Scottsdale AZ Real Estate & Lifestyle

Live Better in Scottsdale - eXp Realty

Heather Tawes Nelson

Scottsdale AZ Luxury Home Market – July 2024

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– Scottsdale Luxury Home Market Performance for July 2024 –

The month of July was another decent month for this market segment. While we are seeing slower activity overall in the single-family home market, luxury homes in Scottsdale and Phoenix are still posting strong sales numbers. We did see a drop in new contracts in July, so I anticipate August numbers decrease.

This report covers the luxury home market in Scottsdale. All of these homes were on the market for $1 million and above. We sorted these homes into four price segments to show additional detail. 

– JULY 2024 –

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

Scottsdale home sales between 1 and 1.5 million July 2024

– Active Scottsdale Homes on the Market: Inventory was more or less level with June and was slightly above the 12 month average.
– UCB Scottsdale Home Sales: After an excellent June, UCB contracts fell back down to around where we were in April and May.
– Pending Scottsdale Home Sales: The number of pendings fell by 60% by the end of July. This is the second lowest we have seen them this year.
– Scottsdale Homes Sold: Sales rebounded in July to close out the month with 78. This is above the 12 month average of 70.
– Sales Price to Listed Price: 96.9% – On average, buyers saw a discount of 3.1% off of list price.

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

Scottsdale home sales between 1.5 and 2 million July 2024

– Active Scottsdale Homes on the Market: The number of homes on the market fell by 7% between June and July.
– UCB Scottsdale Home Sales: Although UCBs were down slightly in July, they still turned in a decent performance for this price segment.
– Pending Scottsdale Home Sales: Pending contracts fell to the second-lowest we have seen this in the past year.
– Scottsdale Homes Sold: After a disappointing June, home sales saw a healthy 23.4% jump in July . They also came in above the 12 month average.

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

Scottsdale home sales between 2 and 3 million July 2024

– Active Scottsdale Homes on the Market: The number of homes for sale fell for the third month in a row. They are now close to levels we saw around this time last year.
– UCB Scottsdale Home Sales: The number of UCB contracts fell 42.1% between June and July.
– Pending Scottsdale Home Sales: Pendings contracts also fell in July, but not as dramatically.
– Scottsdale Homes Sold: Home sales declined for the third month in a row, but were still close to the 12 month average.
– Sales Price to Listed Price: 95.1% – On average, buyers saw a discount of 4.9% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale home sales over 3 million July 2024

– Active Scottsdale Homes on the Market: Inventory was down again in July. The month ended with 209 homes on the market.
– UCB Scottsdale Home Sales: UCB contracts dropped quite a bit and turned in the second-lowest performance of the past year.
– Pending Scottsdale Home Sales: Pending sales were down slightly when compared with June.
– Scottsdale Homes Sold: Home sales remained level between June and July and also came in above the 12 month average.
– Sales Price to Listed Price: 94.0% – On average, buyers saw a discount of 6.0% 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:

920 Listings
12422 N 65TH Street, Scottsdale, AZ 85254

$1,060,000 12422 N 65TH Street
Scottsdale, AZ 85254 12422 N 65TH Street
Scottsdale, AZ 85254Listing office: My Home Group Real Estate

Scottsdale, AZ 85262

$1,199,800 Scottsdale, AZ 85262 Scottsdale, AZ 85262Listing office: Carefree Real Estate

6019 E PARADISE Lane, Scottsdale, AZ 85254

$1,200,000 6019 E PARADISE Lane
Scottsdale, AZ 85254 6019 E PARADISE Lane
Scottsdale, AZ 85254Listing office: West USA Realty

1637 N Quartz Valley Road, Scottsdale, AZ 85266

$1,625,000 1637 N Quartz Valley Road
Scottsdale, AZ 85266 1637 N Quartz Valley Road
Scottsdale, AZ 85266Listing office: Russ Lyon Sotheby's International Realty

7914 E SOFTWIND Drive, Scottsdale, AZ 85255

$2,750,000 7914 E SOFTWIND Drive
Scottsdale, AZ 85255 7914 E SOFTWIND Drive
Scottsdale, AZ 85255Listing office: Berkshire Hathaway HomeServices Arizona Properties

12423 N 64th Street, Scottsdale, AZ 85254

$1,650,000 12423 N 64th Street
Scottsdale, AZ 85254 12423 N 64th Street
Scottsdale, AZ 85254Listing office: HomeSmart

5632 E EMILE ZOLA Avenue, Scottsdale, AZ 85254

$1,495,000 5632 E EMILE ZOLA Avenue
Scottsdale, AZ 85254 5632 E EMILE ZOLA Avenue
Scottsdale, AZ 85254Listing office: Berkshire Hathaway HomeServices Arizona Properties

