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Phoenix and Scottsdale AZ Luxury Condo Sales – December 2021

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– Luxury Condo Sales in Scottsdale and Phoenix – December 2021 –

December continued the trend of strong sales for the luxury condo market in Scottsdale and Phoenix.

This analysis takes a look at condos with list prices of $1 million or more.

ACTIVE LISTINGS AT THE END OF DECEMBER

The number of luxury condos for sale was down again and the month ended with thirty-nine units on the market. Virtually all (thirty-two) of them were located in Scottsdale. There were only seven luxury condos for sale in Phoenix.

The most expensive condo for sale is a holdover from November has the highest asking price I have seen for a condominium. It is a penthouse with four bedrooms, four and one-half bathrooms and 6,288 square feet. It is located in the luxurious ICON community in Silverleaf. It was on the market for $6,850,000.

The lowest-priced luxury condo was located in the Optima Biltmore in Phoenix. It has three bedrooms and bathrooms and 2,681 square feet. It was listed for $1,060,000.


UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

December ended with eleven units in UCB status. Ten of the eleven were located in Scottsdale.

UCB Condos in Scottsdale

  • ICON in Silverleaf
    • 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 $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,350,000.
  • Eagles Pass Condominiums – Three bedrooms and bathrooms, 2,627 square feet. Asking price was $1,200,000.
  • Landmark Condominiums – Three bedrooms and bathrooms, 2,548 square feet. Asking price $1,350,000.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,041 square feet. Asking price was $1,499,000.
  • Optima Kierland
    • Two bedrooms and bathrooms, 1,511 square feet. Asking price was $1,800,000.
    • Two bedrooms and bathrooms, 1,452 square feet. Asking price was $1,295,000.
    • Two bedrooms and bathrooms, 1,698 square feet. Asking price was $1,599,999.

UCB Condos in Phoenix

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Twenty-three sales were pending at the end of December. Nineteen of them were in Scottsdale and a large number of these were in the under-construction community of Seven in Desert Mountain.

Scottsdale Pending Luxury Condos

  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000.
  • 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 $1,515,800.
    • 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.
    • Two bedrooms, three and one-half bathrooms, 2,702 square feet. Asking price was $1,705,300.
    • 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.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 1611 square feet. Asking price was $1,365,000.
  • Optima Camelview
    • Three bedrooms, two bathrooms, 1,782 square feet. Asking price was $1,350,000.
    • Three bedrooms, two and one-half bathrooms, 2,487 square feet. Asking price was $2,500,000.
  • Optima Kierland
    • Three bedrooms, three and one-half bathrooms, 2,839 square feet. Asking price was $2,800,000.
    • Two bedrooms, three bathrooms, 3,329 square feet. Asking price was $4,300,000.
  • Safari Drive – Two bedrooms, two and one-half bathrooms, 2,714 square feet. Asking price was $1,025,000.

Phoenix Pending Luxury Condos

  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000
  • Crystal Point – Three bedrooms, two bathrooms and 2,718 square feet. Asking price was $1,000,000.
  • The Residences at 2211 Camelback – Three bedrooms and bathrooms and 3,000 square feet. Asking price was $1,950,000.
  • Two Biltmore Estates – Four bedrooms, four and one-half bathrooms and 3,580 square feet. Asking price was $2,579,990.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Sales were up in December.

