Scottsdale AZ Real Estate & Lifestyle

Live Better in Scottsdale - eXp Realty

Heather Tawes Nelson

2 of the Factors That Impact Mortgage Rates

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If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?

The answer is complicated because there are a lot of things that can influence mortgage rates. Here are just a few of the most impactful factors at play.

Inflation and the Federal Reserve

The Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates, and more. As that happens, mortgage rates tend to respond. Business Insider explains:

“The Federal Reserve slows inflation by raising the federal funds rate, which can indirectly impact mortgages. High inflation and investor expectations of more Fed rate hikes can push mortgage rates up. If investors believe the Fed may cut rates and inflation is decelerating, mortgage rates will typically trend down.”

Over the last couple of years, the Fed raised the Federal Fund Rate to try to fight inflation and, as that happened, mortgage rates jumped up, too. Fortunately, the expert outlook for inflation and mortgage rates is that both should become more favorable over the course of the year. As Danielle Hale, Chief Economist at Realtor.com, says:

“ortgage rates will continue to ease in 2024 as inflation improves . . .”

There’s even talk the Fed may actually cut the Fed Funds Rate this year because inflation is cooling, even though it’s not yet back to their ideal target.

The 10-Year Treasury Yield

Additionally, mortgage companies look at the 10-Year Treasury Yield to decide how much interest to charge on home loans. If the yield goes up, mortgage rates usually go up, too. The opposite is also true. According to Investopedia:

“One frequently used government bond benchmark to which mortgage lenders often peg their interest rates is the 10-year Treasury bond yield.”

Historically, the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate has been fairly consistent, but that’s not the case recently. That means, there’s room for mortgage rates to come down. So, keeping an eye on which way the treasury yield is trending can give experts an idea of where mortgage rates may head next.

Bottom Line

Experts in the industry will be keeping a close watch on the Fed to see what it decides to do regarding rate changes and what impact any changes or no changes at all will have on the economy. To navigate any mortgage rate changes and their impact on your moving plans, it’s best to have a team of professionals on your side. Contact us and we can help you navigate the process and answer any questions you may have.

Things to Do in Scottsdale – February 2024

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– Scottsdale Area Events in February 2024 –

Waste Management Phoenix Open

The high season in Scottsdale is always packed with fun events. February promises to live up to that statement.

  • Waterfront Fine Art & Wine Festival – February 2nd – February 4th – Old Town will be busy over this weekend!  Stroll along the Scottsdale Waterfront and take in all of the incredible art for sale.  Grab a glass of wine (or not!) and enjoy the day.
  • Kierland Fine Arts & Wine Festival – February 3rd – 4th – Over 100 artists will be displaying their works at Kierland. In addition, you can purchase tickets to enjoy wine and beer tasting. Sip and stroll and enjoy the art and live entertainment.
  • Waste Management Phoenix Open– February 8th – 11th – The “Greatest Show on Grass” returns! Some of the top golfers in the world along with up-and-coming talent will be playing over the course of the four days. If you want even more action, the pros will be doing practice rounds on the previous Monday and Tuesday, and there is free admission on those two days. If you are ready for more fun later in the day, head on over to the Birds Nest.
  • Scottsdale Arabian Horse Show – February 15th – February 25th – The Scottsdale Arabian Horse Show is a signature annual event that has grown to over 2,000 horses. Daily competitions will let the breeders showcase their stunning horses. The event will also raise money for many excellent charities.
  • Arizona Strong Beer Festival – February 17th – Head over to Salt River Fields to taste excellent some excellent craft beer. There will be food trucks and vendors as well. Sounds like a fun afternoon!
  • consultation, hands-on workshops, vendors, food and so much more.
  • Kathleen Madigan – February 17th – As one of the best comedians out there, Kathleen Madigan will be coming to the Talking Stick Resort with her Potluck Party Tour.
  • Spring Training – Cactus League – First Game is February 24th – Baseball is returning! Go see your favorite teams play all over the Valley through March. Play ball!
  • Marshall Tucker Band – February 24th – MTB will be performing at the Talking Stick Resort at the end of the month. Celebrating over 50 years together, they will be performing their beloved hits and more.
  • Maricopa County Home Show – February 23rd – 25th – Marvel at all things “Home.” The Home Show will be back at the State Farm Arena. Explore hundreds of vendors’ offerings and learn from the experts as they give seminars from the stage.
  • Botero at the Desert Botanical Garden – Through March 31st – Botero’s art is easily recognizable, and you can see it firsthand at the Desert Botanical Garden through March. There will also be Music in the Garden and Dog Days in the Garden on select dates.