37200 N CAVE CREEK Road, 1002, Scottsdale, AZ 85262

$4,285,985 37200 N CAVE CREEK Road, 1002
Scottsdale, AZ 85262 37200 N CAVE CREEK Road, 1002
Scottsdale, AZ 85262Listing office: Griggs's Group Powered by The Altman Brothers

4839 E CROCUS Drive, Scottsdale, AZ 85254

$1,199,900 4839 E CROCUS Drive
Scottsdale, AZ 85254 4839 E CROCUS Drive
Scottsdale, AZ 85254Listing office: HomeSmart

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 8/1/2024 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

How Mortgage Rate Changes Impact Your Homebuying Power

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If you’re thinking about buying or selling a home, you’ve probably got mortgage rates on your mind. That’s because you’ve likely heard that mortgage rates impact your monthly mortgage payment and therefore how much you can afford, and you want to factor that into your planning. Here’s what you need to know.

What’s Happening with Mortgage Rates?

Mortgage rates have been trending down recently. While that’s good news for your homebuying plans, it’s important to know that rates can be unpredictable because they’re affected by many factors.

Things like the economy, job market, inflation, and decisions made by the Federal Reserve all play a part. So, even as rates go down, they can still bounce around a bit based on new economic data. As Odeta Kushi, Deputy Chief Economist at First American, says:

“The ongoing deceleration in inflation, coupled with the Federal Reserve’s recent indication of potential rate cuts , suggests an environment supportive of modest declines in mortgage rates. Barring any unforeseen circumstances and resurgence in inflation, lower mortgage rates could be on the horizon, but the journey towards them might be slow and bumpy.”

How Do These Changes Affect You?

When mortgage rates change, it affects how much you pay each month for your home loan. Even a small rate change can make a big difference to your monthly bill.

Take a look at the chart below to see how different mortgage rates impact your house payment each month for various loan amounts. Imagine you can afford a monthly payment of $2,600 for your home loan. The green part in the chart shows payments in that range or lower based on varying mortgage rates (see chart below):

Understanding how mortgage rates impact your payment helps you make better decisions.

How Can You Keep Track of the Latest on Rates?

Real estate agents have the expertise to help you understand what’s happening and what it means for you. They can provide tools and visuals, like the chart above, to show how rate changes impact your buying power. Plus, most agents have a network of lenders that they have worked with and trust. So if you do not currently have a lender you are working with, they can certainly send you a list of potentials.

You don’t need to be a mortgage expert; you just need a professional by your side. Someone who can help you make sense of the market and guide you through your home buying or selling journey.

Bottom Line

If you have questions about the housing market, let’s connect. That way you’ll understand what’s going on and how to navigate it.

Curious About Your Homebuying Power? This post takes a deeper dive into understanding how much you can afford. 

Phoenix and Scottsdale AZ Luxury Condo Sales – July 2024

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Luxury Condo Sales in Scottsdale and Phoenix – July 2024

Here is our monthly report on the sales activity of luxury homes in Scottsdale and Phoenix. Each of these homes had an asking price of $1 million or more.

Unlike the single-family home market where we are generally seeing slower sales activity, the luxury condo market continues to plug along, adding new contracts and closing sales. 

ACTIVE LISTINGS AT THE END OF JULY

The number of homes for sale at the end of the month dropped again. June closed out with 72 units for sale and at the end of July, there were 64 units for sale. Fifty-six of the sixty-four homes were located in Scottsdale.

As it has been for the last several months, the most expensive condo for sale is located in ICON at Silverleaf. It is also the highest-priced condo ever in Scottsdale. This final penthouse unit is listed for $12,900,000. It has four bedrooms, four and one-half bathrooms and 6,288 square feet.

The lowest-priced luxury condo is located in the Scottsdale Waterfront Residences community in Old Town. It has one bedroom, two bathrooms and 1,644 square feet. The asking price was $1,050,000.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

The number of UCB contracts remained level with June at eleven. This is decent activity for the typically slower summer months.

UCB Condos in Scottsdale

  • ICON at Silverleaf – Three bedrooms, four bathrooms, 3,239 square feet. Asking price was $3,900,000,
  • Optima Camelview -Three bedrooms and bathrooms, 2,320 square feet. Asking price was $1,775,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms, 2,041 square feet. Asking price was $2,199,000.
    • Two bedrooms, two and one-half bathrooms, 2,265 square feet. Asking price was $2,400,000.
    • Three bedrooms, two and one-half bathrooms, 2,284 square feet. Asking price was $3,200,000.

