The Luxury Market Report is back! It’s time to see what changes September had in store for the Scottsdale market. Without further ado, let’s dive in:
Still a Seller’s Market
According to the report, sellers still have the upper hand. This is reflected by the half-a-million-dollar gap between the median listing and median sales prices, favoring the latter.
Stagnant Median Sales Prices
In September, Scottsdale luxury homes sold for roughly $1.47M on average. Compared to the previous month, there was very little change in sales prices.
Spending an average of 88 days on the market, homes were on the market longer than the previous month. This is to be expected as the hottest season for real estate is nearly over.
Inventory is Up
Due to homes spending more time on the market, inventory had a chance to catch up. 152 new homes went on the market, reaching 511 available homes in total.
Given the current trends and statistics of recent months, it is likely that the absorption rate will continue to slow or stagnate as 2021 winds down. Whether you’re in the Scottsdale area or otherwise, feel free to check our local listings.
If you are looking to sell your luxury home, my expertise and experience in the market segment will assure you get the best price and marketing strategy. Call me today at 480-355-8645.