Scottsdale AZ Real Estate & Lifestyle

Live Better in Scottsdale - eXp Realty

Heather Tawes Nelson

Phoenix and Scottsdale AZ Luxury Condo Sales – June 2023

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Luxury Condo Sales in Scottsdale and Phoenix – June 2023

The luxury condo market in Scottsdale and Phoenix had a quieter month in June, but actual sales were still strong.  

This report tracks the luxury condo market in the cities of Scottsdale and Phoenix. All of these condos were on the market for $1 million or more. 

ACTIVE LISTINGS AT THE END OF JUNE

The number of luxury condos for sale was more or less level. The month ended with 47 listings, compared to 48 at the end of May. Of these, 42 were located in Scottsdale.

The most expensive condo on the market was a new listing at ICON at Silverleaf. This expansive five bedroom, five and one-half bathroom, 5,534 square foot home was listed for $5,400,000.

The least expensive luxury condo was also located in Scottsdale in The Reserve. It has two bedrooms, two and one-half bathrooms and 2,179 square feet. It was on the market for $1,075,000.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were no UCB contracts in the pipeline at the end of the month. 

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending sales closed out slightly higher. At the end of June, there were 70 pending sales, compared with May’s 67 pending sales. This high number of pending sales can be attributed to a number of communities currently being developed. 

Scottsdale Pending Luxury Condos

  • Optima Camelview – Two bedrooms and bathrooms, 1,387 square feet. Asking price was $1,495,000.
  • Safari Drive – Three bedrooms and bathrooms, 2,056 square feet. Asking price was $1,099,500.
  • 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 $1,431,000.
    • 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 $1,582,200.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,637,100.
    • 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.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,000.
    • 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 $1,738,000.
    • 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 $1,879,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $2,016,950.
  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,271,450.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,279,900.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,447,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,532,900.
  • 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.
    • 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 $2,195,000.
    • Two bedrooms and bathrooms, 2,157 square feet. 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 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, 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 and bathrooms, 2,157 square feet. Asking price was $2,750,000.
    • 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, 2,579 square feet. Asking price was $3,100,000.
    • 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, three and one-half bathrooms, 3,996 square feet. Asking price was $4,450,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,500,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 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, three and one-half 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 $5,985,000.
    • 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

  • There were no pending condo sales in Phoenix at the end of June.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Sales activity was good in June. The month ended with twelve luxury condo sales, on par with May’s performance.

Scottsdale Luxury Condo Sales

  • Optima Camelview
    • Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,399,000 and it sold for list price. 
    • Three bedrooms, two and one-half bathrooms, 2,487 square feet. Asking price was $1,939,000 and it sold for $1,859,500.
    • Three bedrooms, two bathrooms, 1,727 square feet. Asking price was $1,499,000 and it sold for $1,425,000.
  • Optima Kierland – Two bedrooms and bathrooms, 1,258 square feet. Asking price was $1,150,000 and it sold for $1,025,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $1,665,000 and it sold for $1,625,000.
    • Two bedrooms, two and one-half bathrooms, 2,117 square feet. Asking price was $1,795,000 and it sold for $1,663,000.
    • Three bedrooms, three and one-half bathrooms, 3,860 square feet. Asking price was $5,500,000 and it sold for $4,200,000.
  • The Reserve
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450 and it sold for $1,119,043.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000 and it sold for $1,338,306.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,349,000 and it sold for $1,300,000.
  • ICON/Sterling at Silverleaf – Two bedrooms, two and one-half bathrooms, 2,752 square feet. Asking price was $3,195,000 and it sold for $3,100,000.
  •  

Phoenix Luxury Condo Sale

Search Phoenix and Scottsdale Luxury Condos for Sale 

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 7/1/2023 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 ©2023 Heather Tawes Nelson | Joyce Tawes

Renting or Selling Your House: What’s the Best Move?

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If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years.

While a short-term rental can be a tempting idea, you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it.

A Short-Term Rental Comes with Responsibilities

Successfully managing your house as a short-term rental takes a lot of time and effort. You’ll have to juggle tasks like dealing with reservations, organizing check-ins, and tackling cleaning, landscape, and maintenance duties. Any one of those can feel demanding, but all together it’s a lot to handle.

Short-term rentals experience high turnover rates, as new guests check in and out frequently. This home traffic can lead to increased wear and tear on your property—meaning you may need to make more frequent repairs or replace your furniture, fixtures, and appliances more often. 

