– Scottsdale Luxury Home Market Performance for March 2021 –
Scottsdale’s luxury home market had another insane sales month in March. In some cases, the number of homes sold outweighed the number of homes available for sale.
This report looks at the luxury home market in Scottsdale. I am using a list price of $1 million or more as the “luxury” qualifier. And, to give you a better idea of what is going on, I have divided this data into four price bands.
Each month, we look at these four sales metrics:
Active – The number of homes on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes 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 that month.
– March 2021 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Although inventory was up slightly at the end of the month, we are still about a quarter of what we were during the same time last time. And in March and April of 2020, we saw many homeowners take their homes off of the market, so numbers were lower than usual last year.
– UCB Scottsdale Home Sales: The number of UCB contracts jumped over 21% between February and March, making this the second-highest performance in the past year.
– Pending Scottsdale Home Sales: Pending sales were also up to 73. This also in the second-highest performance in the past year.
– Scottsdale Homes Sold: Home sales in this price point hit the triple digits for the first time ever! If you compare Sold to Listed (Active) figures for March, we come back at 156.7%!
– Sales Price to Listed Price: 99.6% – On average, buyers saw a discount off of list price of 0.4%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of homes for sale was level between February and March.
– UCB Scottsdale Home Sales: UCB contracts were the highest we have seen in the past year and historically.
– Pending Scottsdale Home Sales: The number of pending sales fell in March, but I attribute this to lack of inventory versus lack of demand.
– Scottsdale Homes Sold: Sales in this price point hit record levels in March. In incredible 58 homes sold!
– Sales Price to Listed Price: 98.4% – On average, buyers saw a discount off of list price of 1.6%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: The falling inventory trend continued for this price point. The number of homes for sale was about half of what it was during the same time in 2020.
– UCB Scottsdale Home Sales: The number of UCB contracts hit a record high of 39 in March.
– Pending Scottsdale Home Sales: Pending sales were also up to record levels and came in at more than twice the 12 month average.
– Scottsdale Homes Sold: In keeping with UCBs and pendings, March was also a record-breaking sales month with 43 sales.
– Sales Price to Listed Price: 93.8% – On average, buyers saw a discount off of list price of 6.2%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was up at the end of March, which is good to see. We are still trending under the 12 month average.
– UCB Scottsdale Home Sales: The number of homes in UCB status was up slightly.
– Pending Scottsdale Home Sales: The number of pending sales tied for the top performance in the past year.
– Scottsdale Homes Sold: This sales figure continues to be astounding. Another 32 homes sold for $3 million or more in March!
– Sales Price to Listed Price: 96.5% – On average, buyers saw a discount off of list price of 3.5%.
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 4/1/2021 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 ©2021 Heather Tawes Nelson | Joyce Tawes
