– Scottsdale Luxury Home Market Performance for October 2020 –
I am starting to sound like a broken record here, but the luxury home market posted another record-breaking month and October is generally one of our slower months! To add to this, the $3+ million market posted numbers we have never seen before.
We pull the numbers for the luxury home market in Scottsdale each month and break them down into four price bands. All of these homes were priced at one million dollars or more.
Here are the four sales metrics we track:
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 that sold during the month.
– October 2020 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was down over 10% between the end of September and the end of October. This was due to increased sales activity and fewer homes coming onto the market.
– UCB Scottsdale Home Sales: UCBs were up by four to close out the month at 64. The 12 month average for this is 50.
– Pending Scottsdale Home Sales: Pending sales were up an incredible 26.8% between September and October! This is the highest we have ever seen this figure.
– Scottsdale Homes Sold: I thought September was mind-blowing at 89 sales, but October closed out with 91 sales! This is almost 30 home sales higher than the 12 month average. WOW.
– Sales Price to Listed Price: 96.8% – On average, buyers saw a discount off of list price of 3.2%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of homes on the market fell slightly in October.
– UCB Scottsdale Home Sales: The number of UCBs fell to 25, but this was still the third-strongest month in the past year.
– Pending Scottsdale Home Sales: Pending sales also fell in October. They came in the same as the 12 month average.
– Scottsdale Homes Sold: Homes sales in this price point tied September with 43 sales. These last two months were the highest sales volume we have seen,
– Sales Price to Listed Price: 96.4% – On average, buyers saw a discount off of list price of 3.6%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was down again at the end of October.
– UCB Scottsdale Home Sales: UCB contracts jumped to the highest level we have seen. There were 29 homes in UCB in this price point at the end of the month!
– Pending Scottsdale Home Sales: Pending sales fell to 18. This is slightly ahead of the 12 month average, but activity was cooler.
– Scottsdale Homes Sold: An unbelievable 31 homes sold in this price point in October. This is the highest we have seen and is almost double the 12 month average!
– Sales Price to Listed Price: 95.4% – On average, buyers saw a discount off of list price of 4.6%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was level between September and October.
– UCB Scottsdale Home Sales: UCB contracts jumped by 40%! This is the highest we have seen this metric and is it more than double the 12 month average.
– Pending Scottsdale Home Sales: Pending sales had the highest-performing month in the last year in October. There were 17 pendings at the end of October.
– Scottsdale Homes Sold: And home sales in October came in at 15. This is the best sales month we have seen in the past year.
– Sales Price to Listed Price: 87.2% – On average, buyers saw a discount off of list price of 12.8%.
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 11/1/2020 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
