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Scottsdale AZ Luxury Home Market – September 2022

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– Scottsdale Luxury Home Market Performance for September 2022 –

For the most part, sales activity for luxury homes fell in September. This slowdown was accompanied by an increase in the number of homes for sale.

In this analysis, we will examine luxury sales activity in Scottsdale. These homes were all listed for at least a million dollars. And to show more detail, we have divided the data into four price bands.

Each month, we look at the following things:
Active – How many homes were on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – How many homes were under contract, but still accepting backup offers at the end of the month.
Pending – How many pending contracts there were at the end of the month.
Sold – The number of home sales that month.

– September 2022 –

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

Scottsdale Homes for Sale between $1 and $1.5 million September 2022

– Active Scottsdale Homes on the Market: Inventory was up 14% at the end of September compared to the end of August. Inventory in this price point is now more than double than the 12 month average.
– UCB Scottsdale Home Sales: UCB contracts fell after a rebound in August. This is the third lowest we have seen them in the past year.
– Pending Scottsdale Home Sales: Pending sales saw a nice jump in September. They came in around where they were last year this time.
– Scottsdale Homes Sold: Sales also saw a nice jump in September. We closed out the month with 69 sales.
– Sales Price to Listed Price: 96.0%- On average, buyers saw a discount of 4% off of list price.

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

Scottsdale Homes for Sale between $1.5 and $2 million September 2022

– Active Scottsdale Homes on the Market: Inventory continued to climb in this price point, ending up with the most homes for sale that we have seen in the past year.
– UCB Scottsdale Home Sales: The number of UCB contracts was up by one compared to August.
– Pending Scottsdale Home Sales: Pending sales were down slightly.
– Scottsdale Homes Sold: After a nice jump in August, sales activity fell by over 32% to close out the month with 34 sales.
– Sales Price to Listed Price: 97.7% – On average, buyers saw a discount of 2.3% off of list price.

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

Scottsdale Homes for Sale between $2 and $3 million September 2022

– Active Scottsdale Homes on the Market: Inventory saw a big jump between August and September, ending the month with 130 active listings.
– UCB Scottsdale Home Sales: The number of UCB contracts was down one at the end of the month and was the lowest it has been in the past year.
– Pending Scottsdale Home Sales: Pending contracts were up slightly to 24. This is about where this price point was at the same time last year.
– Scottsdale Homes Sold: Home sales fell to their lowest levels in the past year.
– Sales Price to Listed Price: 96.6% – On average, buyers saw a discount of 3.4% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million September 2022

– Active Scottsdale Homes on the Market: As we have seen in almost all of the price points, inventory was up at the end of the month.
– UCB Scottsdale Home Sales: UCBs were up over 35% over a dismal August and were about where we were at this time last year.
– Pending Scottsdale Home Sales: The number of pending contracts fell to 28. This is the lowest we have seen pending in the past year.
– Scottsdale Homes Sold: Home sales in this price point hit their lowest level of the past year. There were only twelve sales in September.
– Sales Price to Listed Price: 97.0% – On average, buyers saw a discount of 3% 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 10/1/2022 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 ©2022 Heather Tawes Nelson | Joyce Tawes

Perspective Matters When Selling Your House Today

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Scottsdale home

Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain the shift that’s happening today and why it’s still a sellers’ market even during the cooldown.

Fewer Homes for Sale than Pre-Pandemic

While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A recent article from Calculated Risk helps put this year’s increased inventory into context (see graph below):

Perspective Matters When Selling Your House Today | MyKCM

It shows supply this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture. Compared to 2020, we’re just barely above the level of inventory we saw then. And if you go all the way back to 2019, the last normal year in real estate, we’re roughly 40% below the housing supply we had at that time.

Why does this matter to you? When inventory is low, there is still demand for your house because there just aren’t enough homes available for sale.

Homes Are Still Selling Faster Than More Normal Years

And while homes aren’t selling as quickly as they did a few months ago, the average number of days on the market is still well below pre-pandemic norms – in large part because inventory is so low. The graph below uses data from the Realtors’ Confidence Index by the National Association of Realtors (NAR) to illustrate this trend:

Perspective Matters When Selling Your House Today | MyKCM

As the graph shows, the pre-pandemic numbers (shown in blue) are higher than the numbers we saw during the pandemic (shown in green). That’s because the average days on the market started to decrease as homes sold at a record pace during the pandemic. Most recently, due to the cooldown in the housing market, the average days on the market have started to tick back up slightly (shown in orange) but are still far below the pre-pandemic norm.

