– December 2023 Scottsdale Homes for Sale and Home Sales –
December saw declines on all fronts this year. In some previous years, we have seen an uptick in sales as buyers who wanted a new home before the end of the year made it happen. However, we did not see that same trend this year.
SCOTTSDALE HOME SALES ACTIVITY – DECEMBER 2023
We track the four sales metrics on a monthly basis:
– Single-family homes for sale – Orange Line – The number of homes on the market at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – How many homes were in UCB status at the end of the month.
– Pending home sales – Yellow Line – The number of pending contracts at the end of the month.*
– Home Sales – Blue Line – The number of homes that closed during the month.
DECEMBER 2023 RESULTS
- Scottsdale Homes for Sale: Inventory took a pretty big dip between the end of November and the end of December. However, it should be noted that many listing agreements expire at the end of the year and some sellers take their homes off of the market during the holidays, so some of this activity is normal.
- UCB (Under contract, accepting backup offers): The number of UCBs fell to the lowest we have seen in the past year. However, it is not unusual for buyers to put off their searches during the holidays.
- Pending Homes Sales in Scottsdale: Pending sales also fell to their lowest level of the year and seasonality played a factor here as well.
- Scottsdale Home Sales: Home sales were down 3% when compared to November. However, this is a pretty decent result to close out the year.
Now, we will explore two other metrics we use to keep an eye on the market.
Percent Change Month Over Month – This is where we track performance on a month-over-month basis. For example, the number of UCB contracts fell 26% between the end of November and the end of December.
Sales Price to List Price – Here, we are comparing home list prices to actual sales prices. In December, this came in at 96%, meaning buyers on average saw a 4% discount 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 1/1/2024. 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 © 2024 Heather Tawes Nelson | Joyce Tawes