UCB Condos in Phoenix

  • Esplanade Place
    • Two bedrooms, three bathrooms, 3,000 square feet. Asking price was $1,295,000.
    • Two bedrooms, three bathrooms, 3,542 square feet. Asking price was $1,796,000.
  • Optima Biltmore – Two bedrooms, two and one-half bathrooms, 2,456 square feet. Asking price was $1,295,000.
  • Toscana at Desert Ridge
    • Two bedrooms, two and one-half bathrooms, 1,780 square feet. Asking price was $1,280,049.
    • Two bedrooms, two and one-half bathrooms, 1,780 square feet. Asking price was $1,292,596.
    • Two bedrooms, two and one-half bathrooms, 2,025 square feet. Asking price was $1,556,951.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

July ended with 120 pending sales in the pipeline. This was down two from June. The majority of these pending sales are located in communities that are under development.

Scottsdale Pending Luxury Condos

  • Scottsdale Waterfront Residences – Three bedrooms, three and one-half bathrooms, 2,503 square feet. Asking price was $3,150,000.
  • 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 $1,495,000.
    • 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 $1,664,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,718,000.
    • 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 $1,744,000.
    • 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 $1,450,000.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,789 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 1,789 square feet. Asking price was $1,650,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,650,000.
    • 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.
    • Two bedrooms, two and one-half bathrooms, 2,346 square feet. Asking price was $1,875,000.
    • Two bedrooms, two and one-half bathrooms, 2,547 square feet. Asking price was $1,925,000.
    • Two bedrooms, two and one-half bathrooms, 2,346 square feet. Asking price was $1,950,000.
    • One bedroom, two bathrooms, 1,896 square feet. Asking price was $1,975,000.
    • Two bedrooms, two and one-half bathrooms, 2,547 square feet. Asking price was $1,995,000.
    • One bedroom, two bathrooms, 1,678 square feet. Asking price was $1,995,000.
    • 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.
    • Two bedrooms, two and one-half bathrooms, 2,589 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, 2,244 square feet. Asking price was $2,325,000.
    • 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, 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, two and one-half bathrooms, 2,160 square feet. Asking price was $2,485,000.
    • Two bedrooms, three bathrooms, 2,510 square feet. Asking price was $2,550,000.
    • 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, three bathrooms, 2,318 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, three bathrooms, 2,294 square feet. Asking price was $2,875,000.
    • 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, 2,510 square feet. Asking price was $2,995,000.
    • Two bedrooms. three bathrooms, 2,599 square feet. Asking price was $2,995,000.
    • Two bedrooms, three bathrooms, 2,497 square feet. Asking price was $3,050,000.
    • Two bedrooms, three bathrooms, 2,592 square feet. Asking price was $3,100,000.
    • Two bedrooms, three bathrooms, 2,527 square feet. Asking price was $3,275,000.
    • Two bedrooms, three bathrooms, 2,326 square feet. Asking price was $3,375,000.
    • Two bedrooms and bathrooms, 2,318 square feet. Asking price was $3,385,000.
    • Two bedrooms, three bathrooms, 2,510 square feet. Asking price was $3,395,000.
    • Two bedrooms and bathrooms, 2,592 square feet. Asking price was $3,525,000.
    • Two bedrooms, three bathrooms, 2,576 square feet. Asking price was $3,585,000.
    • 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 $2,495,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,600,000.
    • 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.
    • Three bedrooms, four bathrooms, 3,329 square feet. Asking price was $3,900,000.
    • 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

July was another strong sales month. Eleven units closed, with eight of the eleven located in Scottsdale. 

Scottsdale Luxury Condo Sales

  • ICON at Silverleaf – Three bedrooms and three and one-half bathrooms, 3,136 square feet. Asking price was $3,150,000 and it sold for $2,650,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms, 2,092 square feet. Asking price was $2,595,000 and it sold for $2,300,000.
    • Two bedrooms and bathrooms, 1,554 square feet. Asking price was $1,199,000 and it sold for $1,135,000.
  • The Mark Condominiums – Three bedrooms, two and one-half bathrooms, 1,811 square feet. Asking price was $1,450,000 and it sold for $1,400,000.
  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,535 square feet. Asking price was $1,224,999 and it sold for $1,200,000.
  • Optima Camelview
    • Two bedrooms and bathrooms, 1,252 square feet. Asking price was $1,150,000 and it sold for $1,135,000.
    • Two bedrooms and bathrooms, 1,681 square feet. Asking price was $1,125,000 and it sold for $970,000.
    • Three bedrooms, two bathrooms, 2,163 square feet. Asking price was $1,795,000 and it sold for $1,600,000.