What does this mean for you? While it may not be as fast as it was a couple of months ago, homes are still selling much faster than they did in more normal, pre-pandemic years. And if you price it right, your home could still go under contract quickly.

Buyer Demand Has Moderated and Is Now in Line with More Typical Years

Buyer demand has softened this year in response to rising mortgage rates. But again, perspective is key. Getting 3-5 offers like sellers did during the pandemic isn’t the norm. The graph below uses data from NAR going back to 2018 to help tell the story of this shift over time (see graph below):

Perspective Matters When Selling Your House Today | MyKCM

Prior to the pandemic, it was typical for homes sold to see roughly 2-2.5 offers (shown in blue). As the market heated up during the pandemic, the average number of offers skyrocketed as record-low mortgage rates drove up demand (shown in green). But most recently, the number of offers on homes sold today (shown in orange) has started to return to pre-pandemic levels as the market cools from the frenzy.

What’s the takeaway for you? Buyer demand has moderated from the pandemic peak, but it hasn’t disappeared. The buyers are still out there, and if you price your house at current market value, you’ll still be able sell your house today.

Bottom Line

If you have questions about selling your house in today’s housing market, let’s connect. That way you have context around what’s happening now, so you’re up to date on what you can expect when you’re ready to move.

Phoenix and Scottsdale AZ Luxury Condo Sales – September 2022

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Luxury Condo Sales in Scottsdale and Phoenix – September 2022

Sales of luxury condos in Scottsdale and Phoenix were more tempered in September, but we still have very strong pending activity due to several communities that are under development.

This analysis covers the luxury condo market in Scottsdale and Phoenix. The units in this report were all priced at $1 million or more. 

ACTIVE LISTINGS AT THE END OF SEPTEMBER

Inventory remained pretty much level in September. At the end of the month, there were 53 luxury condos on the market. Of these, 46 of them were in Scottsdale and the remaining 7 were in Phoenix. 

The priciest condo on the market has held this spot for a few months. This unit, found in Ascent at the Phoenician, was listed for $4,450,000. It has three bedrooms, three and one-half bathrooms and 3,985 square feet. 

The least expensive condo also remains the same as last month. It is located in Optima Camelview and has two bedrooms, two bathrooms and 1,424 square feet. The listing price was $1,025,000. 

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

September ended with five condos in UCB status. Four of these units were located in Scottsdale. 

UCB Condos in Scottsdale

  • Portico Condominiums – This is a new development in North Scottsdale.
    • Three bedrooms, two and one-half bathrooms, 2,090 square feet. Asking price was $1,056,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,600.
  • ICON in Silverleaf – Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 1,659 square feet. Asking price was $1,695,600.

UCB Condos in Phoenix

  • Esplanade Place – Two bedrooms and bathrooms, 2,417 square feet. Asking price was $1,175,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending sales were back up at the end of September, closing out at forty-six. This increase was mostly fueled by new contracts in the Portico Scottsdale community. 

The number of pendings is so high because all of the communities listed below are currently under development.

Scottsdale Pending Luxury Condos

  • Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
    • Three bedrooms, two and one-half bathrooms, 2,090 square feet. Asking price was $1,188,000.
    • Three bedrooms, two and one-half bathrooms, 2,090 square feet. Asking price was $1,188,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,458,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,652,400.
    • 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 $1,738,800.
    • 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 $1,814,400.
  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500.
    • 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 $1,026,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
    • Two bedrooms, two and one-half bathrooms, 2,020 square feet. Asking price was $1,075,000.
    • 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.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms, 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.
    • 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 $4,750,000.
    • 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.
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet.  Askign 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 $2,800,000.
    • 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, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • 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.
    • 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 Condo

  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Sales fell from eleven in August to five in September. 

Scottsdale Luxury Condo Sales

  • Optima Camelview – Two bedrooms and bathrooms, 1,955 square feet. Asking price was $1,150,000 and it sold for $1,100,000.
  • Seven at Desert Mountain
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,536,004 and it closed at list price.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,809,900 and it sold for $1,904,685.
  • Scottsdale Waterfront Residences – Three bedrooms, three and one-half bathrooms, 3,884 square feet. Asking price was $3,295,000 and it sold for $2,775,000.
  •  

Phoenix Luxury Condo Sale

  • Fairway Lodge at the Biltmore – Two bedrooms, two and one-half bathrooms, 2,329 square feet. Asking price was $1,375,000 and it sold for $1,315,000.