Think through your ability to make that level of commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts must meet. An article from Bankrate explains:

“Managing a rental property can be time-consuming and challenging. Are you handy and able to make some repairs yourself? If not, do you have a network of affordable contractors you can reach out to in a pinch? Consider whether you want to take on the added responsibility of being a landlord, which means screening tenants and fielding issues, among other responsibilities, or paying for a third party to take care of things instead.”

There’s a lot to consider before taking the leap and converting your house into a short-term rental. If you aren’t ready for the work it takes, it could be wise to sell instead.

Short-Term Rental Regulations

As the short-term rental industry continues to grow, regulations have increased. Legal restrictions commonly include limits on the number of vacation rentals in a particular location. This is especially true in larger cities and tourist destinations where there may be concerns about overcrowding or housing shortages for permanent residents. Restrictions may also apply to the type of property that can be used for short-term rentals.

Many cities also require homeowners to obtain a license or permit before renting out their properties. Nick Del Pego, CEO at Deckard Technologies, explains:

“Renting short-term rentals is considered a business by most local governments, and owners must comply with specific workplace regulations and business licensing rules established in their local communities.”

It is important to thoroughly check whether short-term rentals are regulated or prohibited by the local government and your homeowners association (HOA) before even considering renting out your home. 

Bottom Line

Converting your home into a short-term rental isn’t a decision you should make without doing your research. To decide if selling your house is a better alternative, let’s connect today.

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

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June 2023 Scottsdale Housing Market Video –

Here is a one-minute video overview of the Scottsdale, Arizona real estate market that covers the month of June.

June 2023 – Video


Scottsdale Active Listings

Scottsdale homes for sale June 2023

Inventory continues to fall as it has each month since January. This can partly be attributed to already low inventory combined with seasonality, as some homeowners take their homes off of the market during the summer months.

The image above is a year-over-year comparison. The number of homes for sale at the end of June 2023 was down 22% when looking at June 2022.

And if you look at it on a month-over-month basis, inventory was down 14% from the end of May.

Median List Price for Scottsdale Homes

Scottsdale homes median list price June 2023

If you aren’t sure of what the median listing price is, it is the exact midpoint of the listing prices for homes. Half of the homes have higher listing prices and half have lower listing prices.

In June the median listing price in Scottsdale was $1.48 million. This is up slightly over the previous month’s $1.47 million, but up quite a bit over June 2022’s $1.21 million.  

Days on Market

Scottsdale homes days on market June 2023

The Days on Market calculation shows you on average how long it is taking from homes being listed to being sold. You will often see it referred to as DOM.

If the Days on Market is a high number, then homes are lingering on the market for a longer time. Conversely, if you see a low Days on Market, homes are selling at a faster pace.

In June, the DOM for Scottsdale was 69 days. This represents a 97% increase from June 2022. However, to clarify, the DOM of 35 days in June 2022 was incredibly low as we were coming out of a very hot market.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price June 2023

We took a look at the median listing price above and now we will take a look at the median sales price.

Scottsdale’s median sales price in June was $1.05M. This is slightly lower than the previous month’s median sales price of $1.07M and is also lower than June 2022’s median sales price of $1.1M.

Number of Homes Sold

Scottsdale home sales June 2022 vs June 2023

Now we will look at actual home sales.

Above, you will see a year-over-year comparison of home sales. We saw a 7% increase in the number of home sales.

Scottsdale home sales May versus June 2023

Here is the information looking at month-over-month home sales. Sales were down slightly, 2%, compared to the previous month.

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.

Renovate or Relocate? 3 Questions To Help You Decide

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Does your current home no longer serve your needs?

ready to relocate

If so, you may be torn between relocating to a new home or renovating your existing one. This can be a difficult choice, and there’s a lot to consider—including potential costs, long-term financial implications, and quality of life.

A major remodel can be a major commitment. From hiring contractors to selecting materials to managing a budget, it can take a tremendous amount of time and energy—not to mention the ordeal of living through construction or relocating to a temporary residence.

On the other hand, moving is notoriously taxing. In fact, in one survey, 40% of respondents viewed buying a new home as ”the most stressful event in modern life.”1

So which is the better option for you? Let’s take a closer look at some of the factors you should consider before you decide.

  1. What Are Your Motivations for Making a Change?

It’s possible that some of the limitations of your current home can be addressed with a renovation, but others may require a move.

Renovate

Certain issues, like dated kitchens and bathrooms, are fairly easy to remedy with a remodel—and the results can be dramatic. In many cases, a relatively minor renovation can significantly increase your enjoyment of your home.

Other shortcomings can be more challenging to fix but are worth exploring so that you know your options. For example, if your home feels cramped or it lacks certain rooms, you might be able to make changes like installing an extra bathroom, adding a dedicated office, or finishing an attic or basement. You may even be able to build an accessory dwelling unit or extension to accommodate a multi-generational family.

