Scottsdale AZ Luxury Home Market – August 2024

– Scottsdale Luxury Home Market Performance for August 2024 –

As I predicted last month, sales activity declined in August after we saw some rebounding in July. August is typically a slower month and higher interest rates were not helping.

In this report, we take a detailed look into Scottsdale’s luxury home market. We have split the information into four price ranges and to be included in this report, all of these homes had to be listed for $1 million or more. 

– AUGUST 2024 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

– Active Scottsdale Homes on the Market: The number of homes on the market fell slightly to 218. This is just below the 12 month average of 223.
– UCB Scottsdale Home Sales: On a promising note, the number of UCBs rebounded 39.2% to the second highest level we have seen in the past year.
– Pending Scottsdale Home Sales: Pending sales were up as well. There were 28 pending contracts at the end of the month. This is still well below the 12 month average of 37.
– Scottsdale Homes Sold: After a strong showing in July, home sales were back down in August.
– Sales Price to Listed Price: 96.0% – On average, buyers saw a discount of 4.0% off of list price.

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Scottsdale Homes Priced Between $1,500,000 – $1,999,999

– Active Scottsdale Homes on the Market: Inventory has been decreasing monthly since May. We are now at the same inventory level as September 2023.
– UCB Scottsdale Home Sales: UCB contracts had a dismal month with only thirteen UCBs at the end of August. However, if you look at the figures from this time frame last year, we are in similar territory.
– Pending Scottsdale Home Sales: The number of pendings jumped 54.8% between July and August, which was nice. This is the second highest we have seen them in the past year.
– Scottsdale Homes Sold: After a strong July, sales fell back down in August.
– Sales Price to Listed Price: 95.7% – On average, buyers saw a discount of 4.3% off of list price.

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Scottsdale Homes Priced Between $2,000,000 – $2,999,999

– Active Scottsdale Homes on the Market: Inventory was more or less level between July and August.
– UCB Scottsdale Home Sales: UCB contracts fell again and closed out the month at sixteen.
– Pending Scottsdale Home Sales: Pendings sales were up by one at the end of the month, turning in a decent performance.
– Scottsdale Homes Sold: The number of homes sold was down by one, which was a solid performance.
– Sales Price to Listed Price: 94.7% – On average, buyers saw a discount of 5.3% off of list price.

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Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: The number of homes for sale fell under the 200 mark for the first time since September 2023.
– UCB Scottsdale Home Sales: The number of UCBs was up 21.4% in August, although July’s performance was very poor.
– Pending Scottsdale Home Sales: Pending sales were down slightly in August, closing out the month at 22.
– Scottsdale Homes Sold: After a stronger June and July, home sales fell 50% in August.
– Sales Price to Listed Price: 95.0% – On average, buyers saw a discount of 5.0% off of list price.

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If you would like additional details 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

Here is a sample of some luxury homes that are currently for sale:

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2024 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 ©2024 Heather Tawes Nelson | Joyce Tawes