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 10/1/2022 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 ©2022 Heather Tawes Nelson | Joyce Tawes

What Are Experts Saying About the Fall Housing Market?

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What Are Experts Saying About the Fall Housing Market? | MyKCM

The housing market is rapidly changing from the peak frenzy it saw over the past two years. That means you probably have questions about what your best move is if you’re thinking of buying or selling this fall.

We are definitely seeing this in Scottsdale and the Greater Phoenix Valley. Home sales have cooled off, but the great news is that we have more inventory and buyers now have more homes to choose from.

To help you make a confident decision, you might want to lean on the professionals for insights. Here are a few things experts are saying about the fall housing market:

Expert Quotes for Fall Homebuyers

A recent article from realtor.com:

“This fall, a more moderate pace of home selling, more listings to choose from, and softening price growth will provide some breathing room for buyers searching for a home during what is typically the best time to buy a home.”

Michael Lane, VP and General Manager, ShowingTime:

“Buyers will continue to see less competition for homes and have more time to tour homes they like and consider their options.” 

Expert Quotes for Fall Sellers

Selma Hepp, Interim Lead of the Office of the Chief Economist, CoreLogic:

“. . . record equity continues to provide fuel for housing demand, particularly if households are relocating to more affordable areas.”

Danielle Hale, Chief Economist, realtor.com:

“For homeowners deciding whether to make a move this year, remember that listing prices – while lower than a few months ago – remain higher than in prior years, so you’re still likely to find opportunities to cash-in on record-high levels of equity, particularly if you’ve owned your home for a longer period of time.”

Bottom Line

Mortgage rates, home prices, and the supply of homes for sale are top of mind for buyers and sellers today. And if you want the latest information for our area, let’s connect today.

Quick Video Update of the Scottsdale Real Estate Market – September 2022

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– September 2022 Scottsdale Housing Market Video –

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

September 2022 – Video


Scottsdale Active Listings

Scottsdale homes for sale September 2022

Inventory has been on the rise for the last several months. And although we are still not at “normal” inventory levels, there are a lot more homes for buyers to choose from.

The number of homes for sale was up 78% compared to the same time last year and was up 3% compared to the end of August.

Median List Price for Scottsdale Homes

Scottsdale homes median list price September 2022

A quick and easy way to get a sense of how affordable or expensive a location is is to look at the median listing price. The median listing price is the exact midpoint of all of the home prices in the area, with 50% being priced higher and 50% being priced lower.

September’s median listing price was $1.23 million. This is up over last September’s $1.1 million and up slightly from August’s $1.16 million.

Days on Market

Scottsdale homes days on market September 2022

Days on Market, frequently referred to as DOM, measures how quickly, or slowly, homes are selling in a given market. A high DOM means homes are taking longer to sell and a low DOM means homes are selling at a brisker pace.

The DOM for Scottsdale in September was 51 days. This is up 24% compared to last September’s 41 days.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price September 2022

Similar to the median listing price we saw above, we now turn to the median sales price, or the exact midpoint price of homes that sold during the month.

The median sales price for September 2022 was $950K. This is up $100K from last September, but down slightly from August 2022’s $960K.

Number of Homes Sold

This final section covers home sales in Scottsdale during September.

Scottsdale home sales September 2021 vs September 2022

On a year-over-year basis, sales were down 40% with September’s sales coming in at 291. I would attribute this to higher interest rates and higher home prices coupled with seasonality.

Scottsdale home sales August versus September 2022

On a month-over-month basis, sales were down 10% from August’s numbers.

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.

Buy Now or Rent Longer? 5 Questions to Answer Before Purchasing Your First Home

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Buy or Rent

Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you’re a first-time homebuyer. But in today’s whirlwind market, you may find it particularly challenging to pinpoint the best time to start exploring homeownership. 

A real estate boom during the pandemic pushed home prices to an all-time high.1 Add higher mortgage rates to the mix, and some would-be buyers are wondering if they should wait to see if prices or rates come down.

But is renting a better alternative? Rents have also soared along with inflation – and are likely to continue climbing due to a persistent housing shortage.2 And while homebuyers can lock in a set mortgage payment, renters are at the mercy of these rising costs for the foreseeable future.

So, what’s the better choice for you? There’s a lot to consider when it comes to buying versus renting. Luckily, you don’t have to do it alone. Reach out to schedule a free consultation and we’ll help walk you through your options. You may also find it helpful to ask yourself the following questions:

  1. How long do I plan to stay in the home?

You’ll get the most financial benefit from a home purchase if you own the property for at least five years.3 If you plan to sell in a shorter period of time, a home purchase may not be the best choice for you.