Disclaimer: Events subject to change and may sell out. Please check directly with the venue to confirm details.

Scottsdale AZ Luxury Home Market – December 2023

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– Scottsdale Luxury Home Market Performance for December 2023 –

The year ended with another set of mixed results. Inventory was down across the board, but we do see this every year as some sellers take their homes off of the market for the holidays and many listing contracts expire at the end of the year.

In this report, we delve into Scottsdale’s luxury home market, defined as single-family homes with list prices of $1 million or more. To give you a better idea of how the market is performing, we split the data into four price bands.

– DECEMBER 2023 –

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

Scottsdale home sales between 1 and 1.5 million December 2023

– Active Scottsdale Homes on the Market: Inventory fell in December after four months of increases. However, it is still ahead of the 12 month average of 190.
– UCB Scottsdale Home Sales: The number of UCBs was down 50% compared to November and posted the lowest performance of 2023 by far.
– Pending Scottsdale Home Sales: On the flip side, pending sales saw a very healthy rebound after a dismal November.
– Scottsdale Homes Sold: Sales in this price point were down quite a bit. Not only is this a slower time of year, but high interest rates were also impacting the market.
– Sales Price to Listed Price: 96.1%- On average, buyers saw a discount of 3.9% off of list price.

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

Scottsdale home sales between 1.5 and 2 million December 2023

– Active Scottsdale Homes on the Market: The number of homes for sale fell to 139.
– UCB Scottsdale Home Sales: UCB contracts were down after a strong November. Some of this can be attributed to seasonality.
– Pending Scottsdale Home Sales: Pending sales had a very difficult month. As we saw in the lower price range, pending contracts were at their lowest level of the year by a wide margin.
– Scottsdale Homes Sold: Home sales were up in December and turned in a very solid performance. Thirty-eight homes sold, which is on par with the 12 month average.
– Sales Price to Listed Price: 96.6% – On average, buyers saw a discount of 3.4% off of list price.

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

Scottsdale home sales between 2 and 3 million December 2023

– Active Scottsdale Homes on the Market: As in all of the price points, the number of homes for sale was down in December.
– UCB Scottsdale Home Sales: UCB contracts saw a slight improvement, but were still quite low compared to the 12 month average.
– Pending Scottsdale Home Sales: Pending sales ended the month up slightly and had a decent performance.
– Scottsdale Homes Sold: Home sales fell to their second-lowest level of the year in December.
– Sales Price to Listed Price: 94.3% – On average, buyers saw a discount of 5.7% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale home sales over 3 million December 2023

– Active Scottsdale Homes on the Market: The drop in inventory in the $3 million and up category was slight and the number of homes for sale are still above the 12 month average.
– UCB Scottsdale Home Sales: UCBs turned in their second-lowest performance in the past year.
– Pending Scottsdale Home Sales: Pending sales also saw a decrease in December.
– Scottsdale Homes Sold: Sales came roaring back in December after a very quiet November. Thirty-four homes sold which is well above the 12 month average of twenty seven.
– Sales Price to Listed Price: 95.3% – On average, buyers saw a discount of 4.7% off of list price.

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:

822 Listings
Aerial shows back & side to desert space, only 1 neighbor. New roof 2019. Two Bedrooms, Den, 2.5 Baths

$1,060,000 6924 E CANYON WREN Circle
Scottsdale, AZ 85266 6924 E CANYON WREN Circle
Scottsdale, AZ 85266Listing office: RE/MAX Excalibur

23216 N 95TH Street, Scottsdale, AZ 85255

$6,750,000 23216 N 95TH Street
Scottsdale, AZ 85255 23216 N 95TH Street
Scottsdale, AZ 85255Listing office: RETSY

26808 N 150TH Street, Scottsdale, AZ 85262

$2,250,000 26808 N 150TH Street
Scottsdale, AZ 85262 26808 N 150TH Street
Scottsdale, AZ 85262Listing office: Unique Homes Realty, Inc

16 X 9 FOOT GLASS DOOR

$1,900,000 6501 E MONTE CRISTO Avenue
Scottsdale, AZ 85254 6501 E MONTE CRISTO Avenue
Scottsdale, AZ 85254Listing office: HomeSmart

6109 E BRILLIANT SKY Drive, Scottsdale, AZ 85266

$1,300,000 6109 E BRILLIANT SKY Drive
Scottsdale, AZ 85266 6109 E BRILLIANT SKY Drive
Scottsdale, AZ 85266Listing office: Sonoran Properties Associates

Dave McGary solid bronze statue sits upon pool stream overlooking the Chiricahua Golf Course

