– Scottsdale Luxury Home Market Performance for May 2023 –
May was a very good month in terms of sales of luxury homes in Scottsdale. New contracts came in with mixed results and inventory is on its way down again.
In this report, we examine the Scottsdale luxury home market, where all of the homes were on the market with a price of one million dollars or more. Since different price points can have different results, we have separated the information into four price ranges.
– MAY 2023 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory has fallen every month since the beginning of the year. In January, there were 255 homes for sale in this price range. At the end of May, there were 168 homes for sale.
– UCB Scottsdale Home Sales: After a strong April, the number of UCBs fell 45.2%. However, forty-two is not that poor a performance as it comes in over the 12 month average.
– Pending Scottsdale Home Sales: We also saw pending sales fall in May, but not at as steep as a rate as UCBs. It also came in ahead of the 12 month average.
– Scottsdale Homes Sold: May was a gangbuster month for home sales in this price range. We saw 114 home sales, the highest level we have seen in the past year.
– Sales Price to Listed Price: 95.8%- On average, buyers saw a discount of 4.2% off of list price.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was down slightly in May to close out the month at 112. This is below the 12 month average of 129.
– UCB Scottsdale Home Sales: UCB contracts fell in this price range as well. The month closed out with twenty-one which is just barely above the 12 month average.
– Pending Scottsdale Home Sales: The number of pending sales fell slightly to thirty-nine.
– Scottsdale Homes Sold: Home sales were excellent in May, coming in at the second highest we have seen them in the past year.
– Sales Price to Listed Price: 96.1% – On average, buyers saw a discount of 3.9% off of list price.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: The number of homes for sale has been falling slowly over the past few months.
– UCB Scottsdale Home Sales: The number of UCBs was down in May, but still came in at the third-highest level in the past twelve months.
– Pending Scottsdale Home Sales: Pendings were down slightly from April, but still posted the second-highest performance over the past year.
Scottsdale Homes Sold: Sales in this price range were excellent. An impressive forty-three homes sold in May, by far outperforming all of the other months.
– Sales Price to Listed Price: 95.4% – On average, buyers saw a discount of 4.6% off of list price.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory closed out the month just above the 200 mark. This is higher than the 12 month average of 185.
– UCB Scottsdale Home Sales: The number of UCBs were down a little, but still performed strongly.
– Pending Scottsdale Home Sales: Unlike the other price ranges, we saw the number of pendings increase in May. The month closed with forty-one pending sales.
– Scottsdale Homes Sold: And once again, we have another gangbuster sales month. Forty homes sold for over $3 million in May. The next closest month was June 2022 with thirty-three sales.
– Sales Price to Listed Price: 94.0% – On average, buyers saw a discount of 6% off of list price.
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 6/1/2023 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 ©2023 Heather Tawes Nelson | Joyce Tawes