Phoenix Luxury Condo Sales

  • Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 2,084 square feet. Asking price was $1,295,000 and it closed for $1,250,000.
  • Arizona Biltmore Hotel Villas – Two bedrooms, two and one-half bathrooms, 1,415 square feet. Asking price was $1,350,000 and it closed well over asking at $1,405,000.
  • The Residences at 2211 Camelback -Two bedrooms, three bathrooms, 2,988 square feet. Asking price was $1,575,000 and it sold for $1,400,000.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale 

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82 Matches Found
$4,950,000
5000 N Camelback Ridge Road, 109, Scottsdale, AZ
Active
3BD 3.5BA 3,867SF
Last Modified: 2:34am, August 25, 2024
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Listing Office: RETSY
$2,995,000
4849 N Camelback Ridge Road, A104, Scottsdale, AZ
Active
2BD 2.5BA 2,157SF
Last Modified: 2:38am, August 24, 2024
IDX
Listing Office: Russ Lyon Sotheby's International Realty
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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.
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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 8/1/2024 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

What Credit Score Do You Really Need To Buy a House?

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When you’re thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says:

“Good credit scores communicate to lenders that you have a track record for properly managing your debts. For this reason, the higher your score, the better your chances of qualifying for a mortgage.”

The trouble is most buyers overestimate the minimum credit score they need to buy a home. According to a report from Fannie Mae, only 32% of consumers have a good idea of what lenders require. That means nearly 2 out of every 3 people don’t.

So, here’s a general ballpark to give you a rough idea. Experian says:

“The minimum credit score needed to buy a house can range from 500 to 700, but will ultimately depend on the type of mortgage loan you’re applying for and your lender. Most lenders require a minimum credit score of 620 to buy a house with a conventional mortgage.”

Basically, it varies. So, even if your credit isn’t perfect, there are still options out there. FICO explains:

“While many lenders use credit scores like FICO Scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable. There is no single “cutoff score” used by all lenders, and there are many additional factors that lenders may use . . .”

And if your credit score needs a little TLC, don’t worry—Experian says there are some easy steps you can take to give it a boost, including:

1. Pay Your Bills on Time

Lenders want to see that you can reliably pay your bills on time. This includes everything from credit cards to utilities and cell phone bills. Consistent, on-time payments show you’re a responsible borrower.

2. Pay Off Outstanding Debt

Paying down what you owe can help lower your overall debt and make you less of a risk to lenders. Plus, it improves your credit utilization ratio (how much credit you’re using compared to your total limit). A lower ratio means you’re more reliable to lenders.

3. Don’t Apply for Too Much Credit

While it might be tempting to open more credit cards to build your score, it’s best to hold off. Too many new credit applications can lead to hard inquiries on your report, which can temporarily lower your score.

Bottom Line

Your credit score is crucial when buying a home. Even if your score isn’t perfect, there are still pathways to homeownership.

Working with a trusted lender is the best way to get more information on how your credit score could factor into your home loan.

Need a referral for a lender? We have many lenders who have done great jobs for our clients and we are happy to send you a list. Maybe one of them will be a fit for you. Contact us if you would like the list.

Quick Video Update of the Scottsdale Real Estate Market – July 2024

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– July 2024 Scottsdale Housing Market Video –

Here is a quick video overview of the Scottsdale, Arizona single-family home real estate market that covers the month of July.

July 2024 – Video

Scottsdale Active Listings

Scottsdale active listings July 2024

Active listings were down 9.2% between June and July. We do see this fall off in summer when sellers take their homes off of the market or wait to list until cooler weather prevails.

However, the inventory of homes for sale was up 20.1% compared to July 2024 and July 2023. This is good news for buyers who were desperately in need of inventory during the housing frenzy. 

Average List Price for Scottsdale Homes

Scottsdale average list price July 2024

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

The average list price fell again in July. It was down 8.5% between June and July. Some of this can be attributed to downward pressure on pricing based on a slower market, but we also saw some very high-priced homes taken off of the market for the summer months. 

If we look at July 2023, the average list price is almost identical to 2024, down less than 1%.

Days on Market

Scottsdale days on market July 2024


Days on Market, (also referred to as DOM,) is a simple metric we use to get a sense of how the market is performing. The longer it takes homes to sell, the higher the DOM. On the flip side, if homes are selling quickly, you will see a lower DOM.

After a jump up in June, we see July’s DOM come down slightly, a 2.4% decrease. When compared to July 2023, the DOM was up 7.1%. 