Scottsdale Luxury Condo Sales

  • SOHO Condominiums – Three bedrooms, two and one-half bathrooms, 2,365 square feet. Asking price was $1,250,000 and it sold for asking price.
  • Optima Camelview – Two bedrooms and bathrooms, 1,257 square feet. Asking price was $1,024,900 and it sold for $1,000,000.
  • The Mark – Two bedrooms, two and one-half bathrooms, 2,165 square feet. Asking price was $1,075,000 and it sold for $1,000,000.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms, 2,050 square feet. Asking price was $2,250,000 and it sold for $2,100,000.
    • Two bedrooms and bathrooms, 2,265 square feet. Asking price was $1,530,000 and it sold for list price.
    • Two bedrooms, two and one-half bathrooms, 2,041 square feet. Asking price was $1,575,000 and it sold for list price.
    • Three bedrooms, three and one-half bathrooms, 2,503 square feet. Asking price was $1,545,000 and it sold for $1,525,000.
  • Optima Camelview
    • Two bedrooms and bathrooms, 1,759 square feet. Asking price was $1,399,000 and it sold for $1,375,000.
    • Three bedrooms, two bathrooms, 1,513 square feet. Asking price was $1,250,000 and it sold for $1,200,000.
  • ENVY Condominiums – Two bedrooms and bathrooms, 1,991 square feet. Asking price was $1,730,000 and it sold for list price.
  • Optima Kierland
    • Four bedrooms, three bathrooms, 2,619 square feet. Asking price was $2,495,000 and it sold for $2,460,000.
    • Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,190,000 and it sold for $1,050,000.
    • Three bedrooms, two and one-half bathrooms, 1,956 square feet. Asking price was $1,415,000 and it sold for list price.
    • Four bedrooms, three bathrooms, 2,433 square feet. Asking price was $2,749,000 and it sold for $2,725,000.
    • Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $1,997,500 and it sold for $1,110,000.
    • Three bedrooms, two bathrooms, 1,758 square feet. Asking price was $1,195,000 and it sold for $1,175,000.
    • Two bedrooms and bathrooms, 1,290 square feet. Asking price was $1,195,000 and it sold for $1,150,000.
    • Two bedrooms two and one-half bathrooms, 2,000 square feet. Asking price was $1,800,000 and it sold for $1,675,000.
  • Plaza Lofts at Kierland – Two bedrooms, two and one-half bathrooms, 2,086 square feet. Asking price was $1,800,000 and it sold for $1,725,000.

Phoenix Luxury Condo Sales

  • Crystal Point – Three bedrooms, two bathrooms and 2,718 square feet. Asking price was $1,000,000 and it sold for $910,000.
  • The Residences at 2211 Camelback – Three bedrooms and bathrooms, 3,000 square feet. Asking price was $1,545,000 and it sold for $1,500,000.
  • Two Biltmore Estates – Three bedrooms, three and one-half bathrooms and 3,860 square feet. Asking price was $2,795,000 and it sold for $2,675,000.
  • Two Biltmore Estates – Two bedrooms, three bathrooms and 4,817square feet. Asking price was $2,975,000 and it sold for $2,850,000.
  • Esplanade Place – Three bedrooms and bathrooms and 3,054 square feet. Asking price was $2,100,000.


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 1/1/2022 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

Sellers: Don’t Wait Until Spring To Make Your Move

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Sellers: Don’t Wait Until Spring To Make Your Move | MyKCM

As you plan out your goals for the year, moving up to your dream home may top the list. But, how do you know when to make your move? You want to time it just right so you can get the most out of the sale of your current house. You also want to know you’re making a good investment when you buy your new home. What you may not realize is, that opportunity to get the best of both worlds is already here.

You don’t want to wait until spring to spring into action. The current market conditions make this winter an ideal time to move. Here’s why.

1. The Number of Homes on the Market Is Still Low

Today’s limited supply of houses for sale is putting sellers in the driver’s seat. As of today, the Arizona Regional MLS is showing a mere 322 single-family homes for sale in Scottsdale. This figure used to be much much higher.

There are far more buyers are in the market than there are homes available, and that means buyers are eagerly waiting for your house. Listing your house now makes it the center of attention. As a seller, that means when it’s priced correctly, you can expect it to sell quickly and get multiple strong offers this season. Just remember, experts project more inventory will come to market as we move through the winter months.

The realtor.com 2022 forecast says this:

“After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows.”

Selling now may help you maximize the return on your investment before your house has to face more competition from other sellers.

 

2. Your Equity Is Growing in Record Amounts

Current homeowners are sitting on record amounts of equity thanks to today’s home price appreciation. According to the latest report from CoreLogic, the average homeowner gained $56,700 in equity over the past 12 months.

That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your own home search, rest assured your equity can help fuel your next move. It may be just what you need to cover a large portion – if not all – of the down payment on your next purchase.

Want to know how much equity you have in your home? Simply access our equity and home valuation tool. 

 

3. While Rising, Mortgage Rates Are Still Historically Low

In January of last year, mortgage rates hit the lowest point ever recorded. Today, rates are starting to rise, but that doesn’t mean you’ve missed out on locking in a low rate. Current mortgage rates are still far below what they’ve been in recent decades:

  • In the 2000s, the average mortgage rate was 6.27%
  • In the 1990s, the average rate was 8.12%

Even with mortgage rates rising above 3%, they’re still worth taking advantage of. You just want to do so sooner rather than later. Experts are projecting rates will continue to rise throughout this year, and when they do, it’ll cost you more to purchase your next home.

