– Scottsdale Luxury Home Market Performance for February 2021 –
Sales activity has been insane all over the Valley, including the luxury segment. Luxury home sales in Scottsdale were no exception and once again, we saw record-breaking activity.
This analysis covers Scottsdale’s luxury home market. I am defining the luxury home market as any home with a list price of $1 million or more. To show even more detail, we have broken down the sales activity into four price ranges.
We track the following 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 pending sales there were.
Sold – The number of home sales each month.
– February 2021 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: There were only 50 homes for sale in this price point at the end of February. This is in sharp contrast to the 224 homes on the market in March 2020.
– UCB Scottsdale Home Sales: UCB contracts fell 15.4% between January and February. I attribute this to a lack of inventory versus waning demand.
– Pending Scottsdale Home Sales: Pending sales were up to 70 at the end of the month. This is the third highest this figure has been in the past year.
– Scottsdale Homes Sold: Ninety-eight homes sold, making this the second highest sales month of the past year.
– Sales Price to Listed Price: 97.1% – On average, buyers saw a discount off of list price of 2.9%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory in this price point was less than a third of what it was in March of 2020. This incredibly low number is going to constrain sales activity going forward.
– UCB Scottsdale Home Sales: UCBs were down in this price point as well due to the lack of homes available.
– Pending Scottsdale Home Sales: Pending sales saw a nice jump in February. They are almost double the 12 month average of twenty-six.
– Scottsdale Homes Sold: Home sales jumped 38.8% over January and turned in the best performance of the past year.
– Sales Price to Listed Price: 97.3% – On average, buyers saw a discount off of list price of 2.7%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory in this price range has been steadily decreasing since September 2020. We dipped under 100 homes by the end of the month.
– UCB Scottsdale Home Sales: UCB contracts were up again.
– Pending Scottsdale Home Sales: There were forty-four pending sales. This is by far the highest we have seen this figure and it is more than double the 12 month average of twenty-one sales.
– Scottsdale Homes Sold: Sales rebounded slightly from February, closing out the month at thirty.
– 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: The number of homes for sale was more or less level with January.
– UCB Scottsdale Home Sales: UCB contracts were down slightly, but still posted the third highest performance of the past year.
– Pending Scottsdale Home Sales: Pending sales were down slightly.
– Scottsdale Homes Sold: This sales figure is astounding. Thirty-two homes sold for $3 million or more in February. I remember when it was a big deal to break into double-digit monthly sales.
– Sales Price to Listed Price: 91.5% – On average, buyers saw a discount off of list price of 8.5%.
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.
Search Scottsdale Luxury Homes for Sale
Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2021 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 ©2021 Heather Tawes Nelson | Joyce Tawes
