Scottsdale AZ Real Estate & Lifestyle

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Heather Tawes Nelson

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!

    Scottsdale AZ Luxury Home Market – May 2023

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    – Scottsdale Luxury Home Market Performance for May 2023 –

    May was a very good month in terms of sales of luxury homes in Scottsdale. New contracts came in with mixed results and inventory is on its way down again.

    In this report, we examine the Scottsdale luxury home market, where all of the homes were on the market with a price of one million dollars or more. Since different price points can have different results, we have separated the information into four price ranges.

    – MAY 2023 –

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

    Scottsdale Homes for Sale between $1 and $1.5 million May 2023

    – Active Scottsdale Homes on the Market: Inventory has fallen every month since the beginning of the year. In January, there were 255 homes for sale in this price range. At the end of May, there were 168 homes for sale.
    – UCB Scottsdale Home Sales: After a strong April, the number of UCBs fell 45.2%. However, forty-two is not that poor a performance as it comes in over the 12 month average.
    – Pending Scottsdale Home Sales: We also saw pending sales fall in May, but not at as steep as a rate as UCBs. It also came in ahead of the 12 month average.
    – Scottsdale Homes Sold: May was a gangbuster month for home sales in this price range. We saw 114 home sales, the highest level we have seen in the past year.
    – Sales Price to Listed Price: 95.8%- On average, buyers saw a discount of 4.2% off of list price.

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

    Scottsdale Homes for Sale between $1.5 and $2 million May 2023

    – Active Scottsdale Homes on the Market: Inventory was down slightly in May to close out the month at 112. This is below the 12 month average of 129.
    – UCB Scottsdale Home Sales: UCB contracts fell in this price range as well. The month closed out with twenty-one which is just barely above the 12 month average.
    – Pending Scottsdale Home Sales: The number of pending sales fell slightly to thirty-nine.
    – Scottsdale Homes Sold: Home sales were excellent in May, coming in at the second highest we have seen them in the past year.
    – Sales Price to Listed Price: 96.1% – On average, buyers saw a discount of 3.9% off of list price.

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

    Scottsdale Homes for Sale between $2 and $3 million May 2023

    – Active Scottsdale Homes on the Market: The number of homes for sale has been falling slowly over the past few months.
    – UCB Scottsdale Home Sales: The number of UCBs was down in May, but still came in at the third-highest level in the past twelve months.
    – Pending Scottsdale Home Sales: Pendings were down slightly from April, but still posted the second-highest performance over the past year.
    Scottsdale Homes Sold: Sales in this price range were excellent. An impressive forty-three homes sold in May, by far outperforming all of the other months.
    – Sales Price to Listed Price: 95.4% – On average, buyers saw a discount of 4.6% off of list price.

    Scottsdale Homes Priced $3,000,000+

    Scottsdale Homes for Sale over $3 million May 2023

    – Active Scottsdale Homes on the Market: Inventory closed out the month just above the 200 mark. This is higher than the 12 month average of 185.
    – UCB Scottsdale Home Sales: The number of UCBs were down a little, but still performed strongly.
    – Pending Scottsdale Home Sales: Unlike the other price ranges, we saw the number of pendings increase in May. The month closed with forty-one pending sales.
    – Scottsdale Homes Sold: And once again, we have another gangbuster sales month. Forty homes sold for over $3 million in May. The next closest month was June 2022 with thirty-three sales.
    – Sales Price to Listed Price: 94.0% – On average, buyers saw a discount of 6% off of list price.

    If you would like additional detail 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

    Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2023 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 ©2023 Heather Tawes Nelson | Joyce Tawes

    Are Home Prices Going Up or Down? That Depends…

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    Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here’s an explanation of each. 

    Year-over-Year (Y-O-Y):
    • This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
    • Y-O-Y comparisons focus on changes over a one-year period, providing a more comprehensive view of long-term trends. They are usually useful for evaluating annual growth rates and determining if the market is generally appreciating or depreciating.
    Month-over-Month (M-O-M):
    • This comparison measures the change in home prices from one month to the next. For instance, if you’re comparing M-O-M home prices for April 2023, you would compare them to the home prices for March 2023.
    • Meanwhile, M-O-M comparisons analyze changes within a single month, giving a more immediate snapshot of short-term movements and price fluctuations. They are often used to track immediate shifts in demand and supply, seasonal trends, or the impact of specific events on the housing market.