There are costs associated with buying and selling a home, and it may take time for the property’s value to rise enough to offset those expenditures.

Even though housing markets can shift from one year to the next, you’ll typically find that a home’s value will ride out a market’s ups and downs and appreciate with time.4 The longer you own a property, the more you are likely to benefit from its appreciation.

Once you’ve found a community that you’d like to stay in for several years, then buying over renting can really pay off. You’ll not only benefit from appreciation, but you’ll also build equity as you pay down your mortgage – and you’ll have more security and stability overall.

Also important: If you plan to stay in the home for the life of the mortgage, there will come a time when you no longer have to make those payments. As a result, your housing costs will drop dramatically, while your equity (and net worth) continue to grow.

  1. Is it a better value to buy or rent in my area?

If you know you plan to stay put for at least five years, you should consider whether buying or renting is the better bargain in your area.

One helpful tool for evaluating your options is a neighborhood’s price-to-rent ratio: just divide the median home price by the median yearly rent price. The higher the price-to-rent ratio is, the more expensive it is to buy compared to rent.5 Keep in mind, though, that this equation provides only a snapshot of where the market stands today. As such, it may not accurately account for the full impact of rising home values and rent increases over the long term.

According to the National Association of Realtors, a typical U.S. homeowner who purchased a single-family existing home 10 years ago would have gained roughly $225,000 in equity — all while maintaining a steady mortgage payment.6

In contrast, someone who chose to rent for the past 10 years would have not only missed out on those equity gains, but they would have also seen U.S. rental prices increase by around 66%.7

So even if renting seems like a better bargain today, buying could be the better long-term financial play.

Ready to compare your options? Then reach out to schedule a free consultation. As local market experts, we can help you interpret the numbers to determine if buying or renting is the better value in your particular neighborhood.

  1. Can I afford to be a homeowner?

If you determine that buying a home is the better value, you’ll want to evaluate your financial readiness.

Start by examining how much you have in savings. After committing a down payment and closing costs, will you still have enough money left over for ancillary expenses and emergencies? If not, that’s a sign you may be better off waiting until you’ve built a larger rainy-day fund.

Then consider how your monthly budget will be impacted. Remember, your monthly mortgage payment won’t be your only expense going forward. You may also need to factor in property taxes, insurance, association fees, maintenance, and repairs.

Still, you could find that the monthly cost of homeownership is comparable to renting, especially if you make a sizable down payment. Landlords often pass the extra costs of homeowning onto tenants, so it’s not always the cheaper option.

Plus, even though you’ll be in charge of financing your home’s upkeep if you buy, you’ll also be the one who stands to benefit from the fruits of your investment. Every major upgrade, for example, not only makes your home a nicer place to live; it also helps boost your home’s market value.

If you want to buy a home but aren’t sure you can afford it, give us a call to discuss your goals and budget. We can give you a realistic assessment of your options and help you determine if your homeownership dreams are within reach.

  1. Can I qualify for a mortgage?

If you’re prepared to handle the costs of homeownership, you’ll next want to look into how likely you are to get approved for a mortgage.

Every lender will have its own criteria. But, in general, you can expect a creditor to scrutinize your job stability, credit history, and savings to make sure you can handle a monthly mortgage payment.

For example, lenders like to see evidence that your income is stable and predictable. So if you’re self-employed, you may need to provide additional documentation proving that your earnings are dependable. A lender will also compare your monthly debt payments to your income to make sure you aren’t at risk of becoming financially overextended.

In addition, a lender will check your credit report to verify that you have a history of on-time payments and can be trusted to pay your bills. Generally, the higher your credit score, the better your odds of securing a competitive rate.

Whatever your circumstances, it’s always a good idea to get pre-approved for a mortgage before you start house hunting. Let us know if you’re interested, and we can give you a referral to a loan officer or mortgage broker who can help.

Want to learn more about applying for a mortgage? Reach out to request a copy of our report: “8 Strategies to Secure a Lower Mortgage Rate”
  1. How would owning a home change my life?

Before you begin the preapproval process, however, it’s important to consider how homeownership would affect your life, aside from the long-term financial gains.

In general, you should be prepared to invest more time and energy in owning a home than you do renting one. There can be a fair amount of upkeep involved, especially if you buy a fixer-upper or overcommit yourself to a lot of DIY projects. If you’ve only lived in an apartment, for example, you could be surprised by the amount of time you spend maintaining a lawn.