In fact, many Americans have remodeled their homes to meet changing needs since the start of the pandemic. According to the National Association of the Remodeling Industry, 90% of their members reported increased demand for renovations starting in 2020, and 60% reported that the scale of remodeling projects has grown.2

However, the feasibility and cost of these larger changes will depend on factors ranging from zoning and permitting to your home’s current layout. Speaking with an architect or a contractor can help you make an informed decision. Let us refer you to one of our trusted partners to ensure you receive the best possible service.

Relocate

Of course, sometimes, even rebuilding your home from the ground up wouldn’t solve the problem. For example, moving may be the only solution if you’ve switched jobs and now face a lengthy commute or if you need to live closer to an aging family member.

Conversely, if the shift to remote work has opened up your location options, you may wish to seize the opportunity to relocate to a new locale. A 2022 study found that nearly five million Americans had already moved since the start of the COVID-19 pandemic due to increased flexibility from remote work, and nearly 19 million more were planning to move in the near future for the same reasons.3 

Moving may also be the best option, even when you’re happy with your geographic location. A local move may make sense if you’re looking for a larger backyard or significantly more space. Similarly, some frustrations—like living on a busy street or a long way from a grocery store—can’t be addressed with a renovation. We are well-versed in this area and can help you determine whether another neighborhood might suit you and your family better.

  1. Which Option Makes the Most Financial Sense?

Renovating and relocating both come with costs, and it’s wise to explore the financial implications of each choice before you move forward.

Renovate

The costs of a renovation can vary widely, so it’s vital to get several estimates from contractors upfront to understand what it might take to achieve your dream home.

Be sure to consider all of the potential expenditures, from materials and permits to updates to your electrical and plumbing systems. It’s also prudent to add 10-20% to your total budget to account for unexpected issues.4  If you plan to DIY all or part of your renovation, don’t forget to factor in the value of your time.

Renovations can also come with hidden expenses. These might include:

  • Additional home insurance
  • Short-term rental or hotel if you need to move out during the renovation
  • Storage unit for possessions that need to be out of the way
  • Dining out, laundry service, and other essentials if you can’t access appliances at home

Remodeling choices can also impact the long-term value of your home. Some projects may increase your home’s value enough to outweigh your investment, while others could actually hurt your home’s resale potential.

For example, although you may enjoy the additional living space, garage conversions aren’t typically popular with buyers.5 Refinishing hardwood floors, on the other hand, brings an average return of 147% at resale.2  The specific impact of a renovation will depend on a number of factors, including the quality of work, choice of materials, and buyer preferences in your area. We can help you assess how a planned project is likely to affect the value of your home.

Relocate

The cost of a new home, of course, will vary significantly depending on the features you’re seeking. However, you may find that it’s cheaper to move to a home that has everything you want than it is to make major changes to your existing one.

For example, adding a downstairs bedroom suite or opening up a closed floor plan could cost you more than it would to buy a home that already has those features. On the other hand, simpler changes and updates probably won’t outweigh the expense of a relocation.

If you’re considering a move, speak with a real estate agent early in the process. We can assess your current home’s value and estimate the price of a new home that meets your needs. This will help you set an appropriate budget and expectations.

It’s important to remember that the cost of buying a new home doesn’t end with the purchase price. You’ll also need to account for additional expenditures, including closing and moving costs and the fees involved with selling your current home. And don’t forget to compare current mortgage rates to your existing one to understand how a different rate could impact your monthly payment.

However, keep in mind that the interest rate on a mortgage is typically lower than the rate on other loan types—so you could pay less interest on a new home purchase than you would on remodel.6 We’re happy to refer you to a lending professional who can help you explore your financing options.

  1. Which Option Will Be the Least Disruptive to Your Life?

A final—but critical—consideration is the time and hassle involved with each option since both renovating and relocating involve a significant amount of each.

Renovate

Don’t underestimate the time and effort involved in a large-scale renovation, even if you choose to hire a general contractor. You will still need to consider and make a number of decisions. For example, even a fairly basic kitchen remodel can involve a seemingly-endless selection of cabinets, tile, countertops, paint colors, fixtures, hardware, and appliances.

And don’t assume that you will get out of packing and unpacking if you stay in your current home. Most renovations—from kitchens to bathrooms to flooring replacement—require you to remove your belongings during the construction process.

