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Scottsdale AZ Single Family Home Sales – July 2022

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– July 2022 Scottsdale Homes for Sale and Home Sales –

We are definitely seeing a slowdown in the market, which is great news for weary buyers. Inventory continued to increase and we saw a slowdown in contracts and sales.

SCOTTSDALE HOME SALES ACTIVITY – JULY 2022

We track each of the following sales metrics on a monthly basis:

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

JULY 2022 RESULTS

Scottsdale home sales July 2022
  • Scottsdale Homes for Sale: Inventory was up between the end of June and July. The number of homes for sale has more than doubled since the end of April.
  • UCB (Under contract, accepting backup offers): UCB contracts were down again in July. This could be a combination of the changing market as well as our seasonal slowdown during the summer months.
  • Pending Homes Sales in Scottsdale: Pending sales were actually up slightly in July. But they were still low compared to pending sales numbers from previous months.
  • Scottsdale Home Sales: Home sales fell to their lowest number in the past year, dropping into the 200 range for the first time.

Here are two more items we look at to get a better understanding of the market.

Scottsdale housing market July 2022

Percent Change Month Over Month – The top image shows month-over-month performance compared to the previous month. For example, the number of homes on the market was up 12.2% between the end of June and the end of July.

Sales Price to List Price – Here, we are looking at what homes sold for relative to what they were listed for. For several months, buyers were (on average) paying a premium over list price. However, things moved in the opposite direction over the past two months. In July, buyers saw an average discount of 2.5% 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 Scottsdale AZ Homes for Sale

Here is a sampling of some of the homes on the market, or click the link above to see all of the homes for sale.

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2022. 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

Why Pre-Approval Is a Game Changer for Homebuyers

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Why Pre-Approval Is a Game Changer for Homebuyers | MyKCM

If you’re planning to buy a home this year, you might have heard that pre-approval is a necessary step to take before starting out on your journey. But why is that? And is it still important in today’s shifting market?

The truth is, getting a pre-approval letter from your lender is critical, and when it comes to your home search, it can be a game changer in so many ways.

To better understand why, it’s important to know what pre-approval is. Freddie Mac defines the process like this:

“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. The lender you work with will provide you with a pre-approval letter, which is an official document that states the maximum amount they are willing to lend you, . . .”

Put simply, pre-approval from a lender helps you understand your true price range and how much money you can borrow for your loan. That can make it easier when you set out to search for homes. And since you’ll know what you’re approved for, it’ll also help once it’s time to submit an offer on the home of your dreams.

Another added benefit is that pre-approval lets the seller know you’re qualified to buy their house. Paul Centopani, Editor for the Mortgage Reports, explains:

“. . . most sellers won’t even consider an offer unless the buyer is pre-approved at the right price point. Sellers and their agents want to know you’re ready and able to finance your offer amount. So you’ll want to have your preapproval teed up as soon as you’re serious about bidding on a home you like.”

Every advantage you can gain as a buyer is crucial in a market that’s constantly changing. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals, such as a real estate advisor and trusted lender, on your side. They’ll help make sure you’re ready to put your best foot forward.

Bottom Line

Getting pre-approved for a mortgage helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Let’s connect so you have the tools you need to succeed as a homebuyer in today’s shifting market.

Things to Do in Scottsdale – August 2022

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– Scottsdale Events August 2022 –

  • Summer Fridays at Scottsdale Quarter – August 5th and 12th – From 10AM to 11AM, Scottsdale Quarter will be hosting a themed party for the little ones. The last two of the summer are themed “Aloha  Friday” and “Wild & Free.”
  • Hot Wheels Monster Truck Live – August 6th – 7th – Your beloved Hot Wheels are now full-sized and have been converted into monster trucks. This family-friendly event will take place at the Gila River Arena.
  • Experience India at the Musical Instrument Museum – August 13th – 14th – Over the course of two days, come experience Indian music and learn more about the country and its people via the cultural demonstrations.
  • PHOENIX Magazine’s 2022 Best Fest – August 13th – Celebrate with some of Phoenix’s “best”- rated food and drink purveyors. In addition to tasty eats and beverages, there will be karaoke, escape rooms, animal adoptions and more. (This event is for 21 and up only.)
  • Fine Art Fridays at Desert Ridge – August 19th – Fine Art Fridays will feature the work of over ten artists. You can stroll and enjoy the art (which is available for sale), watch some of the artists work, as well as listen to live music and enjoy the outdoor bar.
  • The Australian Pink Floyd Show – August 21st – The concert will take place at the Chandler Center for the Arts. During the evening, you will be hearing your favorite hits from all of the stages of Pink Floyd’s prolific music catalog.
  • Sunday Sweat with Nike – August 23rd – This free 50 minute mat pilates class at Desert Ridge will take place in the courtyard outside of Barnes and Noble. Make sure to bring your own mat!
  • Flashlight Tours at the DBG – Saturday Evenings through September 3rd – Take advantage of the cooler evening temperatures and explore the Desert Botanical Garden at night. See nocturnal creatures and experience the desert after dark. And if you are looking for another fun event, Sonoran Sippin is coming up on August 26th. There will be live music, a welcome beverage, and lots of areas of the garden to explore.

