. The annual appreciation rate, on the other hand, plummeted from 23% in 2022 to a mere 0.7% in 2023, reflecting a significant shift from a rapidly growing market to a more stable one.

Outlook for 2024:

The Scottsdale market is expected to continue on its path of moderation in 2024. While significant price hikes are unlikely, stable values and balanced market dynamics can be anticipated. With steady demand and limited inventory, sellers are likely to hold some advantage, though the gap between buyer and seller power will likely narrow. Overall, the Scottsdale market appears to be entering a phase of healthy consolidation, offering stability and opportunity for both buyers and sellers.

28

Days on Market

1588

Active Listings

$789k

Avg. Sales Price

490

Closed Sales

20

Days on Market

2286

Active Listings

$417k

Avg. Sales Price

1022

Closed Sales

41

Days on Market

197

Active Listings

$470k

Avg. Sales Price

123

Closed Sales

20

Days on Market

1234

Active Listings

$430k

Avg. Sales Price

543

Closed Sales

20

Days on Market

320

Active Listings

$517k

Avg. Sales Price

189

Closed Sales

20

Days on Market

344

Active Listings

$566k

Avg. Sales Price

212

Closed Sales

34

Days on Market

421

Active Listings

$646k

Avg. Sales Price

120

Closed Sales

Curious about how your home's value has changed?

We will gladly prepare a Comparative Market Analysis for you so that you are armed with the most current information.

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The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, The Griffin Team makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. This blog post is for informational purposes only and should not be considered financial advice. Always consult with a qualified real estate professional before making any investment decisions. As a general policy, Tiffany Griffin, The Griffin Team makes no claims or assertions about the future housing market conditions across the US.

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