    The key difference between Y-O-Y and M-O-M comparisons lies in the time frame being assessed. Both approaches have their own merits and serve different purposes depending on the specific analysis required.

    Why Is This Distinction So Important Right Now? 

    We’re about to enter a few months when home prices could possibly be lower than they were the same month last year. April, May, and June of 2022 were three of the best months for home prices in the history of the American housing market. Those same months this year might not measure up. That means, the Y-O-Y comparison will probably show values are decpreciating. The numbers for April seem to suggest that’s what we’ll see in the months ahead (see graph below):

    That’ll generate troubling headlines that say home values are falling. That’ll be accurate on a Y-O-Y basis. And, those headlines will lead many consumers to believe that home values are currently cascading downward.

    However, on a closer look at M-O-M home prices, we can see prices have actually been appreciating for the last several months. Those M-O-M numbers more accurately reflect what’s truly happening with home values: after several months of depreciation, it appears we’ve hit bottom and are bouncing back.

    Here’s an example of M-O-M home price movements for the last 16 months from the CoreLogic Home Price Insights report (see graph below):

    Why Does This Matter to You?

    So, if you’re hearing negative headlines about home prices, remember they may not be painting the full picture. For the next few months, we’ll be comparing prices to last year’s record peak, and that may make the Y-O-Y comparison feel more negative. But, if we look at the more immediate, M-O-M trends, we can see home prices are actually on the way back up.

    There’s an advantage to buying a home now. You’ll buy at a discount from last year’s price and also before prices start to pick up even more momentum. It’s called “buying at the bottom,” and that’s a good thing.

    Bottom Line

    If you have questions about what’s happening with home prices, or if you’re ready to buy before prices climb higher, let’s connect.

    Phoenix and Scottsdale AZ Luxury Condo Sales – May 2023

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    Luxury Condo Sales in Scottsdale and Phoenix – May 2023

    The Scottsdale/Phoenix luxury condo market had another excellent month of sales in May. 

    In this analysis, we look at luxury condo sales in Scottsdale and Phoenix. To be a part of this report, the condo had to have a list price of one million dollars or more. 

    ACTIVE LISTINGS AT THE END OF MAY

    Inventory fell again in May, closing out at 48, compared to 60 at the end of March and 54 at the end of April. The vast majority of listings (44) were located in Scottsdale.

    The highest-priced listing has held this spot for a couple of months now. Located in The Plaza Lofts at Kierland, this penthouse comes with three bedrooms, three and one-half bathrooms and 4,059 square feet. It was listed for $5,650,000.

    The lowest-priced listing was located in the Scottsdale Waterfront Residences community. It was a two bedroom and bathroom unit with 1,439 square feet. The asking price was $1,199,900.

    UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

    UCB contracts were the only place we saw a decrease in May. The month ended with four UCBs in the pipeline and all of them were located in Scottsdale.  

    UCB Condos in Scottsdale

    • Portico Condominiums– Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,657,000.
    • Optima Kierland – Three bedrooms, two and one-half bathrooms, 2,487 square feet. Asking price was $1,939,000.
    • Scottsdale Waterfront Residences
      • Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $1,665,000.
      • Three bedrooms, three and one-half bathrooms, 3,860 square feet. Asking price was $5,500,000.

    PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

    Pending sales were up quite a bit in May. They jumped up to 67 the end of the month. This large backlog is due to a number of projects currently being built out in Scottsdale. 

