– Scottsdale Luxury Home Market Performance for November 2022 –
November was a mixed bag in terms of home sales activity in the luxury home market in Scottsdale. In some cases, sales and contracts were up, but we saw a lot of pending activity drop. In all cases, inventory fell.
For this report, we examine luxury home sales where all of them were listed for $1 million or more. To get more granular information, we have broken down the data into four price ranges.
– NOVEMBER 2022 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory in this price point fell slightly in November to 263. This is a huge contrast from when only 38 homes were for sale in February.
– UCB Scottsdale Home Sales: UCB contracts fell to their lowest levels in the past year. There were only 16 UCBs, less than half of the 12 month average.
– Pending Scottsdale Home Sales: Pendings also fell to their lowest level in the past year in November.
– Scottsdale Homes Sold: Staying on trend for this price range, home sales also fell.
– Sales Price to Listed Price: 94.8%- On average, buyers saw a discount of 5.2% off of list price.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of homes on the market fell for the third month in a row, but the drop was gradual.
– UCB Scottsdale Home Sales: The number of UCB contracts fell by one.
– Pending Scottsdale Home Sales: Pending sales saw a 57.1% drop between the end of October and the end of November.
– Scottsdale Homes Sold: On a more positive note, home sales rebounded by 21.6% to close out the month at 37.
– Sales Price to Listed Price: 97.1% – On average, buyers saw a discount of 2.9% off of list price.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: The number of homes for sale in this price point dropped quite a bit in November.
– UCB Scottsdale Home Sales: The number of UCB contracts was up by one at the end of the month.
– Pending Scottsdale Home Sales: Pending sales saw a 28% jump between October and November.
– Scottsdale Homes Sold: There were only fifteen home sales during the month. This is the lowest it has been in the past year.
– Sales Price to Listed Price: 94.4% – On average, buyers saw a discount of 5.6% off of list price.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of homes for sale fell slightly after we saw a large jump in inventory in October.
– UCB Scottsdale Home Sales: UCBs fell to their lowest level of the past 12 months.
– Pending Scottsdale Home Sales: The number of pending contracts also fell to its lowest level in the past 12 months.
– Scottsdale Homes Sold: Sales were up by one in November, turning in a decent sales month in a usually quieter time of year.
– Sales Price to Listed Price: 97.1% – On average, buyers saw a discount of 2.9% 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 12/1/2022 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