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

Scottsdale AZ Luxury Home Market – June 2022

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– Scottsdale Luxury Home Market Performance for June 2022 –

We are now seeing a general slowdown in Scottsdale’s luxury home market. Even though there was plenty of activity in June, sales and contracts fell for the most part.

This report covers luxury homes in Scottsdale with price points at or above $1 million. To show more detail, we have broken the data into four different price bands.

We look at the four items below each month:
Active – The number of homes for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – The number of homes under contract, but still accepting backup offers at the end of the month.
Pending – The number of pending sales.
Sold – How many homes sold.

– June 2022 –

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

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

– Active Scottsdale Homes on the Market: Inventory jumped over 25% between the end of May and the end of June. We are now at more than twice the 12 month average. This is great news for buyers.
– UCB Scottsdale Home Sales: The number of UCBs was down in June, but still turned in a decent showing.
– Pending Scottsdale Home Sales: Pending sales fell to their lowest levels in the past year.
– Scottsdale Homes Sold: Over 100 homes sold last month, which is a solid performance. This is ahead of the 12 month average.
– Sales Price to Listed Price: 98.8%- On average, buyers saw a discount of 1.2% off of list price.

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

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

– Active Scottsdale Homes on the Market: The number of homes for sale was up over 30% compared to the previous month. This is more than twice than the 12 month average.
– UCB Scottsdale Home Sales: UCB contracts fell in June after two incredibly strong months. However, this figure is not too far off when you look at the other months.
– Pending Scottsdale Home Sales: The number of pending sales fell sharply after five very solid months of activity.
– Scottsdale Homes Sold: June posted the highest number of sales we have seen in the past year, closing out with 62 sales.
– Sales Price to Listed Price: 99.3% – On average, buyers saw a discount of 0.7% off of list price.

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

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

– Active Scottsdale Homes on the Market: Inventory was up for the fifth month in a row. We have not seen inventory at over 100 for at least a year.
– UCB Scottsdale Home Sales: The number of UCBs rebounded to 23 in June. This is very close to the 12 month average.
– Pending Scottsdale Home Sales: The number of spending fell to 31, which is still a solid performance.
– Scottsdale Homes Sold: After three very strong months, sales were back down to levels we saw earlier in the year.
– Sales Price to Listed Price: 99.4% – On average, buyers saw a discount of 0.6% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million June 2022

– Active Scottsdale Homes on the Market: Inventory was up over 20% in June compared to May.
– UCB Scottsdale Home Sales: The number of UCB contracts fell to 20, coming in just under the 12 month average.
– Pending Scottsdale Home Sales: Pending sales went back to around where they were earlier in the year.
– Scottsdale Homes Sold: Sales in June were still very strong. June posted the 4th highest sales month in the past year.
– Sales Price to Listed Price: 95.8% – On average, buyers saw a discount of 4.2% 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 7/1/2022 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

Expert Housing Market Forecasts for the Second Half of the Year

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housing market forecast

The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the year holds for residential real estate.

Where Mortgage Rates Will Go Depends on Inflation

While one of the big questions on all buyers’ minds is where will mortgage rates go in the months ahead, no one has a crystal ball to know exactly what’ll happen in the future. What housing market experts know for sure is that the record-low mortgage rates during the pandemic were an outlier, not the norm.

This year, rates have climbed over 2% due to the Federal Reserve’s response to rising inflation. If inflation continues to rise, it’s likely that mortgage rates will respond. Greg McBride, Chief Financial Analyst at Bankrate, explains it well:

“Until inflation peaks, mortgage rates won’t either. Without improvement on the inflation front, we don’t know where the interest rate ceiling will be.”