On the other hand, you might relish the chance to tinker in your very own garden, make HGTV-inspired improvements, or play with your dog in a big backyard. Or, if you’re more social, you might enjoy hosting family gatherings or attending block parties with other committed homeowners.

The great thing about owning a home is that you can generally do what you want with it – even if that means painting your walls fiesta red one month and eggplant purple the next.

The choice – like the home – is all yours.  

HAVE MORE QUESTIONS? WE’VE GOT ANSWERS

The decision to buy or rent a home is among the most consequential you will make in your lifetime. We can make the process easier by helping you compare your options using real-time local market data. So don’t hesitate to reach out for a personalized consultation, regardless of where you are in your deliberations. We’d be happy to answer your questions and identify actionable steps you can take now to reach your long-term goals.

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

Sources:

  1. CNN –
    https://www.cnn.com/2022/08/11/homes/home-prices-second-quarter/index.html
  2. NPR – https://www.npr.org/2022/07/14/1109345201/theres-a-massive-housing-shortage-across-the-u-s-heres-how-bad-it-is-where-you-l
  3. Bankrate –
    https://www.bankrate.com/mortgages/5-year-real-estate-rule/
  4. Federal Reserve Bank of St. Louis –
    https://fred.stlouisfed.org/series/MSPUS
  5. National Association of REALTORS – https://www.nar.realtor/blogs/economists-outlook/price-to-rent-ratios-by-state-from-2014-2019
  6. National Association of REALTORS –
    https://www.nar.realtor/blogs/economists-outlook/single-family-homeowners-typically-accumulated-225K-in-housing-wealth-over-10-years
  7. Statista –
    https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/

Scottsdale AZ Single Family Home Sales – September 2022

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-September 2022 Scottsdale Homes for Sale and Home Sales –

Inventory was on the increase again in September, although we are still below where we would be in a ‘”normal” market. Contract activity was level, but sales fell again after rebounding in August.

SCOTTSDALE HOME SALES ACTIVITY – SEPTEMBER 2022

Every month, we look at the following four things:

– 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 homes were showing UCB at the end of the month.*
– Pending home sales – Yellow Line – How many pending sales there were.*
– Home Sales – Blue Line – How many homes sold over the course of the month.

SEPTEMBER 2022 RESULTS

Scottsdale home sales September 2022
  • Scottsdale Homes for Sale: The inventory of active listings was up 8.5% between August and September. Additional homes on the market means more opportunities for buyers.
  • UCB (Under contract, accepting backup offers): UCB contracts fell slightly going from 151 at the end of August to 145 at the end of September.
  • Pending Homes Sales in Scottsdale: Pendings were up slightly at the end of the month to 248.
  • Scottsdale Home Sales: Home sales fell under the 300 mark again. While this is not the poorest sales month in the past year, it does come in as the second poorest.

Below are two more sales metrics that allow us to track what is going on in the Scottsdale real estate market.

Scottsdale real estate market September 2022

Percent Change Month Over Month – This looks at sales performance relative to the performance of the previous month. For instance, there were 1.2% more pending contracts at the end of September than there were at the end of August.

Sales Price to List Price – This is a simple metric to see the difference between listing prices and sales prices. In September, homes on average sold for 96.9% of their asking prices. Looking at it another way, buyers on average saw a 3.1% discount off of asking 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 10/1/2022. 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 © 2022 Heather Tawes Nelson | Joyce Tawes

Halloween Events in Scottsdale for 2022

By

– 2022 Halloween Events In and Around Scottsdale –

Although it does not feel like it outside, Fall and Halloween are almost here!

Every Fall, Scottsdale and Greater Phoenix have tons of Fall Festivals, pumpkin patches, haunted houses and more to explore. Below is a collection of upcoming events going on around the Valley to celebrate this time of year.

