– Scottsdale AZ Luxury Home Market Performance for February 2017 –
This analysis is an overview of the luxury home market in Scottsdale, Arizona. It was a mixed month performance-wise. The lower luxury price points did well with pending sales, but actual sales fell slightly. The higher price points came in with strong sales figures.
To show the performance of the different luxury price points, I have split the data into four price ranges and each price range shows activity for the past 12 months.
Each price range includes the following information:
Active – The number of homes on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The UCB number is the number of homes in UCB status at the end of the month. This is a new metric that I am including in the analysis. Many homes go under contract but the sellers want to continue to accept backup offers in case the deal falls through. In that case, the home is placed into UCB status.
Pending – The number of pending sales at the end of the month.
Sold – How many homes sold during the month.
– FEBRUARY 2017 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up again to 382. This is above the twelve month average, but to be expected now that we are in the high season.
– Pending Scottsdale Home Sales: The number of pending sales was up 18.2% at the end of February.
– Scottsdale Homes Sold: There were twenty-four home sales, a decrease from the previous several months. This is something to monitor.
– Sales Price to Listed Price: 95.0% – On average, buyers saw a discount off of list price of 5.0%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: There was a 4.5% increase in the number of homes for sale in this price point.
– Pending Scottsdale Home Sales: Pending sales almost doubled in February to 11. This is on par with the 12 month average.
– Scottsdale Homes Sold: Seven homes sold last month and this was one of the slowest sales months of the past year.
– Sales Price to Listed Price: 94.1% – On average, buyers saw a discount off of list price of 5.9%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory is up to 195, well ahead of the 12 month average of 168.
– Pending Scottsdale Home Sales: Pending sales were up to 11, putting it in the range of last Spring’s figures.
– Scottsdale Homes Sold: Thirteen homes sold in this price range. This was a 62.5% increase over the previous month.
– Sales Price to Listed Price: 92.9% – On average, buyers saw a discount off of list price of 7.1%
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was up in this price point as well. The month ended with 176 homes for sale with prices at $3 million and above.
– Pending Scottsdale Home Sales: Pending sales doubled to four. This is just behind the 12 month average.
– Scottsdale Homes Sold: In great contrast to January, six homes sold in this price point in February. This is one of the best sales months of the past year.
– Sales Price to Listed Price: 94.3% – On average, buyers saw a discount off of list price of 5.7%.
February was a little mixed on the sales front, but we are seeing momentum with pending sales and UCBs. I anticipate seeing a stronger month in March.
If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.
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Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2017 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 © 2017 Heather Tawes Nelson | Joyce Tawes