Whether you’re buying your first home or selling your current house to make a move, today’s mortgage rate is an important factor to consider. When rates rise, they impact affordability and your purchasing power. That’s why it’s crucial to work with a team of professionals so that you have expert advice to help you make an informed decision about your best move.

The Supply of Homes for Sale Projected To Continue Increasing

This year, particularly this spring, the number of homes for sale grew. We definitely saw this in the Scottsdale and Greater Phoenix market. It is partly due to more homeowners listing their houses, but also because higher mortgage rates helped ease the intensity of buyer demand. By moderating buyer demand, the pace of home sales slows, which in turn helps inventory rise.

Experts say that growth will continue. Recently, realtor.com updated their 2022 inventory forecast. In the latest release, they increased their projections for inventory gains dramatically, going from a 0.3% increase at the beginning of the year to a 15.0% jump by the end of 2022 (see graph below):

Expert Housing Market Forecasts for the Second Half of the Year | MyKCM

More homes to choose from is great news if you’re craving more options for your home search – just know that there isn’t a sudden surplus of inventory on the horizon. Housing supply is still low, so you’ll need to partner with an agent to stay on top of what’s available in your market and move fast when you find the one. It’s not going to be easy to find a home, but it certainly won’t be as difficult as it has been over the past two years.

Home Price Forecasts Call for Ongoing Appreciation

Due to the imbalance between the number of homes for sale and the number of buyers looking to make a purchase, the pandemic led to record-breaking increases in home prices. According to CoreLogic, homes appreciated by 15% in 2021, and they’ve continued to rise this year. In Scottsdale, some areas saw price increases in the 30% range.

Even though housing supply is increasing today, there are still more buyers than there are homes for sale, and that’s maintaining the upward pressure on home prices. That’s why experts are not calling for prices to decline, rather they’re forecasting they’ll continue to climb, just at a more moderate pace this year. On average, homes are projected to appreciate by about 8.5% in 2022 (see graph below):

Expert Housing Market Forecasts for the Second Half of the Year | MyKCM

Selma Hepp, Deputy Chief Economist at CoreLogic, explains why the housing market will see deceleration, but not depreciation, in prices:

“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”

For current homeowners looking to sell, know your home’s value isn’t projected to fall, but waiting to make your purchase does mean your next home could cost more as home prices continue to increase. So if you’re thinking about buying your first home or you’re ready to make a move, it may make sense to do so now before prices climb higher. But rest assured, once you buy a home, that price appreciation will help grow the value of your investment.

Bottom Line

Whether you’re a home buyer or seller, you need to know what’s happening in the housing market, so you can make the most informed decision possible. Let’s connect to discuss your goals and what lies ahead, so you can determine the best plan for your move.

Phoenix and Scottsdale AZ Luxury Condo Sales -June 2022

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Luxury Condo Sales in Scottsdale and Phoenix – June 2022

We are now seeing a little bit of a cool off in the luxury condo market in Scottsdale and Phoenix. Inventory has increased (which is good news), and new contracts and pending sales were down. However, we did see a very strong month for sales as pending inventory moved into the sold category.

In this report, we look at the sales activity of condos that were on the market priced at $1 million or more.  

ACTIVE LISTINGS AT THE END OF JUNE

Active inventory saw a nice boost in June. We closed out the month with fifty-eight units for sale. Of these, fifty-two were located in Scottsdale. 

The most expensive condo for sale is located in the new development called Ascent at the Phoenician. It comes with three bedrooms, three and one-half bathrooms and has 3,996 square feet. It was listed for $4,750,000.

The lowest-priced luxury condo for sale was in Scottsdale’s Gateway at Main Street Plaza. This home has two bedrooms, two and one-half bathrooms and 2,393 square feet. It was listed for $1,000,000. 

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

We went from twelve UCB contracts at the end of May to just four at the end of June. They were evenly split between Scottsdale and Phoenix.

UCB Condos in Scottsdale

  • Troon North Golf Villa – Three bedrooms and bathrooms, 3,017 square feet. Asking price was $1,225,000.
  • ICON in Silverleaf – Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.

