– March 2023 Scottsdale Homes for Sale and Home Sales –
We saw a big jump in home sales during the month of March which is in line with what we typically see this time of year. We did see new contracts fall off a little bit though.
SCOTTSDALE HOME SALES ACTIVITY – MARCH 2023
We track the four sales metrics below each month.
– Single-family homes for sale – Orange Line – How many homes were for sale at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – How many homes were in UCB status at the end of the month.*
– Pending home sales – Yellow Line -How many pending sales there were at the end of the month.*
– Home Sales – Blue Line – The number of home sales that month.
MARCH 2023 RESULTS
- Scottsdale Homes for Sale: Inventory dipped slightly when compared to February, but was still in the 1,000+ range.
- UCB (Under contract, accepting backup offers): The number of homes in UCB status fell slightly, but were higher than we were seeing a couple of months ago.
- Pending Homes Sales in Scottsdale: After a big jump in February, the number of pending sales fell almost 6% month-over-month.
- Scottsdale Home Sales: Home sales activity really picked up in March. We closed out with 417 sales, a 35.5% increase over February. Plus, this is the first time we have seen sales in the 400’s since last June.
Now, we will take a look at two more sales metrics:
Percent Change Month Over Month – The first sales metric looks at changes on a month-over-month basis. For instance, the number of listings fell by 1.4% between the end of February and the end of March.
Sales Price to List Price – Here, we look at what homes sold for on average compared to average list prices. In March, it was 95.9%. This means on average, sellers sold their homes for 4.1% below list price. What is interesting is to look at April 2022. That month, homes sold on average for 2% OVER their asking prices.
*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 4/1/2023. 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
