– July 2023 Scottsdale Homes for Sale and Home Sales –
July was a slower month for the Scottsdale real estate market. This is not surprising as we usually see a slowdown in sales activity during the hot summer months. However, low inventory and higher interest rates may also be contributing as well.
SCOTTSDALE HOME SALES ACTIVITY – JULY 2023
Every month, we track the following four sales statuses:
– Single-family homes for sale – Orange Line – How many homes were on the market at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – The number of homes in UCB status at the end of the month.
– Pending home sales – Yellow Line – How many homes were in pending status at the end of the month.*
– Home Sales – Blue Line – The number of home sales during the month.
JULY 2023 RESULTS
- Scottsdale Homes for Sale: We saw a very slight uptick in the number of homes for sale. This is the first increase we have seen since January.
- UCB (Under contract, accepting backup offers): UCBs were down over 20% between the end of June and the end of July. This will factor into how sales perform in August.
- Pending Homes Sales in Scottsdale: The number of pending sales fell slightly in July to 222.
- Scottsdale Home Sales: Home sales decreased by more than 41% when compared to June. Although this is a big drop, the actual number of sales was similar to what we saw in April, a high-season month.
This section looks at two more sales metrics that help us keep an eye on the market:
Percent Change Month Over Month – This first sales metric was referenced above. Essentially, we compare the current month’s performance with the previous month’s. For instance, pending sales were down 3.6% when compared to the end of June.
Sales Price to List Price – The second sales metric takes a look at what homes were listed for and compares that to what they sold for. In July it was 97% again which means on average buyers saw a 3% discount off of 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 8/1/2023. 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