 

4. Home Prices Are Going To Keep Rising with Time

According to industry leaders, home prices will also continue appreciating this year. While experts are forecasting more moderate home price growth than last year, it’s important to note prices will still be moving in an upward direction throughout 2022.

What does that mean for you? If you’re selling so you can move into a bigger home or downsize to the home of your dreams, you want to consider moving now before rates and prices rise further. If you’re ready, you have an opportunity to get ahead of the curve by purchasing your next home before rates and prices climb higher.

Bottom Line

If you’re considering selling to move up or downsize, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect today to get set up for homebuying success this year.

What’s Going To Happen with Home Prices in 2022?

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What’s Going To Happen with Home Prices This Year? | MyKCM

After almost two years of double-digit increases, many experts thought home price appreciation would decelerate or happen at a slower pace in the last quarter of 2021. However, the latest Home Price Insights Report from CoreLogic indicates while prices may have plateaued, appreciation has definitely not slowed. The following graph shows year-over-year appreciation throughout 2021. December data has not yet been released.

What’s Going To Happen with Home Prices This Year? | MyKCM

As the graph shows, appreciation has remained steady at around 18% over the last five months.

In addition, the latest S&P Case-Shiller Price Index and the FHFA Price Index show a slight deceleration from the same time last year – it’s just not at the level that was expected. However, they also both indicate there’s continued strong price growth throughout the country. FHFA reports all nine regions of the country still experienced double-digit appreciation. The Case-Shiller 20-City Index reveals all 20 metros had double-digit appreciation.

Why Haven’t We Seen the Deeper Deceleration Many Expected?

Experts had projected the supply of housing inventory would increase in the last half of 2021 and buyer demand would decrease, as it historically does later in the year. Since all pricing is subject to supply and demand, it seemed that appreciation would wane under those conditions.

Buyer demand, however, did not slow as much as expected, and the number of listings available for sale dropped instead of improved. In fact, inventory in Scottsdale and the Greater Phoenix area is at some of the lowest levels we have ever seen. 

The graph below uses data from realtor.com to show the number of available listings for sale each month, including the decline in listings at the end of the year.

What’s Going To Happen with Home Prices This Year? | MyKCM

Here are three reasons why the number of active listings didn’t increase as expected:

1. There hasn’t been a surge of foreclosures as the forbearance program comes to an end.

2. New construction slowed considerably because of supply chain challenges.

3. Many believed more sellers would put their houses on the market once the concerns about the pandemic began to ease. However, those concerns have not yet disappeared. A recent article published by com explains:

“Before the omicron variant of COVID-19 appeared on the scene, the 2021 housing market was rebounding healthily from previous waves of the pandemic and turned downright bullish as the end of the year approached. . . . And then the new omicron strain hit in November, followed by a December dip in new listings. Was this sudden drop due to omicron, or just the typical holiday season lull?”

No one knows for sure, but it does seem possible.

Bottom Line

Home price appreciation might slow (or decelerate) in 2022. However, based on supply and demand, you shouldn’t expect the deceleration to be swift or deep.

Have Questions About the Local Market? Give us a call at 480-209-7843 or contact us. 

Quick Video Update of the Scottsdale Real Estate Market – December 2021

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– December 2021 Scottsdale Housing Market Video –

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

December 2021 – Video


Scottsdale Active Listings

Scottsdale homes for sale December 2021

I have never seen the number of homes for sale in Scottsdale this low. And it seems this figure continues to fall even further every month.

Inventory was down 48% between December 2020 and December 2021. It is shocking to see there were only 393 listings at the end of the year.

If you compare inventory levels between the end of November and the end of December, the number of active listings was down 27%.

Median List Price for Scottsdale Homes

Scottsdale homes median list price December 2021

If you are not familiar with the median list price, it is the midpoint of all list prices where one-half of the homes have higher prices and one-half of the homes have lower prices.

The median list price for December was $1.43 million. It comes in higher than November’s $1.3 million and is slightly higher than December 2020’s $1.39 million.

Days on Market

Scottsdale homes days on market December 2021

Days of Market (frequently referred to as DOM) is a measure of the “heat” of a market. When homes are selling quickly, you will see a lower DOM. If homes are staying on the market longer, you will see a higher DOM.