    Scottsdale Pending Luxury Condos

    • Optima Camelview – Three bedrooms, two bathrooms, 1,727 square feet. Asking price was $1,499,000.
    • Optima Kierland – Two bedrooms and bathrooms, 1,258 square feet. Asking price was $1,150,000.
    • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,117 square feet. Asking price was $1,795,000.
    • 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 $1,425,600.
      • 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 $1,582,200.
      • 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 $1,669,000.
      • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,000.
      • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,600.
      • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,728,000.
      • 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 $1,814,400.
      • 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 $1,890,000.
      • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,899,000.
    • The Reserve – This community is under construction.
      • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,012,450.
      • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,159,000.
      • 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 $1,349,000.
      • 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.
      • One bedroom, two bathrooms, 1,677 square feet. Asking price was $2,195,000.
      • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
      • 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, three bathrooms, 2,592 square feet. Asking price was $3,100,000.
      • 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.
      • Two bedrooms, two and one-half bathrooms, 2,752 square feet. Asking price was $3,195,000.
      • 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.
      • 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

    • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.
    • The Residences at 2211 Camelback – Two bedrooms, three bathrooms and 3,000 square feet. Asking price was $1,695,000.

    LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

    Sales continued to be strong. There were twelve sales in May, up from eight in April. 

    Scottsdale Luxury Condo Sales

    • ICON/Sterling at Silverleaf – Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,995,000 and it sold for list price.
    • Optima Kierland
      • Two bedrooms and bathrooms, 1,365 square feet. Asking price was $1,295,000 and it sold for $1,280,000.
      • Two bedrooms, two and one-half bathrooms and 2,000 square feet. Asking price was $1,875,000 and it sold for $1,790,000.
    • The Reserve
      • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500 and it sold for $1,182,815.
      • Three bedrooms and bathrooms, 2,675 square feet. Asking price was $1,063,000 and it closed for $1,222,550.
    • Seven at Desert Mountain
      • Three bedrooms, three and one-half bathrooms, 2,721 square feet. Asking price was $2,090,000 and it sold for $2,040,000.
      • Three bedrooms, three and one-half bathrooms, 2,721 square feet. Asking price was $2,395,000 and it sold for $2,225,000.
    • Optima Camelview – Three bedrooms, two bathrooms, 1,915 square feet. Asking price was $2,250,000 and it sold for $2,000,000.

    Phoenix Luxury Condo Sales

    • One Lexington – Two bedrooms, two and one-half bathrooms and 2,835 square feet. Asking price was $1,695,000 and it closed for list price.
    • Esplanade Place – Two bedrooms and bathrooms and 2,417 square feet. Asking price was $1,199,875 and it closed for list price.
    • Two Biltmore Estates – Three bedrooms, three and one-half bathrooms, 3,860 square feet. Asking price was $2,800,000 and it sold for list price.

    Learn More About Phoenix and Scottsdale Luxury Condos

    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 6/1/2023 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

    National Real Estate Market Update for 2023

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    National Real Estate Market Update 2023

    There’s an old adage in real estate: location, location, location. But ever since the Federal Reserve began its series of inflation-fighting interest rate hikes last year, a new mantra has emerged: mortgage rates, mortgage rates, mortgage rates.

    Higher rates had the immediate impact of dampening homebuyer affordability and demand. But this year, we’re seeing further repercussions. While analysts expected listing inventory to swell as sales declined, instead, homeowners have been pushing off plans to sell because they feel beholden to their existing, lower mortgage rates.

    So what impact is this reduced demand and low supply environment having on home values? And what can we expect from the real estate market in the coming months and years? Here are several key indicators that help to paint a picture of the current market and where it’s likely headed.

    HOME SALES ARE EXPECTED TO PICK UP BY EARLY NEXT YEAR

    The weather isn’t the only thing that heats up in the spring and summer. Nationally, it tends to be the busiest time in real estate. But this year, the peak season got off to a slow start, with sales declines in both March and April.1,2 Existing home sales in April were down 3.4% from the previous month—and 23.2% from a year earlier.2

    What’s causing this market slowdown? Industry experts attribute it to several factors, including near-record home prices, high mortgage rates, and low inventory.

    According to National Association of Realtors (NAR) Chief Economist Lawrence Yun, “Home sales are trying to recover and are highly sensitive to changes in mortgage rates. Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It’s a unique housing market.”1

    However, some industry experts believe the market is poised for a comeback. Forecasters at the Mortgage Bankers Association (MBA) predict that home sales will continue to fall through Q3 before rising in Q4 and throughout next year.3  Analysts at Fannie Mae expect the recovery to take a bit longer, picking up in early 2024.