Average Sales Price for Scottsdale Homes

Scottsdale average sales price July 2024

We saw the average list price above and now we will look at average sale prices.

In July, the average sales price was just over $1.58 million. This is a decrease of 3.4% when compared to June. But it was up 6.7% over July 2023. 

Number of Homes Sold

Scottsdale homes sold July 2024

This last section covers home sales. Interestingly enough, there is not a lot of variance in these figures.

Sales were down 1.6% when compared to June, but up 1.9% when compared to the same time last year. 

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.

Here Are Some Scottsdale Homes Currently For Sale

2,088 Listings
601 N HAYDEN Road, 51, Scottsdale, AZ 85257

$58,500 601 N HAYDEN Road, 51
Scottsdale, AZ 85257 601 N HAYDEN Road, 51
Scottsdale, AZ 85257Listing office: Citiea

12422 N 65TH Street, Scottsdale, AZ 85254

$1,060,000 12422 N 65TH Street
Scottsdale, AZ 85254 12422 N 65TH Street
Scottsdale, AZ 85254Listing office: My Home Group Real Estate

19700 N 76TH Street, 2160, Scottsdale, AZ 85255

$654,000 19700 N 76TH Street, 2160
Scottsdale, AZ 85255 19700 N 76TH Street, 2160
Scottsdale, AZ 85255Listing office: My Home Group Real Estate

1085 N 84TH Place, Scottsdale, AZ 85257

$303,000 1085 N 84TH Place
Scottsdale, AZ 85257 1085 N 84TH Place
Scottsdale, AZ 85257Listing office: Hausten West Agency

7472 E PARAISO Drive, Scottsdale, AZ 85255

$900,000 7472 E PARAISO Drive
Scottsdale, AZ 85255 7472 E PARAISO Drive
Scottsdale, AZ 85255Listing office: RETSY

Scottsdale, AZ 85262

$1,199,800 Scottsdale, AZ 85262 Scottsdale, AZ 85262Listing office: Carefree Real Estate

6019 E PARADISE Lane, Scottsdale, AZ 85254

$1,200,000 6019 E PARADISE Lane
Scottsdale, AZ 85254 6019 E PARADISE Lane
Scottsdale, AZ 85254Listing office: West USA Realty

1637 N Quartz Valley Road, Scottsdale, AZ 85266

$1,625,000 1637 N Quartz Valley Road
Scottsdale, AZ 85266 1637 N Quartz Valley Road
Scottsdale, AZ 85266Listing office: Russ Lyon Sotheby's International Realty

16639 N 61ST Way, Scottsdale, AZ 85254

$929,000 16639 N 61ST Way
Scottsdale, AZ 85254 16639 N 61ST Way
Scottsdale, AZ 85254Listing office: Redfin Corporation

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: Data deemed to be accurate, but is not guaranteed. Data was pulled from ARMLS on 8/1/2024.

Top 4 Factors to Consider When Choosing Your Mortgage

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Choosing a mortgage

With home prices and rates still relatively high, securing a mortgage can feel daunting––even to the most experienced borrowers. But don’t let that deter you: If other homebuyers’ experiences are any indication, odds are you’ll eventually find a home loan that works well for you.

In fact, most U.S. homeowners say they’re satisfied with the mortgage they received, according to a recent Bankrate survey. The vast majority of the surveyed homeowners (69%) said they’d buy their current home again if they had a do-over.1

The key to finding the right home loan for you is to look for one that you’ll feel comfortable with long after you’ve closed on your new property. In addition to comparing term lengths and mortgage rates, also consider how the loan will fit your daily life and preferences.

For example, we recommend asking yourself questions such as: Are you a natural risk taker, or do you prefer firm plans and predictability? Can you afford a bigger mortgage payment if interest rates increase, or are your anticipated home expenses already stretching your monthly budget? 

To help you get started, we’ve rounded up four of the most important factors to consider when narrowing your list of potential mortgage options.

 

  • Your Credit Score

That three-digit number that credit scoring companies like VantageScore and FICO assign not only influences your interest rate, but it also helps determine the type of mortgage you can get.