UCB Condos in Phoenix

  • Fairway Lodge at the Biltmore
    • Two bedrooms, two and one-half bathrooms, 2,616 square feet. Asking price was $1,350,000.
    • Two bedrooms, two and one-half bathrooms, 2,329 square feet. Asking price was $1,375,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending sales saw a slight dip. June closed out with forty-seven pending sales compared to the fifty-two pending sales at the end of May. As mentioned before, the majority of these pending contracts are in communities that are currently under construction.

Forty-five of the forty-eight pendings were located in Scottsdale.

Scottsdale Pending Luxury Condos

  • Optima Kierland – Two bedrooms and bathrooms, 1,290 square feet. Asking price was $1,600,000.
  • 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 $1,016,000.
    • 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 $4,895,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • Seven at Desert Mountain – This community is also under construction.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,505,002.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,530,700.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,536,004.
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,612,768.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,774,200.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,787,350.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,809,900.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,835,850.
  • 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 $2,900,000.
    • 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 $2,800,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,1557 square feet. Asking price was $2,900,000.
    • 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, 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, 2,875 square feet. Asking price was $1,650,000. 

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Sales almost doubled between May and June. May ended with thirteen sales and June turned in twenty-two sales.

Scottsdale Luxury Condo Sales

  • Optima Camelview
    • Two bedrooms and bathrooms, 1,275 square feet. Asking price was $1,088,800 and it sold for $1,020,000.
    • Two bedrooms and bathrooms, 1,773 square feet. Asking price was $1,130,000 and it sold for $1,100,000.
    • Three bedrooms, two and one-half bathrooms, 3,354 square feet. Asking price was $3,795,000 and it sold for $3,588,780.
    • Two bedrooms, two and one-half bathrooms, 1,911 square feet. Asking price was $1,299,000 and it sold for $1,155,000.
    • Three bedrooms, two bathrooms, 2,465 square feet. Asking price was $1,750,000 and it sold for $1,650,000.
    • Three bedrooms, two bathrooms, 1,710 square feet. Asking price was $1,375,000 and it sold for $1,300,000.
  • Landmark Condominiums
    • Three bedrooms and bathrooms, 3,045 square feet. Asking price was $1,600,000 and it sold for list price.
    • Two bedrooms, three bathrooms, 2,690 square feet. Asking price was $1,699,000 and it sold for $1,600,000.
    • Four bedrooms, three bathrooms, 3,946 square feet. Asking price was
      $2,575,000 and it sold for $2,437,500.
  • Optima Kierland
    • Two bedrooms, two and one-half bathrooms, 1,754 square feet. Asking price was $1,695,000 and it sold for $1,595,000.
    • Two bedrooms and bathrooms, 1,686 square feet. Asking price was $1,750,000 and it sold for list price.
    • Two bedrooms and bathrooms, 1,366 square feet. Asking price was $1,797,000 and it sold for list price.
    • Two bedrooms, two and one-half bathrooms, 1,980 square feet. Asking price was $2,250,000 and it sold for $2,200,000.
    • Three bedrooms and bathrooms, 1,686 square feet. Asking price was $1,250,000 and it sold for $1,330,000.
  • Seven at Desert Mountain – Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,705,300 and it sold for $1,805,132.
  • Tower Residences at Hotel Valley Ho – Two bedrooms and bathrooms, 1,363 square feet. Asking price was $1,200,000 and it sold for list price.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 3,139 square feet. Asking price was $3,495,000 and it sold for $3,300,000.

Phoenix Luxury Condo Sales

  • Esplanade Place – Three bedrooms and bathrooms, 3,334 square feet. Asking price was $2,175,000 and it sold for $2,010,000.
  • The Residences at 2211 Camelback – Four bedrooms, four and one-half bathrooms, 6,875 square feet. Asking price was $6,200,000 and it sold for $6,000,000. 
  • Bridgewood – Two bedrooms and bathrooms, 1,968 square feet. Asking price was $1,295,000 and it sold for list price.
  • Fairway Lodge at the Biltmore – Three bedrooms, two and one-half bathrooms, 2,329 square feet. Asking price was $1,425,000 and it sold for $1,345,000.
  • Esplanade Place – Two bedrooms, three bathrooms, 3,000 square feet. Asking price was $1,698,500 and it sold for $1,600,000.