    Meanwhile, home builder confidence is already up, as purchases of new single-family homes surged in March and April to a 13-month high.5 Builder incentives are helping to boost sales: According to the National Association of Home Builders, in May, 54% reported using them to win over budget-conscious buyers.6

    What does it mean for you?  A slower pace of sales has given buyers some breathing room. If you hated the frenzy of the pandemic-era real estate market, now might be a better time for you to shop for a home. We can help you evaluate your options and make an informed purchase.

    If you plan to sell your home, prepare yourself for less foot traffic and a longer sales timeline than you may have found a year ago. It will also be crucial to enlist the help of a skilled agent who knows how to draw in buyers. Reach out for a copy of our multi-step Property Marketing Plan.

    PROPERTY VALUES REMAIN RELATIVELY STABLE

    Some good news for buyers: While home builder sales climbed in April, the median new-house price fell to $420,800, an 8.2% decrease from a year ago.5 Meanwhile, the median existing-home price dropped to $388,800, down 1.7% year-over-year. Notably, existing-home prices rose in parts of the country but fell in the South and West.2

    “Roughly half of the country is experiencing price gains,” explains Yun. “Multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent.”2

    The average national home price remains about 40% higher than it was in early 2020, according to the S&P CoreLogic Case-Shiller index.7 A tight housing supply has helped to buoy prices amidst a slowdown in sales.

    “While it varies from region to region, home prices at the national level may fall 1% or 1.5% by the end of the year, so not much,” Doug Duncan, senior vice president and chief economist at Fannie Mae, told Yahoo Finance in April.8

    Record levels of home equity will help to stabilize the sector and prevent a wave of foreclosures, even as prices moderate, according to Mark Zandi, chief economist at Moody’s Analytics.9

    “But for those who have owned a home for more than a year or two, their home will remain a rock-solid investment. And once affordability is restored, the next generation of households can become homeowners. Getting there is critical to the financial well-being of those households, their communities, and the broader economy,” writes Zandi in The Washington Post.9

    What does it mean for you?  Prices have softened in certain market segments—and motivated sellers are out there and willing to make deals. We can help you find your next home and negotiate a great price.

    If you’re a homeowner, the surge in home values has slowed, but you’re likely still sitting on a nice pile of equity. Reach out for a free assessment to find out how much your home is currently worth.

    LISTING INVENTORY IS LOW, BUT NEW CONSTRUCTION IS ON THE RISE

    Unsold existing home inventory rose 7.2% from March to April, according to NAR. At the current level of demand, this equates to 2.9 months of supply, which is still well below the 5 to 6 months of inventory required for a “balanced” market.2

    Inventory remains tight despite the market slowdown because many would-be sellers are reluctant to give up their lower mortgage rates. “Affordability is not only an issue for first-time homebuyers, but also for many repeat buyers who still need to take on a mortgage,” explains Danielle Hale, chief economist for Realtor.com.10

    In a recent survey by the home listing site, 82% of respondents who are planning to both buy and sell a home said they feel “locked in” by their low rate.11

    In some areas, new home construction is helping to fill the supply gap. “Currently, one-third of housing inventory is new construction, compared to historical norms of a little more than 10%,” according to National Association of Home Builders Chief Economist Robert Dietz.12

    And more new homes are in the pipeline, after a builder slowdown last year. Single-family housing starts rose 1.6% from March to April (seasonally adjusted) and new construction permits hit a seven-month high.13

    What does it mean for you?  Inventory remains tight, but less competition means more choice and negotiating power for buyers. If you’ve had trouble finding a home in the past, it may be time to take another look. We can help you explore both new and existing homes in our area.

    Sellers are enjoying reduced competition right now, as well. However, the longer you wait to list, the more competition you’re likely to face. And if you feel locked in by your current, lower mortgage rate, consider this: If you roll your equity gains into a down payment on your next home, you could possibly lower your monthly payment. Reach out to discuss your options.

    MORTGAGE RATES MAY FINALLY COME DOWN

    According to Freddie Mac, the average 30-year fixed-rate mortgage hit a peak of 7.08% in the fourth quarter of 2022, and since then it’s primarily floated between 6 and 7%.14 However, there are signs that rates could trend lower later this year.