To secure a conventional mortgage from a major bank or credit union, you’ll typically need a FICO score of at least 620. But some mortgage types require even higher credit scores.2

For example, to qualify for a U.S. Department of Agriculture (USDA) loan to buy a qualifying rural property, you’ll need a minimum FICO score of 640. Or, if you’re seeking a supersized loan, such as a jumbo mortgage (which are home loans above $766,500 to $1,149,825, depending on where you buy the home), you may need a FICO score of at least 700 or more.2

You still have options, though, if your credit score is lower. You may be able to get a Federal Housing Administration (FHA) loan with a 580 credit score if you have enough cash saved for at least a 3.5% down payment. And if you have at least a 10% down payment, you may qualify even if your score is in the 500 to 579 range. Alternatively, if you’re a military service member, veteran or spouse, you may be able to get a U.S. Department of Veterans Affairs (VA) loan with little or no money down with a credit score in the 580 to 620 range.2,3

Some regional banks and credit unions may also be more flexible than others with minimum required credit scores.4 But if you can afford to wait, you may be better off paying down your debt first so your score can improve. The interest you save with a more competitively priced loan could enable you to buy a more desirable home.

 

  • Your Income and Expenses

The amount of money you make, as well as how much you owe, will also influence your mortgage options.

Lenders like to see that you still have plenty of income left over after paying your expenses and generally prefer that you spend no more than 28% of your income on housing, or a maximum of 36% (which is the cap that federally-sponsored lenders Fannie Mae and Freddie Mac advise).5

A mortgage lender will also compare your expected income to the total amount of debt you’ll carry once you’ve bought the home.6 This is called your debt-to-income (DTI) ratio, and lenders consider it a key indicator of whether you can afford a particular mortgage. In fact, research by NerdWallet found that a high DTI ratio is the most common reason mortgage applications get rejected.6

In addition to outstanding debts, lenders factor in other expenses unique to a home, such as property taxes, homeowners insurance, and homeowner association fees. Your approval odds will be higher if you have a DTI ratio below 36%.7 But if you have great credit and ample cash, you may still be able to get a conventional loan with a DTI ratio in the 45% to 50% range.8 If not, you will likely need to look to other “non-conforming” loan types, such as government-backed mortgages.

With a FHA loan, for example, you may be able to get away with a DTI ratio of 43% to 57%, depending on your credit history and savings. Similarly, if you qualify for a VA loan, you may be able to get one with a DTI ratio of 41% or more. USDA loans, on the other hand, are a bit stricter. To get approved, your DTI ratio can’t be higher than 41% and your income must be below a certain threshold for your family type.6

 

  • Your Expected Down Payment

The size of your down payment will also impact the type of mortgage you can get. You don’t have to put down 20% to qualify for a conventional mortgage, but you will need a significant amount. According to the National Association of Realtors, the median down payment amount in 2023 was 14%. For younger buyers under the age of 33, it was 8%.9 

In some cases, a larger down payment may also help you qualify for loans you might not otherwise. For example, it can be tough to get a mortgage when you’re self-employed. But some conventional lenders may be willing to work with you if you put down more than 20%.10

If your cash reserves are slim, then you may want to consider an FHA loan instead, which only requires 3.5% down.11 Or, if you qualify for a USDA or VA loan, you may be able to skip the down payment altogether and buy your home with no money down except for a small funding fee.11

Keep in mind, though, that a smaller down payment will likely mean a larger monthly payment. Plus, you’ll not only pay more interest overall and be responsible for a larger principal, you’ll also need to take out mortgage insurance. Conventional loans require private mortgage insurance (PMI) if your down payment is below 20%, while FHA loans always require insurance.12

How much you spend on mortgage insurance will also vary, depending on the size and type of loan you choose, as well as your credit score and other factors. For example, FHA mortgage insurance premiums (MIPs) are generally more expensive than PMI and also require an upfront payment at closing on top of annual premiums.12 Insurance for adjustable rate mortgages (ARMs) also tends to be on the higher side.13

 

  • Your Lifestyle and Risk Tolerance

In addition to your budget, one of the most important factors to consider when comparing mortgage options is your temperament.

For most Americans, a mortgage is a decades-long commitment. So it’s important to find one you can happily live with—and comfortably repay—for the long haul. 

Most fixed rate mortgages, for example, are designed to last anywhere from fifteen years to three decades or more, with 30-year mortgages being the most popular option.14 When you spread out your repayment over such a long period, monthly payment amounts are smaller, so you can slowly chip away at your debt at a leisurely pace. The catch is you also pay more in interest. 

With a shorter mortgage term, by contrast, you pay less overall. But your monthly payment amount will also be much higher.15 For some homeowners, the long-term savings are worth it. But if keeping up with your mortgage requires significant lifestyle adjustments, then you may come to regret it.

