– July 2024 Scottsdale Homes for Sale and Home Sales –
As I alluded to last month, sales activity has continued its seasonal slowdown now that we are in the middle of summer.
SCOTTSDALE HOME SALES ACTIVITY – JULY 2024
Each month, we track several items that help us get a better feel for where the market is:
– Single-family homes for sale – Orange Line – How many homes were for sale 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 pending contracts there were at the end of the month.*
– Home Sales – Blue Line – How many homes sold over the course of the month.
JULY 2024 RESULTS
- Scottsdale Homes for Sale: The number of homes on the market dropped again to levels not really seen since last Fall. I would attribute some of this to people taking their homes off of the market during the summer as well as fewer new listings coming to market.
- UCB (Under contract, accepting backup offers): UCBs fell to the lowest level we have seen since last Fall. The 12 month average for UCB contracts is 162.
- Pending Homes Sales in Scottsdale: Pendings were also down, off 29.1% when compared with June This is the lowest we have seen this figure in the past 12 months, with the exception of December.
- Scottsdale Home Sales: Sales were down in July, but not dramatically. However, with the larger drops in UCBs and pendings this month, sales will probably be down even lower in August.
Here are two more things that we track monthly to stay on top of the market:
Percent Change Month Over Month – Here we compare how things are performing relative to the previous month. For example, home sales in July were down 1.6% when compared to June.
Sales Price to List Price – Sales price to list price is a simple way to get a sense of the market. It measures the difference between asking prices and sales prices. The higher the percentage, the closer the sales price was to the asking price. In July, it came in at 95.8%, which means buyers received an average discount of 4.2% off of list price.
*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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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 8/1/2024. 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
