– Scottsdale AZ Luxury Home Market Performance for May 2018 –
Here are the most recent numbers for the Scottsdale luxury home market, which I am defining as homes with list prices of or above $1 million. I have broken this data into four different price bands as the various price points perform differently.
May was a fantastic sales month, with some of the price bands reporting the highest level of sales that I have seen since I started tracking this in September of 2007.
We are tracking the four components below:
Active – How many homes were for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – How many homes were under contract, but still accepting backup offers at the end of the month.
Pending – How many homes were pending at the end of the month.
Sold – The number of home sales over the course of the month.
– MAY 2018 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was down again at the end of the month as homes sold and sellers removed their homes from the market for the summer months.
– UCB Scottsdale Home Sales: UCB activity continued to be strong, posting the second highest month in the past year.
– Pending Scottsdale Home Sales: Pending sales were also down slightly, but they were still strong.
– Scottsdale Homes Sold: May was a record-breaking month for this price point. An incredible 61 homes sold in May.
– Sales Price to Listed Price: 95.5% – On average, buyers saw a discount off of list price of 4.5%
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of homes for sale dropped almost 12% between April and May to 222.
– UCB Scottsdale Home Sales: UCB were fantastic at 20. This is well ahead of any month in the past year and is a 66.7% increase over the prior month.
– Pending Scottsdale Home Sales: May closed out with sixteen homes in pending status. This is the highest it has been over the past twelve months.
– Scottsdale Homes Sold: There were eleven home sales, which is lower than we have been seeing, but with strong UCB and pending inventory, this should go back up in June.
– Sales Price to Listed Price: 93.3% – On average, buyers saw a discount off of list price of 6.7%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory fell to 170 by the end of May, putting it on par with the twelve-month average.
– UCB Scottsdale Home Sales: UCB’s stayed level in May at nine, which a solid figure.
– Pending Scottsdale Home Sales: Pending sales were down a little to fifteen. This is the third highest we have seen them in the past year.
– Scottsdale Homes Sold: An incredible nineteen homes sold in May, almost double of the twelve-month average.
– Sales Price to Listed Price: 92.4% – On average, buyers saw a discount off of list price of 7.6%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: There were 132 homes for sale over $3 million at the end of May.
– UCB Scottsdale Home Sales: The month ended with seven homes in UCB status. This is the second highest it has been in the past year.
– Pending Scottsdale Home Sales: Pending sales stayed level for the third month in a row at seven.
– Scottsdale Homes Sold: Here is another record breaker. Sixteen homes sold in May in the $3+ million range. This is more than triple the twelve-month average.
– Sales Price to Listed Price: 92.7% – On average, buyers saw a discount off of list price of 7.3%.
The Scottsdale luxury home market had a gangbuster sales month. Sales were incredible. UCB and pendings closed out the month lower, but we still have good momentum going into June.
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 6/1/2018 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 ©2018 Heather Tawes Nelson | Joyce Tawes