The time frame for a remodel is another consideration. High demand for contractors and ongoing material shortages can mean a long wait to get started. And once the project is in progress, you can expect that it will take a couple of weeks to several months to complete.7

Contemplate whether you will be able to live in your home while it’s being renovated and how that would impact your routine. For example, being without a functional kitchen for months can be frustrating, inconvenient, and expensive (since you’ll need to purchase prepared food). Remember that delays are inevitable with construction, and consider what additional challenges they could present.

Relocate

Of course, finding a new home and selling your current one also takes a significant amount of time and energy. According to the National Association of Realtors’ 2022 Profile of Home Buyers and Sellers, the average buyer searched for 10 weeks and toured a median of five homes.8

However, in many cases, the timeline can still be shorter than a major renovation. Once you find a home that works for you, it typically takes between 30 and 60 days to close if you’re taking on a mortgage—and the process is even faster if you’re paying with cash.9  Plus, you can look for your dream home without the inconvenience of living in a construction zone.

However, a move comes with its own stress and disruptions. If you’re selling your current home, you’ll need to prep it for the market and keep it ready and available for showings. Once you’ve found a place, the packing and moving process takes time and work, as does settling into a new home—especially if it’s in a different neighborhood.

Fortunately, we are here to help make the moving process as easy as possible, if you choose to pursue that route. We can help you find a property that meets all your needs, sell your current one for top dollar, and refer you to some excellent moving companies that can help pack and transport your belongings.

WHATEVER YOU DECIDE, WE CAN HELP

The decision to renovate or relocate can be overwhelming—but this choice also presents a powerful opportunity to improve your quality of life.

There’s a lot to consider, from how renovations could impact your home’s resale value down the road to your neighborhood’s current market dynamics. We’re happy to help you think through your options. Get in touch for a free consultation!

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. HousingWire –
    https://www.housingwire.com/articles/46384-americans-say-buying-a-home-is-most-stressful-event-in-modern-life/
  2. National Association of the Remodeling Industry –
    https://cdn.nar.realtor//sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf?_gl=1*3pfs0m*_gcl_au*NTU2MDQ0MzAyLjE2ODMyMzgzMTY
  3. Business Insider –
    https://www.businessinsider.com/5-million-people-moved-because-of-remote-work-since-2020-2022-3
  4. Forbes –
    https://www.forbes.com/home-improvement/contractor/home-renovation-costs/
  5. U.S. News & World Report –
    https://realestate.usnews.com/real-estate/articles/10-home-renovations-that-can-decrease-the-value-of-your-home
  6. Bankrate –
    https://www.bankrate.com/mortgages/mortgage-vs-home-equity-loan/#differences
  7. House Beautiful –
    https://www.housebeautiful.com/home-remodeling/a25588459/home-renovation-timeline/
  8. National Association of Realtors –
    https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
  9. Forbes –
    https://www.forbes.com/advisor/mortgages/how-long-does-it-take-to-close-on-a-house/

Where Will You Go If You Sell? Newly Built Homes Might Be the Answer.

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Do you want to sell your house, but hesitate because you’re worried you won’t be able to find your next home in today’s market? You’re not alone, but there’s some good news that may ease your worries. New home construction is up and is becoming an increasingly significant part of the housing inventory.

That means when you go to put your house on the market this summer, considering newly built homes is crucial for expanding the options you’ll have for your next move.

Near-Record Percentage of New Home Inventory

Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below):

In fact, as the data shows, newly built homes now make up 31% of the total for-sale inventory. Over the past couple of decades, newly built homes made up an average of only around 13% of total housing inventory from 1983 to 2019.

That means the percentage of the total available homes that are newly built is over two times higher than the norm.

Why This Matters to You 

Overall, the supply of homes for sale is still low. And when there’s limited supply, it’s crucial to explore all of your available choices. New-home construction has emerged as a game changer with increasing inventory. Not to mention, recent data shows it’s gaining even more momentum as more newly built homes are underway and will be coming to the market in the months ahead.

Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), highlights the importance of newly built homes for those looking to buy in today’s housing market. Dietz states:

“With limited available housing inventory, new construction will continue to be a significant part of prospective buyers’ search in the quarters ahead.”

Don’t overlook this growing market segment and risk missing out on great opportunities to find your ideal home. Since new home construction accounts for roughly 31% of total for sale inventory, you could be cutting nearly one in three options from your search if you don’t consider newly built homes. 

If you’re looking to make a move, a local real estate agent can help you sell your current house and explore newly built options in your area. They have the expertise you need to handle both sides of the process so you can move out of your current house and into your brand-new dream home.

