Scottsdale AZ Luxury Home Market – March 2017

– Scottsdale AZ Luxury Home Market Performance for March 2017 –

This report takes a look at how the luxury market for homes in Scottsdale is performing. March was a very strong month for activity, which bodes well for April as well.

Below, you will find sales activity for the previous twelve months of homes listed for $1 million or more. Rather than lump all of the homes into a single report, I have broken the information into four price ranges.

Each price range includes the following information:

Active – How many homes were for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – This is a newer metric that I am tracking. In this case, the homes are under contract, but the sellers want to continue to accept backup offers in case the deal falls through. In that case, the home is placed into UCB status. This number shows how many homes were in UCB status at the end of the month.
Pending  – How many sales were pending at the end of the month.
Sold – The number of homes that sold over the course of the month.

– MARCH 2017 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

– Active Scottsdale Homes on the Market: Inventory was down slightly at the end of March to 379.
– UCB Scottsdale Home Sales: UCB homes have been steady over the past three months, with an average of 25.
– Pending Scottsdale Home Sales: Sales saw a very healthy jump to 35, this is almost ten sales over the 12 month average.
– Scottsdale Homes Sold:  Thirty-two homes sold in March. This is a solid number and it should increase in April.
– Sales Price to Listed Price: 93.6% – On average, buyers saw a discount off of list price of 6.4%.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

– Active Scottsdale Homes on the Market: Inventory edged up to 240 by the end of the month, well ahead of the 12 month average of 202.
– UCB Scottsdale Home Sales: UCBs have been increasing each month as we continue with the high season.
– Pending Scottsdale Home Sales: Pending home sales increased by one to end the month at twelve.
– Scottsdale Homes Sold: An impressive 18 homes sold in March. This is the highest we have seen since April of 2016.
– Sales Price to Listed Price: 94.61% – On average, buyers saw a discount off of list price of 5.4%.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

– Active Scottsdale Homes on the Market: Inventory in this price range went above 200 for the first time in the past twelve months.
– UCB Scottsdale Home Sales: We asw a big dip in UCB homes in March.
– Pending Scottsdale Home Sales: Pending sales dropped slightly to nine, which is on par with the 12 month average.
– Scottsdale Homes Sold: Eleven homes sold in March, which was down from February, but still ahead of the 12 month average.
– Sales Price to Listed Price: 93.1% – On average, buyers saw a discount off of list price of 6.9%

Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: The number of homes for sale fell to 158 after seeing a run up over the past two months.
– UCB Scottsdale Home Sales: UCBs in this price point jumped to 10, more than triple of February.
– Pending Scottsdale Home Sales:  Pending sales were level at four.
– Scottsdale Homes Sold:  Sales were up slightly by one to seven, almost double the 12 month average.
– Sales Price to Listed Price: 94.2% – On average, buyers saw a discount off of list price of 5.8%.

March was a great sales month for the Scottsdale luxury home market. The $2-$3 million price point did not perform as well as the other price segments, so we will keep an eye on this as we head into April. Otherwise, pending sales and UCBs point to another strong sales month next month.

If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

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Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2017 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright © 2017 Heather Tawes Nelson | Joyce Tawes