Scottsdale AZ Luxury Home Market – July 2024

– Scottsdale Luxury Home Market Performance for July 2024 –

The month of July was another decent month for this market segment. While we are seeing slower activity overall in the single-family home market, luxury homes in Scottsdale and Phoenix are still posting strong sales numbers. We did see a drop in new contracts in July, so I anticipate August numbers decrease.

This report covers the luxury home market in Scottsdale. All of these homes were on the market for $1 million and above. We sorted these homes into four price segments to show additional detail. 

– JULY 2024 –

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

– Active Scottsdale Homes on the Market: Inventory was more or less level with June and was slightly above the 12 month average.
– UCB Scottsdale Home Sales: After an excellent June, UCB contracts fell back down to around where we were in April and May.
– Pending Scottsdale Home Sales: The number of pendings fell by 60% by the end of July. This is the second lowest we have seen them this year.
– Scottsdale Homes Sold: Sales rebounded in July to close out the month with 78. This is above the 12 month average of 70.
– Sales Price to Listed Price: 96.9% – On average, buyers saw a discount of 3.1% off of list price.

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

– Active Scottsdale Homes on the Market: The number of homes on the market fell by 7% between June and July.
– UCB Scottsdale Home Sales: Although UCBs were down slightly in July, they still turned in a decent performance for this price segment.
– Pending Scottsdale Home Sales: Pending contracts fell to the second-lowest we have seen this in the past year.
– Scottsdale Homes Sold: After a disappointing June, home sales saw a healthy 23.4% jump in July . They also came in above the 12 month average.

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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 fell for the third month in a row. They are now close to levels we saw around this time last year.
– UCB Scottsdale Home Sales: The number of UCB contracts fell 42.1% between June and July.
– Pending Scottsdale Home Sales: Pendings contracts also fell in July, but not as dramatically.
– Scottsdale Homes Sold: Home sales declined for the third month in a row, but were still close to the 12 month average.
– Sales Price to Listed Price: 95.1% – On average, buyers saw a discount of 4.9% off of list price.

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Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: Inventory was down again in July. The month ended with 209 homes on the market.
– UCB Scottsdale Home Sales: UCB contracts dropped quite a bit and turned in the second-lowest performance of the past year.
– Pending Scottsdale Home Sales: Pending sales were down slightly when compared with June.
– Scottsdale Homes Sold: Home sales remained level between June and July and also came in above the 12 month average.
– Sales Price to Listed Price: 94.0% – On average, buyers saw a discount of 6.0% 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 8/1/2024 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