$6,000,000 41731 N STONE CUTTER Drive
Scottsdale, AZ 85262 41731 N STONE CUTTER Drive
Scottsdale, AZ 85262Listing office: Russ Lyon Sotheby's International Realty

34848 N Desert Ridge Drive, Scottsdale, AZ 85262

$2,375,000 34848 N Desert Ridge Drive
Scottsdale, AZ 85262 34848 N Desert Ridge Drive
Scottsdale, AZ 85262Listing office: The Griffin

5008 N ASCENT Drive, Scottsdale, AZ 85251

$6,495,000 5008 N ASCENT Drive
Scottsdale, AZ 85251 5008 N ASCENT Drive
Scottsdale, AZ 85251Listing office: RETSY

5632 E EMILE ZOLA Avenue, Scottsdale, AZ 85254

$1,395,000 5632 E EMILE ZOLA Avenue
Scottsdale, AZ 85254 5632 E EMILE ZOLA Avenue
Scottsdale, AZ 85254Listing office: Berkshire Hathaway HomeServices Arizona Properties

MLS IDX Listing Disclosure © 2024

Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2024 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

2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers

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If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been below 7% for over a month now (see graph below):

And while they’re not going back to the 3% we saw during the ‘unicorn’ years, they are expected to continue to go down from where they are now in the near future. As Dean Baker, Senior Economist at the Center for Economic Research, explains:

“It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”

Here are two reasons why this recent trend, and the expectation it’ll continue, is such good news for you.

You May Not Feel as Locked-In to Your Current Mortgage Rate

With mortgage rates already significantly lower than they were just a few months ago, you may feel less locked-in to the current mortgage rate you have on your house. When mortgage rates were higher, moving to a new home meant possibly trading in a low rate for one up near 8%.

However, with rates dropping, the difference between your current mortgage rate and the new rate you’d be taking on isn’t as big as it was. That makes moving more affordable than it was just a few months ago. As Lance Lambert, Founder of ResiClub, explains:

“We might be at peak “lock-in effect.” Some move-up or lifestyle sellers might be coming to terms with the fact 3% and 4% mortgage rates aren’t returning anytime soon.”

More Buyers Will Be Coming to the Market

According to data from Bright MLS, the top reason buyers have been waiting to take the plunge into homeownership is high mortgage rates (see graph below):

Lower mortgage rates mean buyers can potentially save money on their home loans, making the prospect of purchasing a home more attractive and affordable. Now that rates are easing, more buyers are likely to feel they’re ready to jump back into the market and make their move. And more buyers mean more demand for your house.

Bottom Line

If you’ve been waiting to sell because you didn’t want to take on a larger mortgage rate or you thought buyers weren’t out there, the recent decline in mortgage rates may be your sign it’s time to move. When you’re ready, let’s connect.

Phoenix and Scottsdale AZ Luxury Condo Sales – December 2023

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Luxury Condo Sales in Scottsdale and Phoenix – December 2023

After a quieter November, we did see a little bit of positive sales momentum in the Scottsdale and Phoenix luxury condo market.

All of the condos in this report were priced at or above $1 million. 

ACTIVE LISTINGS AT THE END OF DECEMBER

The number of luxury condos for sale was more or less level with November, ending the year with a net add of one, or 59 units for sale. 

The most expensive condo for sale has held this spot for a bit and is located in ICON at Silverleaf. It has five bedrooms, five and one-half bathrooms and an expansive 5,534 square feet. The asking price was $6,900,000.

The least expensive condo for sale is also a holdover from last month.   It has two bedrooms, two and one-half bathrooms and 1,674 square feet. It was located in the was located in Portico Scottsdale Condominiums and the asking price was $1,007,500.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

At the end of December, there were four luxury condos were in UCB status.

UCB Condos in Scottsdale

  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,754 square feet. Asking price was $1,500,000.
  • ICON at Silverleaf – Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,495,000.

UCB Condos in Phoenix

  • One Lexington – Two bedrooms, two and one-half bathrooms, 1,779 square feet. Asking price was $1,275,000.
  • Toscana at Desert Ridge – Two bedrooms, two and one-half bathrooms, 1,780 square feet. Asking price was $1,225,641.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

I really thought we would close out 2023 with at least one hundred pending sales, but instead, the number held at ninety-six.

We are seeing all of this backlog due to several high-profile communities in Scottsdale that are in the middle of being built out. Only one of the pending sales was in Phoenix.

