– February 2023 Scottsdale Homes for Sale and Home Sales –
Even though February is a shorter month, we saw a nice increase in sales and contract activity. February falls during the high season and we typically see things pick up during this time.
SCOTTSDALE HOME SALES ACTIVITY – FEBRUARY 2023
Every month, we track the following four items related to home sales in Scottsdale.
– Single-family homes for sale – Orange Line – The number of homes on the market at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – The number of UCB contracts at the end of the month.*
– Pending home sales – Yellow Line -The number of pending sales at the end of the month.*
– Home Sales – Blue Line – How many homes sold during the month.
FEBRUARY 2023 RESULTS
- Scottsdale Homes for Sale: The number of homes on the market at the end of the month was more or less level with January.
- UCB (Under contract, accepting backup offers): UCB contracts were up almost 20% when compared to the end of January. We are now almost back to levels we saw last Spring.
- Pending Homes Sales in Scottsdale: We also saw a really healthy rebound in pending contracts in February. The month closed out with 277 pendings, putting us at a level we saw last May-June.
- Scottsdale Home Sales: And like contract activity, home sales activity was up in February. Sales increased 23.4% over January. And, since UCB and pending activity was higher in February, March sales should be higher than this.
In this next section, we cover two more things we track on a monthly basis:
Percent Change Month Over Month – The top section is where we look at change on a month-over-month basis. For instance, the number of pending sales increased 24.2% between the end of January and the end of February. This is a simple way to keep an eye on the market and to identify any trends.
Sales Price to List Price – This is a quick and easy way to get a sense of home prices and what the market will bear. This metric compares average sales prices with the average list prices. In February, it was 96%, so homes sold on average for 4% less than asking price.
*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.
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Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2023. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2023 Heather Tawes Nelson | Joyce Tawes
