– June 2023 Scottsdale Homes for Sale and Home Sales –
We are now seeing our seasonal slowdown in the Scottsdale market. Sales were quite strong in June, but there were fewer contracts in the pipeline as we closed out the month.
SCOTTSDALE HOME SALES ACTIVITY – JUNE 2023
Each month, we look at the following things to see how the market is performing:
– Single-family homes for sale – Orange Line – The number of homes actively for sale at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – How many UCB contracts there were at the end of the month.*
– Pending home sales – Yellow Line – The number of pending sales at the end of the month.*
– Home Sales – Blue Line – How many homes sold over the course of the month.
JUNE 2023 RESULTS
- Scottsdale Homes for Sale: The number of homes for sale fell again in June. Inventory has been trending down each month since January 2023.
- UCB (Under contract, accepting backup offers): The number of UCB contracts fell after a strong performance in May. We are still in the 200+ range, but I anticipate we will see a downward trend due to seasonality.
- Pending Homes Sales in Scottsdale: We also saw the number of pending sales slip between May and June. Again, I attribute this to seasonality.
- Scottsdale Home Sales: Home sales were very strong again in June and only declined slightly. June was the second-highest performing month in the past year.
In this last part, I have posted two more things we track on a monthly basis.
Percent Change Month Over Month – The top image shows how things change on a monthly basis. This is a quick and easy way to keep track of market trends. For example, the number of homes for sale has been trending down on a month-over-month basis since February 2023.
Sales Price to List Price – The image below is another simple measurement that can give us data on market trends. Here we look at average listing prices compared to average sales prices. In May, it was 97%, which means on average, buyers saw a discount of 3% off of asking prices.
*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.
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Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2023. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2023 Heather Tawes Nelson | Joyce Tawes