Scottsdale Pending Luxury Condos

  • Retreat at Seven Desert Mountain – Three bedrooms, three and one-half bathrooms, 2,489 square feet. Asking price was $1,984,900.
  • Optima Kierland 
    • Two bedrooms and bathrooms, 1,258 square feet. Asking price was $1,215,000.
    • Two bedrooms and two and one-half bathrooms, 1,579 square feet. Asking price was $1,430,000.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,922 square feet. Asking price was $3,750,000.
  • Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
    • Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,025,000.
    • Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,060,000.
    • Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,064,650.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,444,500.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,475,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,505,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,587,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,658,500.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,660,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,730,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,733,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,743,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,769,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,845,750.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,899,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,935,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $2,007,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $2,016,950.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • One bedroom, two bathrooms, 1,519 square feet. Asking price was $1,725,000.
    • One bedroom, two bathrooms, 1,519 square feet. Asking price was $1,725,000.
    • One bedroom, two bathrooms, 1,896 square feet. Asking price was $1,975,000.
    • Two bedrooms, two and one-half bathrooms, 1,767 square feet. Asking price was $2,025,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms and bathrooms, 1,847 square feet. Asking price was $2,075,000.
    • One bedroom, two bathrooms, 1,677 square feet. Asking price was $2,100,000.
    • One bedroom, two bathrooms, 1,678 square feet. Asking price was $2,100,000.
    • One bedroom, two bathrooms, 1,678 square feet. Asking price was $2,175,000.
    • One bedroom, two bathrooms, 1,677 square feet. Asking price was $2,195,000.
    • Two bedrooms and bathrooms, 2,157 square feet. The asking price was $2,225,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, three bathrooms, 2,157 square feet. Asking price was $2,350,000.
    • Two bedrooms and bathrooms, 2,294 square feet. Asking price was $2,385,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Two bedrooms, two and one-half bathrooms, 1,848 square feet. Asking price was $2,395,000.
    • Two bedrooms, three bathrooms, 2,294 square feet. Asking price was $2,395,000.
    • Two bedrooms, three bathrooms, 2,157 square feet. Asking price was $2,425,000.
    • Two bedrooms and bathrooms, 2,068 square feet. Asking price was $2,485,000.
    • Two bedrooms, two and one-half bathrooms, 2,160 square feet. Asking price was $2,485,000.
    • Two bedrooms, two and one-half bathrooms, 1,848 square feet. Asking price was $2,625,000.
    • Two bedrooms, three bathrooms, 2,593 square feet. Asking price was $2,695,000.
    • Two bedrooms and bathrooms, 2,157 square feet. Asking price was $2,750,000.
    • Two bedrooms, two and one-half bathrooms, 2,160 square feet. Asking price was $2,795,000.
    • Two bedrooms and bathrooms, 2,579 square feet. Asking price was $2,850,000.
    • Two bedrooms and bathrooms, 2,318 square feet. Asking price was $2,950,000.
    • Two bedrooms and bathrooms, 2,683 square feet. Asking price was $2,985,000.
    • Two bedrooms, three bathrooms, 2,497 square feet. Asking price was $3,050,000.
    • Two bedrooms, three bathrooms, 2,579 square feet. Asking price was $3,100,000.
    • Two bedrooms, three bathrooms, 2,527 square feet. Asking price was $3,275,000.
    • Two bedrooms and bathrooms, 2,318 square feet. Asking price was $3,385,000.
    • Two bedrooms and bathrooms, 2,592 square feet. Asking price was $3,525,000.
    • Two bedrooms and bathrooms, 2,526 square feet. Asking price was $3,695,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
    • Three bedrooms, four bathrooms, 3,037 square feet. Asking price was $4,150,000.
    • Three bedrooms, four bathrooms, 3,200 square feet. Asking price was $4,295,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,450,000.
    • Three bedrooms, three bathrooms, 3,141 square feet. Asking price was $4,475,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,500,000.
    • Three bedrooms, four bathrooms, 3,166 square feet. Asking price was $4,595,000.
    • Three bedrooms and bathrooms, 3,200 square feet. Asking price was $4,725,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,750,000.
    • Three bedrooms, three bathrooms, 3,141 square feet. Asking price was $4,750,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,895,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • ICON at Silverleaf – Currently under construction.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,625,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,900,000.
    • Three bedrooms and bathrooms, 3,157 square feet. Asking price was $2,995,000.
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,995,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,195,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Three bedrooms,  four bathrooms, 3,157 square feet. Asking price was $3,600,000.
    • Three bedrooms, four bathrooms, 3,867 square feet. Asking price was $3,600,000.
    • Five bedrooms, five and one-half bathrooms, 5,534 square feet. Asking price was $5,400,000.
    • Five bedrooms, five and one-half bathrooms, 5,534 square feet. Asking price was $5,985,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 5,534 square feet. Asking price was $8,000,000
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000. 

