Scottsdale AZ Luxury Home Market – February 2018

– Scottsdale AZ Luxury Home Market Performance for February 2018 –

We are now two months into 2018 and things are moving along.

In this report, I am taking a look at luxury home sales in Scottsdale and am including all homes with asking prices of more than $1 million. The date covers the past 12 months of activity an has been broken down into four price points to show additional detail.

Each month, we track the following items:
Active – The number of homes were for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes that were under contract, but still accepting backup offers at the end of the month.
Pending – The number of pending sales at the end of the month.
Sold – The number of homes sold during the month.

– FEBRUARY 2018 –

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

– Active Scottsdale Homes on the Market: Inventory was up a little over 3% between January and February.
– UCB Scottsdale Home Sales: UCBs dropped slightly to 38 in February, but this is still the second highest this has been in the past year.
– Pending Scottsdale Home Sales: Pending sales more than doubled to 38 at the end of February. This is the highest they have been in the last year.
– Scottsdale Homes Sold: Thirty-six homes sold. This is just ahead of the 12 month average.
– Sales Price to Listed Price: 94.4% – On average, buyers saw a discount off of list price of 5.6%

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

– Active Scottsdale Homes on the Market: The number of homes for sale fell slightly by the end of the month.
– UCB Scottsdale Home Sales: UCB sales were down by one and fell below the 12 month average.
– Pending Scottsdale Home Sales: Pending sales also fell between January and February.
– Scottsdale Homes Sold: Thirteen homes sold in February, which is not bad, but not stellar.
– Sales Price to Listed Price: 94.8% – On average, buyers saw a discount off of list price of 5.2%.

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

– Active Scottsdale Homes on the Market: Inventory was up almost 9% to 198 by the end of the month.
– UCB Scottsdale Home Sales: UCB sales fell over 44% to five, slightly under the 12 month average of six.
– Pending Scottsdale Home Sales: Pending sales saw a nice uptick to 17, well ahead of the 12 month average.
– Scottsdale Homes Sold:  Nine home sold in February, which is a very solid sales month for this price point.
– Sales Price to Listed Price: 95.8% – On average, buyers saw a discount off of list price of 4.2%.

Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: Inventory was down slightly compared to January.
– UCB Scottsdale Home Sales: UCB sales ended the month at four, on par with the 12 month average.
– Pending Scottsdale Home Sales: Pending sales doubled to six, which is just ahead of the 12 month average of five.
– Scottsdale Homes Sold: Only two homes sold in this price point during February, so it was a slow month,
– Sales Price to Listed Price: 96.6% – On average, buyers saw a discount off of list price of 3.4%.

February ended up being a solid sales month for the Scottsdale luxury home market. We did see some volatility, but we also saw some promising pendings and UCBs.

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 3/1/2018 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 ©2018 Heather Tawes Nelson | Joyce Tawes