Bottom Line

Now’s the time to sell your house and take advantage of the momentum that’s building in new home construction. Let’s connect so that you have a guide throughout the selling and buying process. Together, we can make your transition to a newly built home a reality.

Scottsdale AZ Single Family Home Sales – June 2023

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– 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 June 2023
  • 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.

Scottsdale real estate market June 2023

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

Things To Do in Scottsdale – July 2023

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– Scottsdale Events July 2023 –

Welcome to the second half of 2023! Now that the 4th of July is behind us, here are some things to do in July in and around Scottsdale.

  • Arizona Diamondbacks Games – Throughout July – The Diamondbacks will be playing throughout the month of July. Some of the teams they will be playing include the Mariners, the Mets and the Cardinals.
  • Summer Fridays at Scottsdale Quarter – Friday mornings throughout July – The Quad is the place to be at Scottsdale Quarter on Friday mornings in July. Each week there is a new theme and there will be water toys, a DJ, swag and more.
  • Flashlight Tours at the Desert Botanical Garden – Saturday evenings – Take a break from the toasty sun and explore the Desert Botanical Garden at night. There will be activities, interaction with desert creatures and more.
  • Scottsdale Summer Spectacular Artwalk – July 6th – The Summer Spectacular Gold Palette Artwalk is back after three years! Stroll the streets of Old Town from 6:30 to 9PM and visit the various galleries. Refreshments will be offered and you will be able to meet and interact with many of the featured artists. This is the last one until the Fall.
  • Seaside Soiree Summer Series – Desert Ridge Luau – July 13th – Head on over to the splash pad at Desert Ridge for an evening of fun! There will be foam, photo ops with Moana, Polynesian dancers and performers and so much more!
  • Little River Band – July 15th – The Little River Band will be performing at the Talking Stick Resort. Come see them live!
  • Celebrate France at the Musical Instrument Museum – July 15th – 16th – Celebrate Bastille Day and French Culture at the MIM. There will be performances and French food will be available at the onsite cafe. Also, the MIM has a very robust concert schedule featuring performers from all over the globe.
  • Family Funday at the Phoenix Art Museum – July 30th – Head over to the Phoenix Art Museum for free admission on Family Funday. In addition to all of the art, there will be performances, demonstrations and activities for all ages.

As always, these are just a few of the many things going on around the Valley. Feel free to add any in the comments!

4th of July Events In and Around Scottsdale – 2023

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– 2023 Scottsdale 4th of July Celebrations –

Scottsdale 4th of July 2023

The 4th of July is almost here and that means lots of fun events in Scottsdale and around the Valley. We have pulled together a list of some of the larger events coming up.

  • Fairmont Princess 4th of July Freedom Fest – June 30th – July 4th – The Scottsdale Fairmont Princess is not holding anything back for its 4th of July celebrations this year. As in years past, there will be nightly fireworks and concerts. And, on the 4th, there will be a vintage air show. Not to be outdone, there will be roller skating, meet and greets a glo party and more! Note that some of the events going on are for paid hotel guests only.
  • Freedom Fest at WestWorld – July 4th – WestWorld’s indoor, family-friendly event is back. It runs from 3:00 to 9:30 and has lots of fun events including a rodeo, Disney and other famous characters, eating contests, a parade, junior knight training and so much more. The fireworks start at 9PM. 
  • Cave Creek’s 4th of July Celebration – July 4th – As of this date, Cave Creek will not be having any fireworks displays, but there are still some fun events going on. Harold’s Corral will be hosting an All-American Dance Party on June 30th and July 1st and a Backyard BBQ from June 30th to July 4th.
  • 4th of July Celebration at Tempe Town Lake – July 4th – This is one of the Valley’s premiere 4th of July events. Now taking place at the Tempe Diablo Stadium, the fun kicks off at 5PM. There will be awesome live music, games, food and more. The fireworks will commence after the National Anthem at 9:15
  • Fabulous Phoenix 4th – July 4th –  Phoenix’s largest 4th of July celebration is back again at the ​​Steele Indian School Park and it will run from 6PM to 10PM. There will be live entertainment, food, a classic car show, a Kids Workd and a fireworks show synchronized to music. Fireworks will start around 9:30PM.
  • 4th at the Fountain in Fountain Hills – July 4th – Fireworks and live music from Rock Lobster will make this a fun evening. The music starts at 7PM, so bring your chairs, blankets and your picnic baskets. But if you want to get there early and get a good spot, there will be food and frozen treats for sale starting at 6PM. Fireworks will start at 9PM.

    There are just a few of the many 4th of July 2023 events going on in and around Scottsdale. Please feel free to add any others in the comments section.

    Happy 4th of July!

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