– Scottsdale Luxury Home Market Performance for March 2020 –
The luxury home market really picked up momentum in February which then carried over into March. Demand fell in March due to people putting their plans on hold, but sales still came in strong for the month. This decreased demand will translate into weaker sales numbers for April.
This report covers the luxury home market in Scottsdale. All of these homes were listed for $1 million or more.
We track these four items on a monthly basis:
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 in pending status at the end of the month.
Sold – The number of home sales.
– MARCH 2020 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up slightly to close out the month at 238.
– UCB Scottsdale Home Sales: After a large jump between January and a very impressive February, UCBs were down over 45% in March. However, if you look at April 2019, we are not too far off numbers-wise.
– Pending Scottsdale Home Sales: Pending sales also fell in March, but they were still ahead of the 12 month average.
– Scottsdale Homes Sold: Sales were the highest (69!) they have been in the past year and well above the 12 month average.
– Sales Price to Listed Price: 95.7% – On average buyers saw a discount off of list price of 4.3%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was down by eleven in March. The number of homes for sale in March is well below where we were in April of 2019.
– UCB Scottsdale Home Sales: After a very strong January, UCB contracts have been falling. March posted the second lowest number of UCBs in the last twelve months.
– Pending Scottsdale Home Sales: Pending sales, while down from March, were pretty close to what we historically expect.
– Scottsdale Homes Sold: Sales were level at 32 and on track with what we saw in the Spring of 2019.
– Sales Price to Listed Price: 94.7% – On average, buyers saw a discount off of list price of 5.3%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was up slightly between February and March.
– UCB Scottsdale Home Sales: The number of UCB homes fell in March, but not dramatically.
– Pending Scottsdale Home Sales: Pendings took a huge hit after two very strong months. This is definitely something to monitor.
– Scottsdale Homes Sold: Home sales were level in this price point as well and this was another strong month.
– Sales Price to Listed Price: 95.5% – On average, buyers saw a discount off of list price of 4.5%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was down9.3% between February and March.
– UCB Scottsdale Home Sales: The number of UCB contracts fell and came in under the 12 month average. This number would typically come in higher at this time of year.
– Pending Scottsdale Home Sales: Pending sales were only off by one, which is good news.
– Scottsdale Homes Sold: Nine homes sold in March. Interestingly enough, the fourth month in a row there have been nine sales.
– Sales Price to Listed Price: 95.5% – On average, buyers saw a discount off of list price of 4.5%.
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 4/1/2020 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 ©2020 Heather Tawes Nelson | Joyce Tawes
