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Scottsdale AZ Single Family Home Sales – July 2018

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– July 2018 Scottsdale Homes for Sale and Home Sales –

Here are the numbers for the Scottsdale real estate market for July. As anticipated, things are tapering off due to the low season. However, we are still seeing strong demand.

SCOTTSDALE HOME SALES ACTIVITY – JULY 2018

We are tracking four different items on a monthly basis:

– Single-family homes for sale – The number of homes on the market at the end of the month is depicted by the orange line.*
– Under contract, but accepting backup offers (UCB) – The number of homes in UCB status at the end of the month is depicted by the grey line.*
– Pending home sales –The number of homes in pending status at the end of the month is depicted by the yellow line.*
– Home Sales – The number of homes that sold that month.

JULY 2018 RESULTS

Scottsdale home sales July 2018

  • Scottsdale Homes for Sale: Inventory dropped again as sellers took their homes off of the market and sales were solid.  July closed with less than 1,500 homes for sale, the lowest it has been in the past year.
  • UCB (Under contract, accepting backup offers): The number of homes in UCB status fell almost 16% between June and July.
  • Pending Homes Sales in Scottsdale: Whereas UCB homes were down in July, pending homes were actually up slightly over June, closing out the month at 286.
  • Scottsdale Home Sales: Home sales fell back under the 500 mark in July to 464. This is still the fifth-best sales month in the past year.

 

This next section contains two more things we track on a monthly basis.

 

The first section is how things are changing on a month-over-month basis. So if you look at the sold data, you can see that sales were down 15.9% in July compared with June.

The second section is a quick look to see how home prices and actual sales prices are faring. Called sales price to list price, it tracks how much homes are selling for relative to their asking prices. In July, homes on average sold for 96.2% of list price. Looking at it another way, buyers on average purchased homes at a 3.8% discount.

July was a transition month for Scottsdale home sales. Inventory and sales activity tapered off and will likely to continue to do so for the next few months.

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

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 8/1/2018. 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 © 2018 Heather Tawes Nelson | Joyce Tawes

Top Scottsdale Homes with Pools Under $400,000

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Scottsdale Homes with Pools Under $400,000

Having a private pool is great to have, particularly during the hot summer months. But with Scottsdale’s wonderful weather, you can almost enjoy your pool year-round.

Today, we are featuring homes for sale in Scottsdale that not only have pools, but are priced $400,000 or less.

These homes can be found in several of Scottsdale’s neighborhoods, including the Kierland area, Central Scottsdale as well as many offerings in the Old Town/Downtown Scottsdale region.

Want to See Any of These or Something Else?

Simply contact us with what you are looking for and we will be happy to help!

Or you can search all Scottsdale Homes for Sale here.

 

 

Disclaimer: Data from ARMLS. Information subject to change.

Where to Eat in Scottsdale – Luci’s at the Orchard

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 – Luci’s at the Orchard in Phoenix –

Just when you think you know every really great restaurant around town – you get surprised.  A friend picked me up from the airport and we drove over to the area around Camelback Road and 12th Street. (So it is not actually in Scottsdale, but it is not too far of a drive!) This area was part of the citrus industry that transformed North Central Phoenix from desert to orchards and a thriving industry.

Tucked beneath the original water tower that stored the water from the canal that was built to irrigate central Phoenix farms is Luci’s.  Quaint, well-appointed, and a warm and friendly atmosphere are just a few adjectives I would use to describe this delightful restaurant.

The restaurant serves breakfast all day and the lunch menu is filled with salads, sandwiches and custom hamburgers. The dining area is surrounded by unique gift items and looks out onto a splash pad, and outdoor party event area and the Splurge Ice Cream and Candy Shop. Their gelato has to be the best in Phoenix!

I “splurged” myself at Luci’s by ordering the Grinder sandwich. I can’t remember how many years it has been since I ordered this kind of sandwich.  It was delicious, but the best part was the homemade potato salad.

I didn’t get a chance to take a good look at the adjacent restaurant, Pomelo’s, as we had to get on to our next appointment.  However, it is on my list of places to visit soon to see if it compares in quality to Luci’s.
Bonus! Luci’s has opened in Scottsdale in The Grove at the corner of McCormick Parkway and Hayden Road.

Things to Do In Scottsdale – August 2018

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Scottsdale Events – August 2018

The high temperatures are upon us and with that, things tend to slow down around the Valley. With that in mind, I am going to pull together a more general “inside-oriented” Things to Do in Scottsdale post this month.

August 2018

As always, this is just a short list of things going on in and around Scottsdale. Please feel free to add any others in the comment section.

Scottsdale AZ Luxury Home Market – June 2018

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– Scottsdale AZ Luxury Home Market Performance for June 2018 –

Scottsdale’s luxury home market had another good month, although activity was slower as we moved into the low season. All of the homes in this report had asking prices of $1 million or more.  The sales data is split into four different price bands as the various price points perform differently.

We are tracking the four components below:
Active – The number of homes on the market 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 homes in pending status at the end of the month.
Sold – How many homes sold that month.


