– Scottsdale Luxury Home Market Performance for July 2023 –
Activity tapered off again during the month. As I mentioned last month, this is due to seasonality and homeowners taking their homes off of the market during the summer months. But, we did see some mixed good news with pending contracts.
This analysis covers the luxury home market in Scottsdale. We track four sales statuses on a monthly basis and have broken them down into price ranges to provide more detail.
– JULY 2023 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory has been steadily falling since January. We are well below the 12 month average of 214.
– UCB Scottsdale Home Sales: UCBs fell in July to close out the month with 34 in the pipeline.
– Pending Scottsdale Home Sales: The number of pending sales remained level between June and July.
– Scottsdale Homes Sold: Sales fell quite a bit when compared with June, but were very close to the 12 month average of 71.
– Sales Price to Listed Price: 96.7%- On average, buyers saw a discount of 3.3% off of list price.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of active listings remained level at 99. This is the second month in a row where this figure has come in under 100.
– UCB Scottsdale Home Sales: UCB contracts were down slightly at the end of month. This is the second lowest they have been in the past year.
– Pending Scottsdale Home Sales: Pending contracts were up in July. There were 41 at the end of the month, which was tied for the best performance of the past year.
– Scottsdale Homes Sold: Home sales dropped quite a bit in July, but were still middle of the pack when compared to the last year of sales.
– Sales Price to Listed Price: 97.6% – On average, buyers saw a discount of 2.4% 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 fell by one between June and July.
– UCB Scottsdale Home Sales: UCBs fell quite a bit and closed out the month at fifteen.
– Pending Scottsdale Home Sales: We saw a jump in pending sales in this price point as well. Pendings closed out the month with their second-highest performance of the past year.
– Scottsdale Homes Sold: The number of homes that sold dropped sharply after an incredible past two 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 dropped for the third month in a row to close out the month at 166.
– UCB Scottsdale Home Sales: UCBs fell to their second lowest level of the past year in July.
– Pending Scottsdale Home Sales: Pending sales also fell to their second lowest level of the past year.
– Scottsdale Homes Sold: And in line with UCBs and pendings, sales also fell quite a bit. There were 25 sales, which is on par with the 12 month average.
– Sales Price to Listed Price: 95.8% – On average, buyers saw a discount of 4.2% 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 8/1/2023 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