In December, the Days on Market was 44 days. In comparison, the Days on Market for December 2020 was 63 days.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price December 2021

Now we will explore the median sales price of homes sold in Scottsdale in December.

The median sales price in December was $932K. This outperformed November’s $880K and was well above December 2020’s $797K.

Number of Homes Sold

This last section covers homes sales in Scottsdale in December.

Scottsdale Home Sales December 2020 versus 2021

This first image compares homes sales on a year-over-year basis. December 2021’s sales came in significantly (22%) lower than December 2020’s. However, we are seeing record-low inventory which is constraining sales even though buyer demand is there.

Scottsdale home sales November and December 2021

This second image compares sales activity on a month-over-month basis. Sales were up by 1% in December as buyers wanted to close out the year with a new home.

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.

A Return to ‘Normal’? The State of Real Estate in 2022

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Real Estate Scottsdale 2022

Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021.1

In Scottsdale alone, we saw a 20% gain in the past year and a gain of 54.2% over the past two years.  (Data as of 1/6/2022.) 

However, there were signs in the fourth quarter that the red-hot housing market was beginning to simmer down. In the month of October, only 60.3% of sales involved a bidding war—down from a high of 74.5% in April.2 While this trend could be attributed to seasonality, it could also be a signal that the real estate run-up may have passed its peak.

 So what’s ahead for the U.S. housing market in 2022? Here’s where industry experts predict the market is headed in the coming year.

 MORTGAGE RATES WILL CREEP UP

Most economists expect to see mortgage rates gradually rise this year after hitting record lows in late 2020 and early 2021.3

Freddie Mac forecasts the 30-year fixed-rate mortgage will average 3.5% in 2022, up from around 3% in 2021.4

In fact, as of January 6, 2022, interest rates climbed to the highest level we have seen since May 2020.

The Mortgage Bankers Association predicts that rates will tick up to 4% by the end of the year. “Mortgage lenders and borrowers should expect rising mortgage rates over the next year, as stronger economic growth pushes Treasury yields higher,” said Mike Fratantoni, chief economist for the Mortgage Bankers Association at their 2001 Annual Convention & Expo in October.5

However, it’s important to keep in mind that even a 4% mortgage rate is low when compared to historical standards. According to industry trade blog The Mortgage Reports, “Between 1971 and December 2020, 30-year mortgage rates averaged 7.89%.”6

What does it mean for you? Low mortgage rates can reduce your monthly payment and make homeownership more affordable. Fortunately, there’s still time to lock in a historically-low rate. Whether you’re hoping to purchase a new home or refinance an existing mortgage, act soon before rates go up any further. We’d be happy to connect you with a trusted lending professional in our network.


THE MARKET WILL BECOME MORE BALANCED

In 2021, we experienced one of the most competitive real estate markets ever. Fears about the virus and a shift to remote work triggered a huge uptick in demand. At the same time, many existing homeowners delayed their plans to sell, and supply and labor shortages hindered new construction.

This led to an extreme market imbalance that benefitted sellers and frustrated buyers. According to George Ratiu, director of economic research at Realtor.com, “Prices and sellers reached for the moon year. It looks like we are now about to move back to earth.”7

Data from Realtor.com released in November showed that listing price reductions had more than doubled since February 2021. And the average days on market (an indicator of how long it takes a home to sell) has been slowly creeping up since June.7

What’s causing this change in market dynamics? The real estate market typically slows down in the fall and winter. But economists also suspect a fundamental shift in supply and demand.

At the National Association of Realtors’ annual conference last November, the group’s chief economist, Lawrence Yun, told attendees that he expects increased supply to come from an uptick in new construction—which is already underway—and an end to the mortgage forbearance program. “With more housing inventory to hit the market, the intense multiple offers will start to ease,” he said.8

Demand is also predicted to wane slightly in the coming year. Rising mortgage rates and record-high prices have made homeownership unaffordable for a growing number of Americans. And in a recent Reuters poll, nearly 80% of property analysts said they expect housing affordability to worsen over the next several years.9

What does it mean for you? If you struggled to buy a home last year, there may be some relief on the horizon. Increased supply and softening demand could make it easier to finally secure the home of your dreams. If you’re a seller, it’s still a great time to cash out your big equity gains! And with more inventory on the market, you’ll have an easier time finding your next home. Reach out for a free consultation so we can discuss your specific needs and goals.


