– Scottsdale Luxury Home Market Performance for February 2022 –
Sales came back in February after the seasonally quieter month of January. The incredibly low inventory is putting pressure on pricing. On average, homes priced between $1and $3 million were selling for over their asking prices.
This report takes a look at Scottsdale’s luxury home market, starting with homes priced at $1 million. I have broken down the sales data into four price bands to show additional detail.
We track the following four sales metrics on a monthly basis:
Active – The number of homes on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes that were under contract, but still accepting backup offers at the end of the month.
Pending – The number of pending sales.
Sold – How many homes sold over the course of the month.
– February 2022 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: The number of homes for sale fell again to the lowest level we have seen them.
– UCB Scottsdale Home Sales: UCB contracts were down by one in February. Likely in response to low inventory.
– Pending Scottsdale Home Sales: Pendings rebounded in February, posting a 20% gain over January.
– Scottsdale Homes Sold: Home sales were also up, but they still lagged a bit compared to the end of 2021.
– Sales Price to Listed Price: 101.8%- On average, buyers paid a 1.8% premium over list price.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory fell in the price point as well. The number of homes for sale was down 19.2% compared to January.
– UCB Scottsdale Home Sales: UCB activity fell as well to 24.
– Pending Scottsdale Home Sales: The number of pending sales was up slightly and was well ahead of the 12 month average.
– Scottsdale Homes Sold: Sales were back up in February. There were 56 sales, which is more than the 12 month average of 51 sales.
– Sales Price to Listed Price: 102.2% – On average, buyers paid a 2.2% premium over list price.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: On a positive note, the number of homes for sale in this price range was at the end of the month.
– UCB Scottsdale Home Sales: UCB contracts saw a large jump of 44.8% compared to January,
– Pending Scottsdale Home Sales: Pendings were down slightly. This is likely due to the very low number of UCB contracts at the end of January.
– Scottsdale Homes Sold: Sales were up 18.4% compared to January and came in slightly ahead of the 12 month average.
– Sales Price to Listed Price: 101.0% – On average, buyers paid a 1% premium over list price.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: We saw inventory increase for the second month in a row, which is great news.
– UCB Scottsdale Home Sales: The number of UCBs was up slightly and came in higher than the 12 month average of 21.
– Pending Scottsdale Home Sales: Pending sales saw a decent increase, closing the month out at 48.
– Scottsdale Homes Sold: Twenty-eight homes sold in February in excess of $3 million.
– Sales Price to Listed Price: 99.1% – On average, buyers saw a discount of 0.9% off of list price.
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 3/1/2022 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 ©2022 Heather Tawes Nelson | Joyce Tawes