Phoenix Pending Luxury Condos

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Sales were up in December and six homes sold. The sales were evenly divided between Scottsdale and Phoenix.

Scottsdale Luxury Condo Sales

  • Optima Kierland – Three bedrooms and bathrooms, 2,018 square feet. Asking price was $3,500,000 and it sold for $3,400,000.
  • Plaza Lofts at Kierland – Two bedrooms and bathrooms, 1,592 square feet. Asking price was $1,395,000 and it sold for list price.
  • Optima Camelview – Three bedrooms, three and one-half bathrooms, 3,233 square feet. Asking price was $2,695,000 and it sold for $2,600,000.

Phoenix Luxury Condo Sales

  • Crystal Point – Two bedrooms, two and one-half bathrooms, 2,718 square feet. Asking price was $1,100,000 and it closed for list price.
  • Village at Camelback Mountain – Two bedrooms and bathrooms, 2,763 square feet. Asking price was $1,195,000 and it sold over asking at $1,200,000.
  • Esplanade Place – Penthouse with three bedrooms, three and one-half bathrooms, 4,266 square feet. Asking price was $4,500,000 and it closed for $4,250,000.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale 

Open Map
80 Matches Found
$1,495,000
7180 E KIERLAND Boulevard, 509, Scottsdale, AZ
Active
2BD 2BA 1,511SF
Last Modified: 3:37pm, December 22, 2024
IDX
Listing Office: HomeSmart
$2,100,000
7180 E KIERLAND Boulevard, 416, Scottsdale, AZ
Active
3BD 2.5BA 1,954SF
Last Modified: 3:36pm, December 22, 2024
IDX
Listing Office: HomeSmart
$1,750,000
7147 E Rancho Vista Drive, 4011, Scottsdale, AZ
Active
3BD 2BA 1,922SF
Last Modified: 12:34am, December 22, 2024
IDX
Listing Office: Compass
$1,650,000
7151 E RANCHO VISTA Drive, 5001, Scottsdale, AZ
Active
3BD 2BA 1,681SF
Last Modified: 12:31am, December 22, 2024
IDX
Listing Office: Compass
$2,295,000
7127 E Rancho Vista Drive, 4001, Scottsdale, AZ
Active
3BD 2BA 2,171SF
Last Modified: 12:29am, December 22, 2024
IDX
Listing Office: Compass
$3,195,000
7117 E RANCHO VISTA Drive, 5003, Scottsdale, AZ
Active
3BD 2BA 2,228SF
Last Modified: 12:29am, December 22, 2024
IDX
Listing Office: Compass
$1,395,000
7127 E Rancho Vista Drive, 4012, Scottsdale, AZ
Active
2BD 2BA 1,448SF
Last Modified: 12:28am, December 22, 2024
IDX
Listing Office: Compass
$2,195,000
37200 N CAVE CREEK Road, 1119, Scottsdale, AZ
Active
3BD 3.5BA 2,489SF
Last Modified: 7:34pm, December 20, 2024
IDX
Listing Office: Berkshire Hathaway HomeServices Arizona Properties
$1,975,000
7181 E Camelback Road, 702, Scottsdale, AZ
Active
2BD 2.5BA 2,041SF
Last Modified: 7:21pm, December 20, 2024
IDX
Listing Office: RETSY
$3,495,000
7180 E KIERLAND Boulevard, 1008, Scottsdale, AZ
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Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2024 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed.  There may be new condo 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

15 Fun Facts About Scottsdale

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If you’re in search of a destination that offers art, culture, history, and excitement, Scottsdale, Arizona should definitely be on your list. Scottsdale has so many things to do and experience, including shopping, dining, art, top-notch golf courses and breathtaking natural landscapes.

Old Town Scottsdale AZ

But before you pack your bags or hop in your car, here are fifteen fun facts about Scottsdale that you might not know.

