Market Report
Quarter 2024 talk/text with real estate expert Erica Anderson directly @ (480) 599-6811 Real Premier Team - real estate - powered by:
Scottsdale
First
- Quarterly Market Review -
A Review Of Key Market Differences Year over Year
Homes are selling for an average of 97% of asking price, slightly higher than this time last year.
The median sales price has increased by $72,000.
There were 902 SFD sales during Q1 2024: 372 were all Cash and 427 were closed with a Conv. loan.
3 of the sales from this quarter were categorized as distressed sales (Bank Owned, Short Sale, HUD owned, pre-foreclosure etc.) compared to 1, this time last year.
1st Quarter 2023 | 1st Quarter 2024
Median List Price $995,000 $1.08M Median Sale Price $1,008,000 $1.08M Median SP/LP Ratio 101% 100% Average SP/LP Ratio 96% 97% Median PP/SqFt $463 $416 Total Inventory 1,299 1,497 New Listings 1,553 1,760 Total Sold 900 902 Median DOM 86 0 Average Home Size 2,937 2,913 Q1: 2023 Q1: 2024 Q1: 2023 Q1: 2024 SINGLE-FAMILY HOMES MARKET SUMMARY | 1st Quarter 2024 Med. Sale Price
DOM 6 Official Market Type: Seller’s New Inventory is up by 13% year over year, but the buyer demand is still out pacing the supply of available inventory offering continued conditions for a Seller’s Market.
SINGLE-FAMILY HOMES
$72,000
Total Sold 2 New Listings
- Quarterly Market Review
A Review Of Key Market Differences Year over Year
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1st Quarter 2023 | 1st Quarter 2024 SOLD BY PRICE Q1: 2023 Q1: 2024 Under $500K 26 11 $500K - $599,999 59 38 $600K - $699,999 92 93 $700K - $799,999 107 111 $800K - $899,999 84 86 $900K - $999,999 72 71 $1M - $1,099,999 46 45 $1.1M - $1,199,999 49 37 $1.2M - $1,299,999 54 45 $1.3M - $1,399,999 39 34 $1.4M - $1,499,999 29 38 $1.5M - $1,999,999 97 119 $2M - $2,499,000 44 62 $2.5M - $2,999,999 38 38 $3M - $3,499,999 17 23 $3.5M - $3,999,999 21 18 $4M - $4,499,999 6 9 $4.5M - $4,999,999 7 11 $5M - $6M+ 13 13 Some of the data used to create this brochure is from the Cromford® Report. The data used to create the Cromford® Report is obtained from public records and obtained under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS). Cromford Associates LLC and ARMLS expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability or fitness for any particular purpose.
A Note from the Team Leader...
Heading into Q2 2024, Scottsdale’s real estate scene is lively and robust, marked by high interest rates, yet showing strong resilience. Inventory has grown since last year, paralleled by an increase in properties going under contract, highlighting a competitive yet active market. Additionally, a year-overyear comparison reveals a positive trend, with the months of supply of listings decreasing from 5.1 to 4.9, indicating a sustained demand that’s effectively absorbing the increased inventory.
For sellers, this environment underlines the importance of a well-crafted strategy and professional guidance. With a bustling market, standing out with the right pricing and marketing is key to attracting serious buyers. Dedicated to providing you with top-tier service and insights, I’m here to ensure we seize the opportunities of this dynamic market for a successful 2024. If you would like to talk about this in further detail, feel free to give me a call.
Warmest Regards,
Erica Anderson
©2024 All rights reserved. This representation is based on sales & data reported by multiple brokers/agents to the ARMLS for January, February and March 2023& 2024. Listings & sales may not be those of Erica Anderson or Real Premier Team of RE/MAX Fine Properties. The National Association of Realtors®, ARMLS and/or the Cromford Report do not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of any existing agency relationship. Our real estate market report derives data primarily from the local Multiple Listing Service (ARMLS), public records & the Cromford Report. We employ statistical analysis, expert review, & qualitative insights to ensure the report’s accuracy. While we strive for reliability, market fluctuations & regional variations may impact the data’s precision. To find out how this data directly relates to your property’s value, contact us. Real Premier Team powered by: www.RealPremierTeam.com RE/MAX Fine Properties Your Source for Housing Market Insights.
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