    “Calmer inflation means lower mortgage rates, eventually,” Yun predicted in a recent statement. “Mortgage rates slipping down to under 6% looks very likely toward the year’s end.”15

    Other leading economists agree. In its May forecast, Fannie Mae speculates that 30-year fixed mortgage rates will continue to decline, averaging 6.0% in Q4 2023 and 5.4% by Q4 2024.4 Meanwhile, the MBA predicts rates will fall even faster, averaging 5.6% by Q4 2023 and 4.8% by Q4 2024.3

    On May 3, the Federal Reserve raised its benchmark borrowing rate by another quarter point—its 10th consecutive increase since March 2022. However, in its corresponding statement, the Fed omitted language from its previous release about “additional policy firming,” leaving some analysts to speculate that the rate hikes may be over.16

    Although mortgage rates aren’t directly tied to the federal funds rate, a decision by the Fed to pause rate increases could have a positive effect. In the meantime, buyers should shop around multiple lenders to find the best rate—and buckle up for what could be an exciting ride.

    What does it mean for you?  Mortgage rates may finally trend down, which would be great news for buyers. But, a decrease in rates could correspond with an increase in competition and prices. If you start searching now, you’ll be prepared to make an offer when the time is right. We can help you negotiate a great deal and potential seller incentives.

    If you’re planning to sell, this is good news for you, too. But, there are several factors to consider when determining the right time to list your home. Reach out for a consultation so we can help you chart the best course.

    WE’RE HERE TO GUIDE YOU

    While national real estate forecasts can provide a “big picture” outlook, real estate is local. And as local market experts, we can guide you through the ins and outs of our market and the issues most likely to impact sales and drive home values in your particular neighborhood.

    If you’re considering buying or selling a home, contact us now to schedule a free consultation. We’ll work with you to develop 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. National Association of Realtors –
      https://www.nar.realtor/newsroom/existing-home-sales-slid-2-4-in-march
    2. National Association of Realtors –
      https://www.nar.realtor/newsroom/existing-home-sales-faded-3-4-in-april
    3. Mortgage Bankers Association –
      https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-may-2023.pdf?sfvrsn=4bf1d1a7_1
    4. Fannie Mae –
      https://www.fanniemae.com/media/47006/display
    5. U.S. Census Bureau –
      https://www.census.gov/construction/nrs/current/index.html
    6. National Association of Home Builders –
      https://www.nahb.org/news-and-economics/press-releases/2023/05/lack-of-existing-inventory–boosts-builder-confidence-to-key-marker
    7. New York Times –
      https://www.nytimes.com/2023/04/29/business/spring-housing-market.html?
    8. Yahoo Finance –
      https://finance.yahoo.com/news/mortgage-rates-increase-after-weeks-of-declines-160015631.html
    9. The Washington Post –
      https://www.washingtonpost.com/business/2023/04/22/housing-prices-put-some-out-of-the-market/
    10. CNBC –
      https://www.cnbc.com/2023/04/20/home-sales-fell-in-march-amid-volatility-in-mortgage-rates.html
    11. Realtor.com –
      https://www.realtor.com/research/2023-q1-sellers-survey-btts/
    12. National Association of Home Builders –
      https://www.nahb.org/news-and-economics/press-releases/2023/04/lack-of-existing-inventory-continues-to-support-builder-sentiment
    13. United State Census Bureau –
      https://www.census.gov/construction/nrc/pdf/newresconst.pdf
    14. Freddie Mac –
      https://www.freddiemac.com/pmms
    15. National Association of Realtors –
      https://www.nar.realtor/blogs/economists-outlook/instant-reaction-inflation-april-12-2023
    16. CNBC – https://www.cnbc.com/2023/05/03/fed-rate-decision-may-2023-.html

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

    By

    – May 2023 Scottsdale Housing Market Video –

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

    May 2023 – Video


    Scottsdale Active Listings

    Scottsdale homes for sale May 2023

    The number of homes for sale dropped under the 1,000 mark by the end of the month. While this is still 10% higher than where we were last year, we are still in need of inventory.

    And if you compare the end of May to the end of April, the number of homes for sale was down by 13%.

