– Scottsdale Luxury Home Market Performance for August 2020 –
Here are the luxury home numbers for August. All of these homes had asking prices of $1 million or more.
To get better insight, we have broken the sales activity into four different price ranges.
Each month, we track the following four things:
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 pending sales there were at the end of the month.
Sold – The number of homes sold.
– AUGUST 2020 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up slightly at the end of August. This is good as inventory has been decreasing steadily since March.
– UCB Scottsdale Home Sales: UCBs closed out the month at the second highest we have seen them in the past year.
– Pending Scottsdale Home Sales: The number of pending sales is the highest we have seen in the past year. Typically, things are slowing down in August, not jumping up.
– Scottsdale Homes Sold: Eighty-one homes sold in August. I have been tracking the luxury home market since 2007 and I have never seen them so high.
– Sales Price to Listed Price: 96.0% – On average buyers saw a discount off of list price of 4%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory fell another 5% by the end of August to end the month with 131 homes on the market.
– UCB Scottsdale Home Sales: The number of UCB contracts moved back up after falling in July.
– Pending Scottsdale Home Sales: Pending sales declined 13% from July, but they are still higher than the 12 month average.
– Scottsdale Homes Sold: Twenty-six homes sold in this price point in August. And while that was a drop from last month’s record month, this is still a very strong performance.
– Sales Price to Listed Price: 96.2% – On average, buyers saw a discount off of list price of 3.8%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was more or less level between the end of July and August.
– UCB Scottsdale Home Sales: The number of UCBs fell quite sharply, but they were still ahead of the 12 month average.
– Pending Scottsdale Home Sales: Pending sales were up over 29% at the end of August. This is the highest they have been in the past year. The next closest month was 20 pendings.
– Scottsdale Homes Sold: There were eighteen homes sales in August. This is a drop from July, but still a very solid performance.
– Sales Price to Listed Price: 94.5% – On average, buyers saw a discount off of list price of 5.5%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of $3 million+ homes for sale was down slightly.
– UCB Scottsdale Home Sales: The number of UCB contracts was up over 37% compared to July and this figure is by far and away the highest we have seen in this price range in the past year.
– Pending Scottsdale Home Sales: The number of pending sales was down in August, but it was still the third-highest performance of the past year.
– Scottsdale Homes Sold: Sales also set another annual record. Fourteen homes sold in August.
– Sales Price to Listed Price: 93.5% – On average, buyers saw a discount off of list price of 6.5%.
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 9/1/2020 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