HOME PRICES LIKELY TO KEEP CLIMBING, BUT AT A SLOWER PACE

 Nationally, home prices rose an estimated 16.8% in 2021.8 But the average rate of appreciation is expected to slow down in 2022.

Danielle Hale, chief economist at Realtor.com, told Yahoo! News, “Home asking prices have decelerated in the second half of 2021, with median listing price growth slipping from a peak of 17.2% in April to just 8.6% in October.”10

But experts disagree about how much more property values can continue to climb this year. Goldman Sachs predicts that home prices will rise by 13.5%, while Fannie Mae and Freddie Mac are forecasting a 7.9% and 7% rate of appreciation, respectively.2

However, not all analysts are as bullish. The National Association of Realtors predicts a 2.8% rate of appreciation for existing homes and 4.4% for new homes, while the Mortgage Bankers Association expects the average home price to decrease by 2.5% by the end of the year.10,2

According to Hale, “With prices near all-time highs and mortgage rates expected to rise, we expect this slowdown in prices to continue.”10

What does it mean for you? If you’re a buyer who has been waiting on the sidelines for home prices to drop, you may be out of luck. Even if home prices dip slightly (and most economists expect them to rise) any savings are likely to be offset by higher mortgage rates. The good news is that decreased competition means more choice and less likelihood of a bidding war. We can help you get the most for your money in today’s market.

 

RENTS WILL CONTINUE TO RISE

Along with home, gasoline, and used vehicle prices, rent prices rose dramatically last year. According to CoreLogic, in September, rents for single-family homes were up 10.2% nationally year over year.11 And economists at Realtor.com expect them to climb another 7.1% in 2022.12

“Homes are expensive now…but for most people, the comparison that is most important is how that cost of homeownership is going to compare to the cost of renting,” Zillow Senior Economist Jeff Tucker told CNBC in November.13

Tucker also pointed out that rent is less predictable than a mortgage—and more likely to go up along with inflation.13

Real assets, like real estate, are often used as a hedge against inflation. That’s because property values typically rise with inflation.14 And when a homeowner takes out a mortgage, they lock in a set housing payment for the next 30 years.

In contrast, renters are at the mercy of the market—and they don’t gain any of the benefits of homeownership, like tax deductions, equity, or appreciation.

George Ratiu of Realtor.com told CNBC that he advises buyers to consider their budget and time frame. If they plan to stay in the home for at least three to five years, he believes it often makes sense to buy.13

Fortunately, it’s shaping up to be a better year for buyers. “I think 2022 has the promise of providing less competition, a lot more homes to choose from, and, as a result, a lot more approachable prices,” Ratiu said.13

What does it mean for you? Both property and rent prices are expected to continue rising. But when you purchase a home with a fixed-rate mortgage, you can rest assured knowing that your monthly mortgage payment will never go up. Whether you’re a first-time homebuyer or a real estate investor, we can help you make the most of today’s real estate market.


WE’RE HERE TO GUIDE YOU

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

If you’re considering buying or selling a home in 2022, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year.

 

Sources:

  1. Fortune –
    https://fortune.com/2021/11/04/us-home-prices-real-estate-forecast-2022-outlook/
  2. Fortune –
    https://fortune.com/2021/11/29/housing-market-real-estate-predictions-2022-forecast/
  3. Freddie Mac –
    https://www.freddiemac.com/pmms/pmms30.html
  4. Freddie Mac – https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-strong-housing-market-will-continue-even-rates-and
  5. Mortgage Bankers Association –
    https://www.mba.org/2021-press-releases/october/mba-annual-forecast-purchase-originations-to-increase-9-percent-to-record-173-trillion-in-2022
  6. The Mortgage Reports –
    https://themortgagereports.com/61853/30-year-mortgage-rates-chart
  7. com –
    https://www.realtor.com/news/trends/has-housing-market-peaked/
  8. National Association of Realtors –
    https://www.nar.realtor/newsroom/nars-yun-says-housing-market-doing-well-may-normalize-in-2022
  9. Reuters –
    https://www.reuters.com/world/us/rise-us-house-prices-halve-next-year-affordability-worsen-2021-12-07/
  10. Yahoo! News –
    https://www.yahoo.com/now/where-home-prices-headed-2022-130012748.html
  11. CNBC –
    https://www.cnbc.com/2021/11/16/inflation-rent-for-single-family-homes-surged-10percent-in-september.html
  12. com –
    https://www.realtor.com/news/trends/what-to-expect-in-2022-housing-market/
  13. CNBC –
    https://www.cnbc.com/2021/11/23/rising-inflation-hot-housing-market-what-you-need-to-know-about-buying-a-home.html
  14. Money –
    https://money.com/inflation-2021-stocks-bitcoin-gold-reits-commodities/