    Median List Price for Scottsdale Homes

    Scottsdale homes median list price May 2023

    The median listing price is a way to get an idea of home prices in a given market. It represents the price at which half of the homes for sale are priced higher and half of the homes for sale are priced lower.

    Scottsdale’s median listing price in May was $1.49 million. This comes in well above last May’s $1.3 million and is up from April 2023’s $1.4 million as well.  

    Days on Market

    Scottsdale homes days on market May 2023

    Days on Market, frequently referred to as DOM, shows you how long is it taking homes to sell.

    If you see a low DOM, homes are selling quickly. For instance, in May 2022, the DOM was 30, which is a very, very fast home sale pace. If the DOM is higher, it means homes are selling at a slower pace.

    Days on Market for Scottsdale came in at 67 in May. This is down from April’s 72, but 123% above May 2022’s 30 days.

    Median Sales Price for Scottsdale Homes

    Scottsdale homes median sales price May 2023

    Similar to the median listing price above, the median sales price is the midpoint price of home sales.

    May ended with a median sales price of $1.06 million. This is slightly higher than April, but slightly lower than the same time last year.

    Number of Homes Sold

    In this final section, we will examine the number of homes sold. 

    Scottsdale home sales May 2022 vs May 2023

    This first image compares sales on a year-over-year basis. Sales in May 2023 were down 7% when compared to May 2022.

    Scottsdale home sales April versus May 2023

    This second image looks at month-over-month sales activity. Sales in May were very strong and were up 42% compared to last 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.

    Scottsdale AZ Single Family Home Sales – May 2023

    By

    – May 2023 Scottsdale Homes for Sale and Home Sales –

    After a quieter April, May sales activity rebounded. We had seen a higher number of pending contracts in April and it looks like a large number of them closed in May.

    SCOTTSDALE HOME SALES ACTIVITY – MAY 2023

    We track the following sales statuses on a monthly basis:

    – Single-family homes for sale – Orange Line – How many homes were showing active 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 – How many pending contracts there were at the end of the month.*
    – Home Sales – Blue Line – The number of homes sold during each month.

    MAY 2023 RESULTS

    Scottsdale Home sales May 2023
    • Scottsdale Homes for Sale: Inventory has been shrinking for the past several months. We are now close to the 900 mark, down almost 200 homes since January.
    • UCB (Under contract, accepting backup offers): UCB contracts were down in May when compared with April. However, this is still the second best performance for UCBs in the past year.
    • Pending Homes Sales in Scottsdale: Pending sales were also down in May, but similar to April, posted the second highest number of pendings in the past 12 months.
    • Scottsdale Home Sales: Home sales jumped by 135 (or 29.7%) between April and May. This is the highest sales figure we have seen in the past year.

    This last section contains two more sales metrics that we like to keep an eye on.

    Scottsdale real estate market May 2023

    Percent Change Month Over Month – The chart on top looks at performance on a month-over-month perspective. For instance, the number of active listings fell 7.5% between the end of April and the end of May.

    Sales Price to List Price – The bottom chart examines home prices and at what discount homes are selling for relative to their asking prices. In May, we came in at 95.9% which means homes sold at an average discount of 4.1% off of the average list price.

    *Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.

    Curious about your buying power? Click on the link to learn more.

    Search Scottsdale AZ Homes for Sale

    Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2023. 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

    The Best Time To Sell Your House Is When Others Aren’t Selling

    By

    If you’re thinking about selling your house, you should know the number of homes for sale right now is low. That’s because, this season, there are fewer sellers listing their houses for sale than the norm.

    In fact, in Scottsdale, inventory has been decreasing over the last several months.

    Looking back at every April since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below):

    While there are a number of factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. It’s called rate lock.

    As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 months say they’re waiting for rates to come down.

    While this wait-and-see approach is right for some sellers, it also creates an opening for more eager sellers to jump in now.

    If your current house truly doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to stand out. When fewer sellers are putting their homes up for sale, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. That’s why your house could see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.

    As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

    “Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”

    Bottom Line

    If you’re ready to sell now, beat the competition before it comes onto the market. If you do, your house should stand out and could get multiple offers. Let’s connect to get you market ready.

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