– Scottsdale AZ Luxury Home Market Performance for July 2018 –
As we move farther into the year, the seasonal slowdown of the real estate market has started to appear.
In this report, we are taking a look at the luxury home market in Scottsdale. All of these homes were on the market for $1 million or more.
Each month, we track four sales statuses:
Active – How many homes were for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – How many homes were under contract, but still accepting backup offers at the end of the month.
Pending – How many pending sales there were at the end of the month.
Sold – The number of home sales for that month.
– JULY 2018 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory fell almost 16% to 218 at the end of July. This is well below the 12 month average of 294.
– UCB Scottsdale Home Sales: The number of UBC’s also fell 16% to end the month at 26.
– Pending Scottsdale Home Sales: Pending sales jumped in July to 37. This is strong activity and is higher than the 12 month average.
– Scottsdale Homes Sold: Forty-four homes sold in July, a sharp drop from June’s 64. However, this is almost on par with the 12 month average.
– Sales Price to Listed Price: 94.3% – On average, buyers saw a discount off of list price of 5.7%
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of homes for sale was down to 183 at the end of the month.
– UCB Scottsdale Home Sales: UCB homes fell to the second lowest level in the past year.
– Pending Scottsdale Home Sales: Pending sales were almost level and closed out July just ahead of the 12 month average.
– Scottsdale Homes Sold: Sixteen homes sold, which is still a very solid performance.
– Sales Price to Listed Price: 94.9% – On average, buyers saw a discount off of list price of 5.1%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was down almost 14% for this price segment.
– UCB Scottsdale Home Sales: UCB’s came in with a very strong performance. There were 11 at the end of the month, the first time this has been in the double digits in the past year.
– Pending Scottsdale Home Sales: Pending sales were down slightly from June, but still on par with the 12 month average.
– Scottsdale Homes Sold: Ten homes sold in July, a solid performance.
– Sales Price to Listed Price: 91.5% – On average, buyers saw a discount off of list price of 8.5%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory dropped under 100 for the first time in a year.
– UCB Scottsdale Home Sales: UCB homes closed out July at three.
– Pending Scottsdale Home Sales: Pending sales were up by one over June, closing out the month at four.
– Scottsdale Homes Sold: After several strong months, sales fell quite a bit to two. This is well below the 12 month average.
– Sales Price to Listed Price: 86.1% – On average, buyers saw a discount off of list price of 13.9%.
July saw things quiet down in terms of invenrtory and sales activity. However, we did see some pending and upcoming activity increase in two price segments. I anticipate September to be someone quiet again though.
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 8/1/2018 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