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 7/1/2022 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

A Key Opportunity for Homebuyers

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A Key Opportunity for Homebuyers | MyKCM

There’s no denying the housing market has delivered a fair share of challenges to homebuyers over the past two years. Two of the biggest hurdles homebuyers faced during the pandemic were the limited number of homes for sale and the intensity and frequency of bidding wars. But those two things have reached a turning point.

As you may have already heard, the number of homes for sale has increased this year, and even more so this spring.

In Scottsdale, we went from having a little over 300 single-family homes on the market in January of 2022 to over 950 at the end of June 2022. This is great news for buyers who have been facing inventory challenges.

As Danielle Hale, Chief Economist for realtor.com, explains:

“New listings–a measure of sellers putting homes up for sale–were up 6% above one year ago. Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes. That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much needed options.”

This is encouraging news. More homes coming onto the market give you a greater chance of finding one that checks all your boxes.

Buyer Competition Moderating Helps Inventory Grow Even More

Mark Fleming, Chief Economist at First American, says inventory growth is happening not just because there’s an increase in the number of listings coming onto the market, but also because buyer demand has moderated some in light of higher mortgage rates and other economic factors:

“There has been a pickup in the inventory that we’ve seen recently, but it’s not from a big increase in new listings . . . but rather a slowdown in the pace of sales. And remember that months’ supply measures the inventory of sale relative to the pace of sales. Same inventory, fewer sales, means more months’ supply.”

Basically, the market is shifting away from the frenzy of buyer competition seen during the pandemic, and that’s helping available inventory grow. In their latest forecast, realtor.com also mentions the moderation of demand as a key factor and projects the inventory growth should continue:

“As rising inflation and mortgage rates bring U.S. housing demand back from the 2021 frenzy, . . . inventory will grow double-digits over 2021 and offer buyers a better-than-expected chance to find a home.”

How This Impacts You

The combination of more homes coming onto the market and a slower pace of home sales means you’ll have more options to choose from as you search for your next home. That’s great news if you’ve been searching for a while with little to no luck. Just remember, there isn’t a sudden surplus of inventory, just more homes to choose from than even a few months ago. So, you’ll still want to be decisive and move fast when you find the right home for you.

And when you do, you may be faced with less competition from other buyers too. If you’ve been waiting to jump into the market because the intensity of the bidding wars was intimidating or if you’ve been outbid on several homes, this moderation could help make the homebuying process a bit smoother. It’s not that it’ll be easy or that bidding wars are a thing of the past – that’s not the case. But it won’t feel nearly as impossible.

Bottom Line

As the housing market begins its shift back toward pre-pandemic levels, you could have a unique opportunity in front of you. With moderating levels of buyer competition and more homes actively for sale, your home search may have gotten a bit less challenging. Let’s connect to begin the process today.

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

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– June 2022 Scottsdale Housing Market Video –

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

June 2022 – Video


Scottsdale Active Listings

Scottsdale homes for sale June 2022

We are finally seeing the inventory our market has desperately needed.

Inventory jumped 55% when we compare June 2021 to June 2022. And the number of homes for sale at the end of the month was up 19% from the end of May. Great news!

Median List Price for Scottsdale Homes

Scottsdale homes median list price June 2022

If you are not familiar with it, the median list price represents the exact midpoint of all of the homes on the market. Half of the prices will be higher and half will be lower.

June’s median list price was $1.3 million. This is the same it was last month and at the same time last year.

Days on Market

Scottsdale homes days on market June 2022

Days on market, also seen as DOM, is a quick metric that gives you an idea of the pace of home sales in a given market. A low DOM means that homes are selling more quickly. Alternatively, a high DOM means homes are lingering on the market longer.

The DOM for June came in at 30 days, which is where it was in June 2021 as well. This is quite low when you compare it to several years ago when it was closer to 100 days.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price June 2022

We looked at the median list price above and now we will look at the median sales price for homes that sold in June.

Scottsdale’s median sales price in June was $1.1 million. This is up quite a bit up from June 2021’s $878K and slightly up from last month’s $1.08 million.

Number of Homes Sold

This next section takes a look at home sales.

Scottsdale Home Sales June 2022 versus 2021

This first image compares sales activity between June 2022 and June 2021. Sales were down 30%.

This is due to a combination of many things including low inventory, increased interest rates and higher home prices. Also, sales activity does taper off seasonally during the summer months.

Scottsdale home sales April versus May 2022

This second image compares June’s sales activity to May’s. Sales dropped 14%.

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

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

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

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

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

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