Scottsdale AZ Luxury Home Market – February 2024

– Scottsdale Luxury Home Market Performance for February 2024 –

Now that we are further into the high season, we are seeing sales activity accelerate. Home sales increased quite a bit almost across the board.

In this report, we examine the luxury home market in Scottsdale. All of the homes were on the market for one million dollars or more. We then divide the information into four price bands to see additional detail and to track any trends.

– FEBRUARY 2024 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

– Active Scottsdale Homes on the Market: The number of homes for sale increased again and climbed to the highest level we have seen in the past year.
– UCB Scottsdale Home Sales: The number of UCBs was up slightly over January.
– Pending Scottsdale Home Sales: Pending sales saw another healthy bump up in February. The month ended with 50 pendings. This is the first time we have seen pendings in the 50 range since May 2023.
– Scottsdale Homes Sold: Homes sales were up 32.4% over February.
– Sales Price to Listed Price: 96.7%- On average, buyers saw a discount of 3.3% off of list price.

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Scottsdale Homes Priced Between $1,500,000 – $1,999,999

– Active Scottsdale Homes on the Market: Inventory was up slightly in February and we ended with the highest number of listings we have seen in the past 12 months.
– UCB Scottsdale Home Sales: UCB contracts were up 28.2% over January. This is well ahead of the 12 month average of 21 and this is the highest they have been in the past year.
– Pending Scottsdale Home Sales: Pending sales were down very slightly, closing out the month at 21.
– Scottsdale Homes Sold: Home sales saw a 41.5% increase over January. There were 53 sales, which is the second highest we have seen sales in the past year.
– Sales Price to Listed Price: 97.4% – On average, buyers saw a discount of 2.6% off of list price.

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Scottsdale Homes Priced Between $2,000,000 – $2,999,999

– Active Scottsdale Homes on the Market: The number of homes for sale was up again in February. As I mentioned last month, the last time we saw inventory at 200+ was March 2018!
– UCB Scottsdale Home Sales: UCB contracts moved up to the highest level we have seen in the past year.
– Pending Scottsdale Home Sales: Pending sales were up by one over January.
– Scottsdale Homes Sold: Home sales were up 42.1% over the previous month and this was the third highest sales month in the last year.
– Sales Price to Listed Price: 99.4% – On average, buyers saw a discount of 0.6% off of list price.

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Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: The number of homes on the market inched up again and approached the 300 mark. As I mentioned last month, this is the highest number of homes for sale in this price point ever.
– UCB Scottsdale Home Sales: UCB contracts were up 43.8% over January. This is also the highest we have seen them in the past year.
– Pending Scottsdale Home Sales: Pending sales also saw a nice increase of 28.1%.
– Scottsdale Homes Sold: February’s sales were level with January.
– Sales Price to Listed Price: 97.1% – On average, buyers saw a discount of 2.9% off of list price.

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If you would like additional details on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Here is a sample of some luxury homes that are currently for sale:

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2024 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 ©2024 Heather Tawes Nelson | Joyce Tawes