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REAL ESTATE

Valley housing market sees surge in November

Scottsdale bucks the trend

Posted 12/31/24

While the real estate market across the valley is loosening up, the market in Scottsdale is not, according to data from Phoenix Realtors.

Closed residential sales in greater Phoenix rose nearly …

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REAL ESTATE

Valley housing market sees surge in November

Scottsdale bucks the trend

Posted

While the real estate market across the valley is loosening up, the market in Scottsdale is not, according to data from Phoenix Realtors.

Closed residential sales in greater Phoenix rose nearly 14% in November compared to last year, with listings climbing 13.5% over the majority of 2024, according to the data.

“More than 4,000 families claimed their next homes in November. It’s an encouraging statistic,” Sheryl Bowden, board president of Phoenix Realtors said in a press release. “With the lower interest rates and the increase in housing choices, buyers have much more opportunity than just a few months ago.”

However, Scottsdale’s numbers are not so cheery.

“The November year-to-date pending sales are down 38.8%, while new listings are just about even with last year,” Bowden said in an email to the Daily Independent. “Closed sales are up 4.3%, with the average days on the market going up 13.3% to 68 days. The average sales price is down 1% to $1,405,452.”

However, recent indicators show some cause for cautious optimism.

“There was a noticeable increase in buyer traffic the last few weeks,” Bowden said in her email to the Daily Independent. “The news of the Federal Reserve possibly looking at only two rate cuts for next year might just put a damper on what buyers and sellers were expecting. We are taking a very optimistic approach to next year and look forward to seeing how the market will respond. Lots of changes are happening and we are hopeful they will benefit real estate confidence in our marketplace.”

Cautious is the operative word in cautious optimism.

Scottsdale continued to see its median home price climb almost 10% so far this year to $1.1 million. The days homes sit on the market increased to 75 from 70 days last year, and the number of homes for the choosing increased 6.7% to 5,571.

Although November for the Valley as a whole saw more pending sales close during the month, the year-to-date comparison is down slightly – 2.5%, compared to the same 11-month period last year. So far this year, the days a house spends on the market are on par with 2023’s year-to-date number, holding at 65 days.

The 11-month median sales price continues to rise in greater Phoenix, now $475,000 for a single-family home, up from $460,000 in 2023.

“One trend we’re seeing so far this year is a shift in housing affordability,” Bowden said in a press release. “The numbers aren’t big, but the index shows that more area families are able to afford a home than at the same time last year. The drop in interest rates has helped significantly.”

With the increase in listings, there are now more than 18,500 homes for sale in greater Phoenix.

J. Graber can be reached at jgraber@iniusa.org. We invite our readers to submit their civil comments pro or con on this issue. Email AZOpinions@iniusa.org.

Real Estate Market, Scottsdale

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