  1. Scottsdale was originally named Orangedale by its founder, Albert G. Utley. He chose this name because of the area’s reputation for citrus fruits. However, he later changed it to Scottsdale after a newspaper article misidentified his town as the one owned by Winfield Scott, a retired U.S. Army chaplain who ran a nearby citrus grove.
  2. Scottsdale is known as “The West’s Most Western Town” because of its rich heritage and cowboy culture. Every year, the city hosts the Parada del Sol, a huge rodeo event that features horse-drawn parades, bull riding, and calf roping.
  3. Scottsdale, and Arizona, do not observe Daylight Savings Time, unlike most American states. Instead, you will find Mountain Standard Time year-round.
  4. Scottsdale has an average of 314 sunny days per year, making it one of the sunniest places in the country, meaning you can enjoy outdoor activities almost any day of the year.
  5. Scottsdale has more than 70 art galleries and museums, making it a haven for artists and art lovers alike.
  6. Desert Ivy League: Scottsdale’s Arizona Cowboy College is where the spirit of the Wild West meets academia, offering a curriculum in ranching and rodeo skills.
  7. Golf’s Grand Gathering: The Phoenix Open welcomed a record-breaking crowd, hosting nearly 180,000 golf enthusiasts in a single day. (It will be interesting to see where we land this year!)
  8. Trash Tech Pioneers: The innovative robotic arms that grace modern garbage trucks, making refuse collection a breeze, were conceived in Scottsdale.
  9. Surprise Seaside Proximity: Despite its desert location, Scottsdale is a mere four-hour drive from the ocean.
  10. Architectural Heritage: Frank Lloyd Wright’s architectural genius is woven into the city’s fabric, with his designs dotting the landscape and his legacy cemented on a downtown street.
  11. The Pony Express Lives On: This annual event features the Hashknife Pony Express where riders deliver mail by horseback from Holbrook to Scottsdale, preserving a historic tradition since 1958.
  12. Cactus Treats: Treat yourself to prickly pear ice cream, a deliciously unique treat derived from the desert’s native flora.
  13. Spas Galore: Said to have more spas per capita than anywhere else in the United States, Scottsdale is the ultimate relaxation retreat.
  14. Beloved Mayor: Herb Drinkwater, Scottsdale’s charismatic mayor of yesteryear, once boasted a near-perfect approval rating, a testament to his enduring legacy.
  15. Polo in the Desert?: Known as “the best polo event in the world,” the Bentley Scottsdale Polo Championships features exciting polo matches, luxury fashion, and exotic car displays.

Real Estate Market Forecast: Opportunities for Home Buyers and Sellers in 2024

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Opportunity for Home Buyers and Sellers

A growing share of home buyers and sellers sat on the sidelines last year as the pace of home sales continued its downward trajectory.1 In fact, since the Federal Reserve began its series of interest rate hikes in 2022, the combination of higher borrowing costs and record-high home prices has fostered the steepest real estate market slowdown since the 2008 recession.2

Priced out of the market, a generation of would-be buyers has been forced to delay their plans for homeownership.3  At the same time, current owners—reluctant to give up their pandemic-era mortgage rates—are waiting to sell, which has resulted in a sharp drop in listings.4

But there may be some relief in sight: In December, the Fed signaled that it was done raising interest rates— and suggested that it could cut rates by 0.75% over the coming year. While mortgages don’t directly follow the federal funds rate, they typically move in tandem—so cheaper home loans may finally be on the horizon.5

Lower mortgage rates should bring some much-needed movement back into the real estate sector. But with a market this fluid, the home buyers and sellers with an edge will be those who proactively leverage a real estate agent’s on-the-ground expertise and stay flexible so that they can quickly adapt to changes.

What does that mean for you? Read on to learn more about the current state of the U.S. housing market, the potential opportunities for buyers and sellers, and economists’ predictions for the year ahead.

HOME PRICES WILL REMAIN RELATIVELY STABLE

Not even 8% mortgage rates could bring home prices crashing down in 2023, as some prospective home buyers may have hoped. In fact, on average, U.S. property values ended the year higher—with declines in some areas of the country offset by appreciation in others.6

Prices typically fall when rising interest rates drive down demand. So what’s keeping home values high?

Mike Simonsen at Altos Research points to a nationwide housing shortage: “Declining home prices probably require that supply-and-demand imbalance, and what we have is really a balance. There’s a balance between low demand and low supply.”7

Analysts expect that equilibrium to continue to prop up home prices in 2024, although the specific forecasts vary. For example, economists at Realtor.com predict that the median home price will fall slightly, by 1.7%, while those at Fannie Mae project modest price growth of 2.8%.6,8

However, experts widely agree: Mortgage rates will be the largest driver of property values. If rates fall faster than expected, more buyers will enter the market—which could send home prices soaring higher.

What does it mean for you?  There’s no evidence that home prices are headed for a major decline. So if you’re ready and able to afford a home, this is a great time to test the waters. The best bargains are often found in a slower market, like the one we’re experiencing right now. Contact us to discuss your goals and budget. We can help you make an informed decision about the right time to buy.

