Scottsdale AZ Luxury Home Market – September 2017

– Scottsdale AZ Luxury Home Market Performance for September 2017 –

This report covers the past twelve months of the luxury home market in Scottsdale. I am defining luxury homes as those with list prices above $1 million. To show more detail, I have separated the data into four price bands and within each price band, you will see the following information:

Active – How many homes were on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes that were under contract, but accepting backup offers at the end of the month.
Pending  – How many homes were in pending status at the end of the month.
Sold – How many homes sold during the month.

– SEPTEMBER 2017 –

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

– Active Scottsdale Homes on the Market: Inventory was down 3.7% at the end of the month compared to August.
– UCB Scottsdale Home Sales: The number of UCB contracts rebounded nicely in September to 24.
– Pending Scottsdale Home Sales: Pending home sales fell to the lowest level we have seen in 2017, but this is in line with sales activity from the same time last year.
– Scottsdale Homes Sold: The number of home sales jumped by 18.8% to 38. This is ahead of the twelve month average of 34 sales.
– Sales Price to Listed Price: 94.8% – On average, buyers saw a discount off of list price of 5.2%.

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

– Active Scottsdale Homes on the Market: Inventory was up for the third month in a row. Typically, we see inventory fall off at this time of year.
– UCB Scottsdale Home Sales: UCB contracts fell to five, the lowest we have seen this year and less than half of the twelve month average of twelve.
– Pending Scottsdale Home Sales: Pending sales also fell to the lowest we have seen in the past year. This is something we will want to keep an eye on, especially since the twelve-month average is 10 pending sales.
– Scottsdale Homes Sold: We did have a decent sales month, however. There were twelve home sales.
– Sales Price to Listed Price: 95.0% – On average, buyers saw a discount off of list price of 5%.

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

– Active Scottsdale Homes on the Market:  Inventory was down almost 3% between August and September.
– UCB Scottsdale Home Sales: UCB contracts had a very healthy rebound to seven at the end of the month. This figure is on track with the nine-month average.
– Pending Scottsdale Home Sales: Pending sales came in at nine for the third month in a row.
– Scottsdale Homes Sold:  Only three homes sold in September, a big drop from the excellent sales month in August. This is the lowest we have seen this figure in the past twelve months.
– Sales Price to Listed Price: 92.4% – On average, buyers saw a discount off of list price of 7.6%

Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: There was an almost 15% jump in inventory between August and September. However, it is still well below the twelve month average of 138 homes.
– UCB Scottsdale Home Sales: The number of UCB contracts doubled over the previous month to four, putting it on par with the nine-month average.
– Pending Scottsdale Home Sales: Pending sales stayed level at three in September.
– Scottsdale Homes Sold:  There were only two home sales in the $3+ million segment.
– Sales Price to Listed Price: 80.8% – On average, buyers saw a discount off of list price of 19.2%.

It was another mixed month for Scottsdale luxury home sales. While some segments posted great sales, the drop in UCB and pending sales could signal a weak October.

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.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2017 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