Scottsdale Halloween 2022

 Halloween and Fall Festivals in Scottsdale and Greater Phoenix

  • Mother Nature’s Farm – September 24th – October 31st – Gilbert’s own Mother Nature’s Farm has a ton of great offerings this year. Take a hayride, pick your pumpkin, get your face painted, run through a maze and more. There are concessions offered (cash only), but you are encouraged to bring your own picnic and make a day of it.
  • Vertuccio Farms’ “Cooler Days in the Corn Maze” Festival – September 30th – October 30th – Mesa’s Vertuccio Farms puts on a wonderful Fall Festival every year. Some of the things you can try are corn mazes, a new “Mega Slide,” mini-golf, a jump pad, a barrel train, a hay climb, a petting zoo and so much more.
  • MacDonald’s Ranch Annual Pumpkin Festival – October 1st – 30th – As I say every year, this is one of my all-time favorite local events. North Scottsdale’s MacDonald’s Ranch throws a Halloween and pumpkin patch event where you can pick out your pumpkin, take a pedal car for a ride, pan for gold,  visit the petting zoo, navigate the hay bale maze and more. There will be food for purchase, a marketplace and so much more. (Closed Tuesdays. Some activities, like hayrides and pony rides have an additional cost. Please see the website for pricing.)
  • Pumpkin and Chili Party at Schnepf Farms – October 1st – 30th – Thursdays through Sundays -Head down to Queen Creek for a day filled with fun activities. Experience hay rides, a roller coaster, cute animals, mini-golf, bonfires, ziplines, lawn games, a tractor clime, the Stuntmaster’s Dog Show and way too many other activities to list. There will be a large selection of food for purchase as well. (Some activities have an additional fee.)
  • Tolmachoff Farms’ Pumpkin Days – October 1st – 31st – Open on Wednesdays through Sundays in October, this popular farm is offering a jam-packed selection of things to do and experience. There are multiple mazes, (including a six-acre maze!), train rides, a hay pyramid, a pedal cart track, a petting zoo and more.  (Note: Some activities like the train ride and tomato cannon have an additional cost.) And if you dare, the farm transforms in the evening into the AZ  Field of Screams with a Haunted Corn Maze. (Tickets are sold separately for this.)
  • Strange Encounters – October 17th -November 8th – Get ready for some awesome pumpkin art! World-famous Ray Villafane and his team are decorating downtown Mesa with their pumpkin masterpieces. Search out and locate all fifteen installations via a scavenger hunt.
  • Strange Garden at the Desert Botanical Garden – October 21st – 22nd – Mysterious and glowing creatures will take over the Desert Botanical Garden. There will be live performances and creepy crawlies as well. And, at the end of the evening, you get to pick a pumpkin for yourself!
  • Spooktacular Balloon Festival at Salt River Fields – October 28th & 29th – Put on your costume and head to Salt River Fields. This “fun for all ages” event will feature a costume contest, over 20 hot air balloons and about 4,000 pounds of candy! They are also offering tethered hot air balloon rides for an additional fee. Don’t forget to visit the Kids’ Zone!
  • City of Scottsdale’s Fall Festival – October 29th – This year will be the 51st year of the City of Scottsdale’s Fall Festival in Eldorado Park. It has moved to a daytime event and will run from noon to 4PM. There will be games, food trucks, live entertainment and more.
  • Cave Creek Wicked – October 29th – The Cave Creek Wicked bar crawl and costume contest will take place on the 29th. The crawk will hit seven of Cave Creek’s top watering holes for fun and drink specials. There is a free party bus for participants. (21 and up only.)
  • Nightmare on Princess Drive– October 29th – This is another party for the 21 and up crowd. The party will take place at the Scottsdale Princess Resort’s Plaza Bar and will feature a costume contest, DJs, specialty drinks and creepy decor.
  • Dia de los Muertos Celebration – October 29th – 30th – The Desert Botanical Garden will host a two-day celebration of this festival. There will be storytelling, live music, traditional dances and more. Artist Rufina Ruiz López will be displaying 200 handmade skulls and other ceramic items as well as hundreds of paper flowers and papel picado. Her art and handiwork will be on display until November 6th.

Like to Be Scared Out of Your Wits? These Haunted Houses Are Not for the Faint of Heart

Scottsdale Haunted House

If zombies, ghouls, terrifying creatures and getting frightened out of your mind are your preferred way to celebrate Halloween, you are in luck!

Here is a website that has listed all of the haunted houses, scary events and more. There are several events all over the Valley, feel free to visit them all and scream your heart out!
Arizona Haunted Houses

Also, AZ Central has pulled together a great list as well. AZ Central’s Guide to Haunted Houses.

And if you want to explore Arizona and maybe take in a ghost tour, here are AZ Central’s Spookiest Ghost Tours and Getaways. 

This collection only includes a small number of Halloween and Fall festivals and events. If you have any others that you would like to add, please feel free to do so in the comments section!

Disclaimer: Information deemed reliable, but not guaranteed. Event dates, times and pricing subject to change. Most events are paid admission.

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