– Scottsdale Luxury Home Market Performance for April 2020 –
April was the first full month impacted by COVID-19 and the numbers show that. However, on a call with a local economist yesterday, she likened it to a “pause” in the Scottsdale luxury market versus a crash. Many owners of luxury homes simply took them off of the market when the crisis hit.
However. we are already seeing improvements in sales activity in May.
This analysis takes a look at the sales activity of Scottsdale homes with price tags in excess of one million dollars.
Each month, we track the four items below:
Active – The number of homes on the market 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 – How many homes sold.
– APRIL 2020 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: The number of homes for sale fell about 6% between March and April.
– UCB Scottsdale Home Sales: UCB’s dropped almost 15% and ended the month at 29. You can see the impact when you compare that to February’s 62 UCBs.
– Pending Scottsdale Home Sales: Pending sales had a huge drop in April (45.7%).
– Scottsdale Homes Sold: Sales were also off, but they were not too far off of where we were in May 2019.
– 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: We saw inventory in this price point fall 9% from March.
– UCB Scottsdale Home Sales: The number of UCB’s stayed level at ten. This is still below the 12 month average of fourteen.
– Pending Scottsdale Home Sales: Pending sales fell 31.8% between March and April.
– Scottsdale Homes Sold: Home sales also fell, ending the month at twenty-one, on par with the 12 month average.
– Sales Price to Listed Price: 97.2% – On average, buyers saw a discount off of list price of 2.8%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory actually increased in the $2 to $3 million dollar range.
– UCB Scottsdale Home Sales: UCB contracts were only down by one at the end of April.
– Pending Scottsdale Home Sales: One bright spot was that pendings rebounded back in April to end the month at twelve. This is below the typical pace though.
– Scottsdale Homes Sold: Home sales had their worst performance of the year by a significant amount. Sales were down 65%.
– Sales Price to Listed Price: 92.6% – On average, buyers saw a discount off of list price of 7.4%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was down at the end of April by 6.2% over March.
– UCB Scottsdale Home Sales: UCBs came in at four, which is low for the high season.
– Pending Scottsdale Home Sales: Pending sales were down 25% and closed out at six, which is also the 12 month average.
– Scottsdale Homes Sold: There were six home sales in the $3 million and up price range.
– Sales Price to Listed Price: 90.2% – On average, buyers saw a discount off of list price of 9.8%.
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 5/1/2020 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 ©2020 Heather Tawes Nelson | Joyce Tawes