And if you’ve been waiting to sell your home, this could be your year. Price growth has slowed, so now is the time to maximize your equity gains while minimizing your competition. Contact us for recommendations and to find out what your home could sell for in today’s market.

MORTGAGE RATES SHOULD FINALLY TREND DOWN

The best news we’ve got incoming for 2024? The extra-high mortgage rates that have weighed heavily on the real estate market may finally be headed south.

At its December meeting, the Fed signaled that the worst is likely behind us and that it expects to cut its overnight rate in 2024. Analysts predict that mortgage rates will fall in lockstep.5

“Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year,” said Freddie Mac’s Chief Economist Sam Khater following the announcement.9

The average 30-year fixed mortgage rate has already declined from an October high of around 8%, and analysts at Fannie Mae, the Mortgage Bankers Association, and Realtor.com all forecast that rates will trend down this year, ending 2024 closer to 6%.7

However, it’s not all good news: It appears that the days of 3% mortgage rates are firmly behind us. “As long as the economy continues to motor along, the new normal of higher rates is here to stay,” explains Greg McBride, chief financial analyst for Bankrate.4 So, when it comes to a home loan, borrowers may need to adjust their expectations.

What does it mean for you?  If you’re a prospective home buyer, declining mortgage rates could give you the opportunity to lock in a more affordable monthly payment. And if you purchase before the market reheats, you could secure an especially good deal. To find the lowest rate, it pays to compare lenders. Ask us to refer you to a mortgage broker who can help you shop around for the best option.

Sellers also have reason to celebrate buyers’ lower interest rates: As the barriers to entry to the housing market decline, they could enjoy more or better offers. Reach out to discuss how we can help you maximize your home’s sales potential.

LOWER RATES WILL BRING SOME BUYERS AND SELLERS BACK TO THE MARKET

Over the past couple of years, higher mortgage rates have cooled home buyer demand. They’ve also delayed the plans of many home sellers, who have been reluctant to trade in their current mortgages for loans that are several points higher.

With so many market participants playing the waiting game, the real estate sector has slowed significantly. National Association of Realtors (NAR) Chief Economist Lawrence Yun estimates that the number of existing home sales fell by 18% last year following a 17% decline in 2022.10

However, as financing costs tick down, sales volume is expected to rise. “Lower mortgage rates would help spur home sales activity, which expected to increase in 2024 compared to 2023,” explains Selma Hepp, chief economist at CoreLogic. “Declines in mortgage rates will drive more sellers to trade their existing home and help add much-needed inventory to the market, leading to more transactions.”4

There’s also evidence that the patience of holdout home buyers may be waning, despite higher borrowing costs. A recent survey by Bank of America found that the number who are willing to wait for prices or mortgage rates to decline before making a purchase fell from 85% to 62% in just six months.11

“When it comes down to it, if buying a home is your goal and within your budget, the best time to buy is when you’re ready financially and you can find a home that fits your needs,” Matt Vernon, head of consumer lending at Bank of America, advised in a recent release. “Even in the current interest rate environment, there are clear benefits to purchasing a home and beginning to build equity.”11

What does it mean for you?  If you’ve been waiting to buy a home, you might want to consider purchasing before the competition picks up. Pent-up demand could bring a flood of buyers back into the market as mortgage rates decline. Contact us if you’re ready to begin your home search.

If you’re hoping to sell this year, you may also want to act fast. An increase in listings will make it harder for your home to stand out. We can help you chart the best course to maximize your profits, starting with a professional assessment of your home’s current market value. Reach out to schedule a free consultation.

THE HOUSING SUPPLY SHORTAGE WILL PERSIST

Will home buyers who are eager for options have more homes to choose from this year?

Yun thinks so. He believes sellers will soon grow weary of waiting to list. “Pent-up sellers cannot wait any longer. People will begin to say, ‘life goes on,’” the NAR economist speculated at a November conference. “Listings will steadily show up, and new home sales will continue to do well.”10

But not everyone agrees. Economists at Realtor.com forecast that inventory could drop by as much as 14% this year. The decline in existing homes for sale has been compounded by a persistent shortage of new construction, with single-family housing starts falling 10.3% in 2023 and 11.2% in 2022.6

Even so, newly-built homes are playing an increased role in easing the supply crunch, accounting for around one-third of all homes for sale in 2023—which was twice the historical average.12 But new construction alone isn’t expected to fill the inventory gap.

