– May 2024 Scottsdale Homes for Sale and Home Sales –
After a somewhat lackluster April, we saw further declines in activity in May.
SCOTTSDALE HOME SALES ACTIVITY – MAY 2024
Each month, we review the sales activity for homes in Scottsdale. To glean a better understanding of the market, we track the following items on a monthly basis:
– Single-family homes for sale – Orange Line – How many homes were in active status at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line -The number of UCBs at the end of the month.
– Pending home sales – Yellow Line – How many pending contracts there were at the end of the month.*
– Home Sales – Blue Line – How many homes sold that month.
MAY 2024 RESULTS
- Scottsdale Homes for Sale: The number of active listings fell slightly in May, but we are still in a healthier range in terms of the number of homes for sale.
- UCB (Under contract, accepting backup offers): There was a steep decline in the number of UCB contracts in May. We had been in the 200+ range for several months, but UCBs fell to 175 in May. This is similar to where it was in June 2023.
- Pending Homes Sales in Scottsdale: The number of pending contracts also fell steeply. We closed out the month with 216 pending sales, a 19% decrease compared to April.
- Scottsdale Home Sales: Home sales were down moderately. We ended the month in the 400s, but based on UCB and pending action, I predict an upcoming decrease for June.
This next section has two more sales metrics that we track:
Percent Change Month Over Month – This metric tracks monthly activity and compares it to the previous month’s activity. As you can see, we are seeing slower activity on all fronts.
Sales Price to List Price – Here we compare the difference between what homes had been listed for compared to what they sold for. In May, we came in at 96.6%, which means that, on average, buyers saw a discount of 3.3% 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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MLS IDX Listing Disclosure © 2024
Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2024. 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 © 2024 Heather Tawes Nelson | Joyce Tawes