Another way to lower your monthly payment in the short term is to choose an adjustable-rate mortgage (ARM) that offers a low fixed APR for a lengthy period (typically five, seven or ten years) before changing to a variable rate.16 This can be an especially useful loan type if you only plan to stay in the home for a relatively short period. But buyer beware: ARMs can be risky if you don’t plan ahead for a higher interest rate.17


BOTTOM LINE

Regardless of the loan you choose, it pays to shop around and carefully compare terms. According to research by LendingTree, most homebuyers risk leaving money on the table by sticking with the first lender that they meet.18

Fortunately, we have a vetted list of mortgage professionals who can explain your options, answer your questions, and help you find the best loan to meet your needs. We can also develop a custom plan for securing a great home that fits your budget. Reach out when you’re ready to get started.

 

 

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. Bankrate –
    https://www.bankrate.com/mortgages/home-affordability-report/
  2. Bankrate –
    https://www.bankrate.com/real-estate/what-credit-score-do-you-need-to-buy-a-house/
  3. U.S. News & World Report – https://money.usnews.com/loans/mortgages/va-loans
  4. Newsweek –
    https://www.newsweek.com/vault/mortgages/bank-vs-credit-union-for-mortgages/
  5. Bloomberg – https://www.bloomberg.com/news/articles/2024-05-17/how-much-income-do-you-spend-budget-for-home-mortgage-in-us
  6. NerdWallet –
    https://www.nerdwallet.com/article/mortgages/debt-income-ratio-mortgage
  7. Bankrate –
    https://www.bankrate.com/mortgages/why-debt-to-income-matters-in-mortgages/
  8. Bankrate –
    https://www.bankrate.com/mortgages/how-interest-rates-are-set/
  9. National Association of Realtors – https://www.nar.realtor/sites/default/files/documents/2023-home-buyers-and-sellers-generational-trends-report-03-28-2023.pdf
  10. Bankrate –
    https://www.bankrate.com/mortgages/self-employed-how-to-get-a-mortgage/
  11. Bankrate –
    https://www.bankrate.com/mortgages/no-down-payment-mortgage/
  12. CFPB – https://www.consumerfinance.gov/ask-cfpb/what-is-mortgage-insurance-and-how-does-it-work-en-1953/
  13. Bankrate – https://www.bankrate.com/mortgages/basics-of-private-mortgage-insurance-pmi/
  14. MPA Magazine – https://www.mpamag.com/us/mortgage-industry/guides/the-7-most-popular-types-of-mortgage-loans-for-home-buyers/255499
  15. Investopedia – https://www.investopedia.com/articles/personal-finance/042015/comparison-30year-vs-15year-mortgage.asp
  16. NerdWallet –
    https://www.nerdwallet.com/article/mortgages/adjustable-rate-mortgage-arm
  17. Federal Reserve Bank of St. Louis – https://www.stlouisfed.org/on-the-economy/2024/feb/which-households-prefer-arms-fixed-rate-mortgages
  18. LendingTree –
    https://www.lendingtree.com/home/mortgage/shopping-around-survey/

Scottsdale AZ Single Family Home Sales – July 2024

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– July 2024 Scottsdale Homes for Sale and Home Sales –

As I alluded to last month, sales activity has continued its seasonal slowdown now that we are in the middle of summer.

SCOTTSDALE HOME SALES ACTIVITY –  JULY 2024

Each month, we track several items that help us get a better feel for where the market is:

– Single-family homes for sale – Orange Line – How many homes were for sale at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line -The number of homes in UCB status 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 – How many homes sold over the course of the month.

JULY 2024 RESULTS

Scottsdale home sales July 2024
  • Scottsdale Homes for Sale: The number of homes on the market dropped again to levels not really seen since last Fall. I would attribute some of this to people taking their homes off of the market during the summer as well as fewer new listings coming to market.
  • UCB (Under contract, accepting backup offers): UCBs fell to the lowest level we have seen since last Fall. The 12 month average for UCB contracts is 162.
  • Pending Homes Sales in Scottsdale: Pendings were also down, off 29.1% when compared with June This is the lowest we have seen this figure in the past 12 months, with the exception of December.
  • Scottsdale Home Sales: Sales were down in July, but not dramatically. However, with the larger drops in UCBs and pendings this month, sales will probably be down even lower in August.

Here are two more things that we track monthly to stay on top of the market:

Scottsdale real estate market July 2024


Percent Change Month Over Month – Here we compare how things are performing relative to the previous month. For example, home sales in July were down 1.6% when compared to June.