Scottsdale AZ Single Family Home Sales – December 2021

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December 2021 Scottsdale Homes for Sale and Home Sales –

Home sales were level between November and December. However, we saw significant drops in new contracts and inventory fell even further.

SCOTTSDALE HOME SALES ACTIVITY – DECEMBER 2021

Each month, we take a look at the four items below:

– Single-family homes for sale – Orange Line – The number of homes for sale at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – The number of UCB contracts at the end of the month.*
– Pending home sales – Yellow Line – The number of pending sales at the end of the month.*
– Home Sales – Blue Line – The number of homes sold.

DECEMBER 2021 RESULTS

Scottsdale home sales December 2021
  • Scottsdale Homes for Sale: Inventory was down another 20 to close out December at 356. This is the lowest we have seen and this is the first time this figure has dropped into the 300’s. This will make it even harder on buyers.
  • UCB (Under contract, accepting backup offers): UCBs fell 40.6% to the lowest we have seen them in the past year. However, a drop is to be expected becuase of the holidays in December coupled with very few homes for sale.
  • Pending Homes Sales in Scottsdale: Pending sales also fell to their lowest level of the pasr year. Again, I would attribute this to the holidays and very little inventory.
  • Scottsdale Home Sales: Sales remained level in December with 497 homes sold.

Below are two more items we use to track market activity.

Scottsdale housing market December 2022

Percent Change Month Over Month – This metric compares activity from one month to the month prior. For example, the number of homes for sale fell 20.8% between November and December.

Sales Price to List Price – This metric looks at what homes are selling for relative to what their asking prices were. In December, homes on average sold for 99.3% of list price, meaning buyers are not seeing large discounts in this market.


*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 1/1/2022. 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

Things to Do in Scottsdale – January 2022

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– Scottsdale Events – January 2022 –

The 2022 season is officially here and with that comes lots of fun events in and around Scottsdale. 

 

Old Town Scottsdale AZ

Without further ado, here are some hand-picked events of things going on in January in and around Scottsdale:

  • Old Town Scottsdale Farmers’ Market – Saturday Mornings starting January 1st – The Old Town Farmers’ Market is back! Peruse tons of fresh produce and handcrafted food items every Saturday morning.
  • Maricopa County Home Show  – January 7th – 9th – This three day event will take place at the Arizona State Fairgrounds. There will be seminars, hands-on events, tiny homes, gardeners and so much more. 
  • Scottsdale ArtWalk – January 13th – Scottsdale hosts weekly ArtWalks in Old Town and on January 13th they will have a special Gold Palette edition which will feature a “Demonstrate and Donuts” theme. There will be live bagpipe music and donut tastings. 
  • Carefree Art & Wine Festival – January 14th – 16th – This wonderful art festival will feature the work of 155 juried artists as you stroll the streets of downtown Carefree. Like wine? You can purchase a wine tasting ticket and glass so that you can sip and stroll.
  • Arizona Fine Art Expo – January 14th – March 27th– 124 artists will bring their talents and studios to the Expo. Over the ten weeks of the show, artists will be creating daily. Come and meet the artists and explore their works!
  • Rock ‘N’ Roll Arizona Marathon – January 15th- 16th – This marathon is a great time and if you are a runner, you should definitely participate. There are four different distances to challenge yourself with. You will see some amazing scenery and hear great live music as you run through Tempe, Phoenix and Scottsdale. 
  • Celebration of Fine Art – January 15th – March 27th – For over 30 years, this high-profile art event is held at the 101 and Hayden has been a must do. 100 artists are onsite and are creating via a large range of mediums. 
  • Barrett Jackson – January 22nd – January 30th – This annual event is a top pick for car lovers. Watch the live auction action and then stroll around the grounds to see the beautiful and exotic cars. Each day feartures a new schedule of events and things to do.
  • Russo and Steele Collector Car Auction – January 26th – 30th – Russo and Steele, the other high-profile car auction event, will also be back at the 101 and Scottsdale Road. The five days will be packed with lots of action and over 800 cars will be auctioned off.
  • Arizona Balloon Classic – January 28th – 30th  – This is the eleventh anniversary for Arizona Balloon Classic in Goodyear. There will be a festival, balloon races, music, a food zone and a kite festival.
  • Desert Botanical Garden – Various Days – The Desert Botanical Garden is kicking off some great events in January, including Dogs Days in the Garden, Loteria Nights and Music in the Garden. Check the link for specific dates, times and more information. 
  • Scottsdale Center For the Performing Arts – Upcoming Events – The Scottsdale Center For the Performing Arts has a packed upcoming season. From Willy Wonka to talented musical and dance acts, to cocktail classes, you are sure to find something!
  • The Phoenix Symphony – Upcoming Events – The upcoming season for The Phoenix Symphony has something for everyone. There are tradtional performances plus acts like the Mambo Kings, tributes to Louis Armstrong, Ella Fitzgerald, Frank Sinatra and more. 