According to First American Financial Corporation’s Chief Economist Mark Fleming, the U.S. currently has a shortfall of around one million homes, and conditions won’t ease until individual owners re-enter the market. “Only when more homeowners decide to sell, and then buy again, will housing supply and the pace of sales return to anything resembling normal.”13

​​What does it mean for you?  Inventory remains tight, but buyers can benefit from the search expertise of a real estate professional. We can tap our extensive network to access off-market and pre-market listings while helping you explore both new construction and existing homes in our area.

While sellers will continue to benefit from the low-inventory environment, they should be prepared to compete against brand-new homes. We can help you prep your property for the market and highlight the features most likely to appeal to today’s buyers.

WE’RE HERE TO GUIDE YOU

While national real estate forecasts can give you a “big picture” outlook, real estate is local. And as local market experts, we know what’s most likely to impact sales and drive home values in your neighborhood. As a trusted partner in your real estate journey, we’ll keep our ears to the ground so that we can guide you through the market’s twists and turns.

If you’re considering buying or selling a home in 2024, contact us now to schedule a free consultation. Let’s work together and craft an action plan to meet your real estate goals.

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources:

  1. CNN –
    https://www.cnn.com/2023/10/19/homes/existing-home-sales-september/index.html
  2. Goldman Sachs –
    https://www.gspublishing.com/content/research/en/reports/2023/10/23/2d814362-a656-4cb3-8586-bea8591188e3.html
  3. ABC News –
    https://abcnews.go.com/US/millennials-priced-homeownership-feeling-pressure/story?id=105032436
  4. Bankrate –
    https://www.bankrate.com/real-estate/housing-market-2024/
  5. CBS News –
    https://www.cbsnews.com/news/interest-rates-are-paused-heres-why-thats-good-news-for-homebuyers/
  6. Realtor.com –
    https://www.realtor.com/research/2024-national-housing-forecast
  7. NerdWallet –
    https://www.nerdwallet.com/article/mortgages/2024-homebuying-trends-property-line-november-2023
  8. Fast Company –
    https://www.fastcompany.com/90991612/home-price-2024-outlook-fannie-mae
  9. Freddie Mac –
    https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-drop-below-seven-percent
  10. National Association of Realtors –
    https://www.nar.realtor/newsroom/nar-chief-economist-lawrence-yun-forecasts-existing-home-sales-will-rise-by-15-percent-next-year
  11. Bank of America –
    https://newsroom.bankofamerica.com/content/newsroom/press-releases/2023/12/bofa-report-shows-fewer-prospective-homebuyers-willing-to-wait-f.html
  12. Marketplace –
    https://www.marketplace.org/2023/11/27/mortgage-rates-new-home-sales/
  13. First American –
    https://blog.firstam.com/economics/whats-the-outlook-for-the-housing-market-in-2024

Quick Video Update of the Scottsdale Real Estate Market – December 2023

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– December 2023 Scottsdale Housing Market Video –

Here is a less than a minute video overview of the Scottsdale, Arizona single-family home real estate market that covers the month of December.

December 2023 – Video

Scottsdale Active Listings

Scottsdale homes for sale December 2023

Inventory was back down at the end of December, closing out at 966 homes for sale, representing a 14.4% decrease.

However, if we compare December 2023 to 2022, the number of listings was very similar.

Average List Price for Scottsdale Homes

Average list price Scottsdale homes December 2023

I used to use median list price data, but I no longer have access to that information. As a replacement, we will use the average list price. (Technically, the median price is a better indicator since the average price can skew one way or the other due to extremely cheap or extremely high list prices, but this will still give you a decent idea of the prices of homes in Scottsdale.)

December’s average list price came in just over $2.4 million which is 5.6% higher than November and 8.9% higher than the previous December.

Days on Market

Days on Market Scottsdale homes December 2023

Days on Market (which is commonly shown as DOM) is a quick way to assess the health of a given market. When the DOM is a high number, homes are taking longer to see. Conversely, when the DOM is lower, homes are selling at a faster pace.

In December the Days on Market for Scottsdale was 75. This is over a 20% jump compared to November, but can be partially attributed to a sale of a luxury home that had been on the market for 853 days. And, it was not too far off of December 2022’s 77 days.

Average Sales Price for Scottsdale Homes

Average sales price Scottsdale homes December 2023

We explored listing prices above and now we will take a look at the average sales prices of Scottsdale homes.

The average sales price in December was just over $1.5 million. This is up 6% over November and up 10.5% over December 2022.

Number of Homes Sold

Scottsdale completed home sales December 2023

There were 267 home sales in Scottsdale in December. This is up 11.2% over last December, but sales fell 3% between November and December.

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel.

Interested in other stats for our market? Visit our Real Estate Market Update page.

Disclaimer: Data deemed to be accurate, but is not guaranteed.

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