Sales Price to List Price – Sales price to list price is a simple way to get a sense of the market. It measures the difference between asking prices and sales prices. The higher the percentage, the closer the sales price was to the asking price. In July, it came in at 95.8%, which means buyers received an average discount of 4.2% off of 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 All Scottsdale AZ Homes for Sale

Here are some homes in Scottsdale currently for sale:

2,088 Listings
601 N HAYDEN Road, 51, Scottsdale, AZ 85257

$58,500 601 N HAYDEN Road, 51
Scottsdale, AZ 85257 601 N HAYDEN Road, 51
Scottsdale, AZ 85257Listing office: Citiea

12422 N 65TH Street, Scottsdale, AZ 85254

$1,060,000 12422 N 65TH Street
Scottsdale, AZ 85254 12422 N 65TH Street
Scottsdale, AZ 85254Listing office: My Home Group Real Estate

19700 N 76TH Street, 2160, Scottsdale, AZ 85255

$654,000 19700 N 76TH Street, 2160
Scottsdale, AZ 85255 19700 N 76TH Street, 2160
Scottsdale, AZ 85255Listing office: My Home Group Real Estate

1085 N 84TH Place, Scottsdale, AZ 85257

$303,000 1085 N 84TH Place
Scottsdale, AZ 85257 1085 N 84TH Place
Scottsdale, AZ 85257Listing office: Hausten West Agency

7472 E PARAISO Drive, Scottsdale, AZ 85255

$900,000 7472 E PARAISO Drive
Scottsdale, AZ 85255 7472 E PARAISO Drive
Scottsdale, AZ 85255Listing office: RETSY

Scottsdale, AZ 85262

$1,199,800 Scottsdale, AZ 85262 Scottsdale, AZ 85262Listing office: Carefree Real Estate

6019 E PARADISE Lane, Scottsdale, AZ 85254

$1,200,000 6019 E PARADISE Lane
Scottsdale, AZ 85254 6019 E PARADISE Lane
Scottsdale, AZ 85254Listing office: West USA Realty

1637 N Quartz Valley Road, Scottsdale, AZ 85266

$1,625,000 1637 N Quartz Valley Road
Scottsdale, AZ 85266 1637 N Quartz Valley Road
Scottsdale, AZ 85266Listing office: Russ Lyon Sotheby's International Realty

16639 N 61ST Way, Scottsdale, AZ 85254

$929,000 16639 N 61ST Way
Scottsdale, AZ 85254 16639 N 61ST Way
Scottsdale, AZ 85254Listing office: Redfin Corporation

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: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2024. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2024 Heather Tawes Nelson | Joyce Tawes

Things to Do in Scottsdale – August 2024

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– Scottsdale Events August 2024 –

August has arrived and with it comes a bunch of fun, new events.

Unicorn World

  • Slide the Rails – August  3rd – This beloved family-friendly event is back!  Waterslides, obstacle courses, a bubble foam pit and more will decorate the McCormick Stillman Railroad Park. Everyone over the age of two will need a $10 unlimited slide and ride wristband.  there will be a variety of food trucks with food for purchase.
  • USA Fit Games – August 3rd – The USA Fit Games are back at WestWorld. All things fitness will be on display at this family-friendly event. Browse the various vendors and catch some of the competitions and shows.
  • Sonoran Sippin at the Desert Botanical Garden – August 16th – Take an evening stroll through the garden while enjoying a cold beverage and pop-up experiences. Feeling creative? There will be a Creat & Sip event at the Dorrance Center.  Be sure to check out the DBG’s event page in the link. The DBG is also offering flashlight nights, painting and photography workshops and meditation opportunities.
  • Unicorn World – August 17th – 18th – Have a unicorn fan in the family? Then this event is for you. This immersive and magical experience is all about unicorns. There will be activities, rides, great photo op areas and much more. And, did I mention unicorns?
  • Sammy Hagar and Loverboy – August 20th – Sammy Hagar with special guest Loverboy is bringing his The Best of All Worlds tour to the Talking Stick Resort.
  • Splash & Groove – August 24th – Scottsdale Parks and Recreation invites you to come to the Scottsdale Civic Center Splash Pad for an evening of splashing and grooving. From 6PM to 8PM, have fun cooling off and enjoy the DJ who will be playing some great tunes.
  • Chap from the Past – August 31st – The Chaparral pool is turning 50! This fun celebration will run from 5PM to 8PM. There will be swimming, a foam party, entertainment, food trucks and more. Don’t forget your towel!
  • Quilt Craft & Sewing Festival – August 29th – 31st – Calling everyone handy with a needle or a sewing machine – this is a do not miss festival. It will take place at WestWorld and if you go on the website, there is a $2 off coupon.
  • Wonderspaces – All Month  – If you have yet to check out Wonderspaces in the Fashion Square Mall, I highly suggest you go. New art installations are introduced throughout the year as others are retired. It is a great way to spend an hour or two in a fascinating air-conditioned space.

As always, this is just a partial list of things happening in and around the Valley during the month. Feel free to add any others in the comment section.

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