As always, this is a partial list. Please feel free to add any other January events in the comments section.

Scottsdale AZ Luxury Home Market – November 2021

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– Scottsdale Luxury Home Market Performance for November 2021 –

November was a decent sales month for luxury homes.

This report covers the past twelve months of luxury home sales activity in Scottsdale. All of the homes were priced a $1,000,000 or more. Also, to make it easier to see how sales are going, we divided the luxury home market into four price bands.

We track the following four metrics on a monthly basis:
Active – How many homes were for sale 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 sales there were.
Sold – The number of home sales for that month.

– November 2021 –

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

Scottsdale Homes for Sale between $1 and $1.5 million November 2021

– Active Scottsdale Homes on the Market: Inventory fell significantly between October and November, partially due to very strong sales in this price point.
– UCB Scottsdale Home Sales: UCB contracts were up by one at the end of the month.
– Pending Scottsdale Home Sales: Pending sales were also up slightly, closing out at fifty-nine.
– Scottsdale Homes Sold: The number of homes sold rebounded significantly. One hundred homes sold in this price range in November.
– Sales Price to Listed Price: 97.4% – On average, buyers saw a discount of 2.6% off of asking price.

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

Scottsdale Homes for Sale between $1.5 and $2 million November 2021

– Active Scottsdale Homes on the Market: The number of homes for sale dropped to the lowest level we have seen the past year.
– UCB Scottsdale Home Sales: UCB contracts bounced back up in November, coming in on par with twelve month average.
– Pending Scottsdale Home Sales: Pending sales were up 21.9% over October, landing at thirty-two.
– Scottsdale Homes Sold: The number of homes sold was down. This was the third slowest sales month of the past year. However, with the decent UCB and pendings in the pipeline, we should see this figure increase in December.
– Sales Price to Listed Price: 97.4% – On average, buyers saw a discount of 2.6% off of asking price.

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

Scottsdale Homes for Sale between $2 and $3 million November 2021

– Active Scottsdale Homes on the Market: The number of homes for sale fell to the lowest level of the past year. Last December, there were 124 homes on the market compared to November 2021’s 57 homes.
– UCB Scottsdale Home Sales: The number of UCBs was up again for the second month in a row.
– Pending Scottsdale Home Sales: Pending sales were up slightly, but were still well below the twelve month average.
– Scottsdale Homes Sold: The number of homes sold was down by one. Sales activity has been more or less level for the past five months.
– Sales Price to Listed Price: 100.1% – On average, buyers paid just above list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million November 2021

– Active Scottsdale Homes on the Market: The number of homes for sale fell about 5% between October and November.
– UCB Scottsdale Home Sales: UCB contracts jumped by 34.6% in November! This is the highest we have seen this figure since Spring 2021.
– Pending Scottsdale Home Sales: Pendings were also up significantly and November was the top performing month of the past year.
– Scottsdale Homes Sold: Sales fell to the second lowest we have seen in the past year. However, with such strong UCB and pending activity, this number should jump in December.
– Sales Price to Listed Price: 97.4% – On average, buyers saw a discount of 2.6% off of asking 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 12/1/2021 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 ©2021 Heather Tawes Nelson | Joyce Tawes

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