– JUNE 2018 –

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

– Active Scottsdale Homes on the Market: Inventory fell to 109 at the end of June. This is below the 12 month average of 132 homes.
– UCB Scottsdale Home Sales: UCB activity fell as well to five homes. While this is lower than the last two months, it is still a good showing.
– Pending Scottsdale Home Sales: Pending sales fell to three. This is below the 12 month average of five pendings.
– Scottsdale Homes Sold: After a record sales month in May, June sales were still very strong at eight.
– Sales Price to Listed Price: 94.9% – On average, buyers saw a discount off of list price of 5.1%

Scottsdale homes for sale between $1 and $1.5 million June 2018

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

– Active Scottsdale Homes on the Market:  Inventory was down a little over 11% compared to May.
– UCB Scottsdale Home Sales: UCB homes ended the month at 9. This was of the slowest months for this metric.
– Pending Scottsdale Home Sales: Pending sales still came in strong at thirteen.
– Scottsdale Homes Sold: An unbelievable 27 homes sold in June in this price point. This is the highest it has been by far in the past year.
– Sales Price to Listed Price: 94.6% – On average, buyers saw a discount off of list price of 5.4%.

Scottsdale homes for sale between $1.5 and $2 million June 2018

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

– Active Scottsdale Homes on the Market: Homes for sale in this price point fell to 144.
– UCB Scottsdale Home Sales: UCB’s stayed in more or less the same place they have been for the past several months.
– Pending Scottsdale Home Sales: Pendings posted another strong month and closed out June at fourteen.
– Scottsdale Homes Sold:  After a fantastic May, sales fell to twelve, which is a strong number for this price point.
– Sales Price to Listed Price: 88.7% – On average, buyers saw a discount off of list price of 11.3%.

Scottsdale homes for sale between $2 and $3 million June 2018

Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: At the end of June, there were 109 homes for sale priced over $3 million.
– UCB Scottsdale Home Sales: UCBs ended the month at five, which is just ahead of the 12 month average.
– Pending Scottsdale Home Sales: Pending sales fell sharply from seven to three at the end of June.
– Scottsdale Homes Sold: After a record-breaking month in May, sales were down to eight in June. This was the second highest they have been in the past year.
– Sales Price to Listed Price: 94.9% – On average, buyers saw a discount off of list price of 5.1%.

Scottsdale homes for sale over $3 million June 2018

May 2018 was one of the best sales months the luxury home market in Scottsdale has ever seen. And, although June showed the impact of seasonal slowdowns, it still posted some strong sales figures. Based on UCBs and pending activity, July should be a quieter month.

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 7/1/2018 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 ©2018 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – June 2018

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– Luxury Condo Sales in Scottsdale and Phoenix – June 2018 –

Here are the sales results for the luxury condo market in Scottsdale and Phoenix for the month of June. For the purposes of this report, I am defining luxury condos as those on the market with asking prices of $1 million or more.

Phoenix Scottsdale Luxury Condos

ACTIVE LISTINGS AT THE END OF JUNE

The number of units for sale fell again in June to end the month at forty-four. (Compared to fifty-eight for sale at the end of April.) Twenty-six of the units were located in and eighteen were located in Phoenix.

Both the lowest and highest priced units on the market were located in Scottsdale.

The most expensive condo for sale was priced at $2,999,999 and was located in the Plaza Lofts at Kierland community. This 4,059 square foot home had three bedrooms and three and one-half bathrooms.

The lowest priced condo was listed for $1 million and was located in Optima Camelview. This unit had two bedrooms, two and one-half bathrooms and 1,955 square feet.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Both condos that were UCB at the end of June were located in Scottsdale.

  • Scottsdale Waterfront Residences: This penthouse was the most expensive unit on the market for a couple of months and then went under contract. Three bedrooms, three and one-half bathrooms, 3,940 square feet. Listed for $3,495,000.
  • Landmark Scottsdale: Three bedrooms, three and one-half bathrooms, 2,497 square feet. Listed for $1,325,000.

*UCB status means a condo has an accepted contract, but that the seller has requested that they accept backup offers. Most times you will see this status when the contract is in the inspection/due diligence period.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

June ended with six luxury condos in pending status. All six of these units were in pending status at the end of May as well.

Pending Condos in Scottsdale

All five of these homes are in communities under development.

  • Optima Kierland: Three bedrooms, three bathrooms, 1,709 square feet. Listed for $1,075,000.
  • Main Street Place: Two bedrooms, two and one-half bathrooms, 2,419 square feet. Listed for $1,450,000.
  • ICON at Silverleaf:
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet. Listed for $2,174,000.
    • Three bedrooms, three bathrooms, 3,170 square feet. Listed for $2,074,000.
    • Three bedrooms, three bathrooms, 3,170 square feet. Listed for $2,074,000.

Pending Condos in Phoenix

  • Esplanade Place: Two bedrooms, three bathrooms, 3,000 square feet. Listed for $1,324,000.

 

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Six luxury condos sold in June and they were evenly divided between Scottsdale and Phoenix.

Scottsdale Luxury Condo Sales

  • Envy Residences (Scottsdale): Two bedrooms, two and one-half bathrooms, 2,208 square feet. It had been listed for $1,275,000 and sold for $1,195,000.
  • Enclave at the Borgata (Scottsdale): Two bedrooms, two bathrooms, 2,238 square feet. It had been listed for $1,180,000 and sold for $1,050,000.
  • Scottsdale Waterfront Residences (Scottsdale): Two bedrooms, two and one-half bathrooms, 2,117 square feet. It had been listed for $1,808,000 and sold for $1,700,000.

Phoenix Luxury Condo Sales

  • 2 Biltmore Estates (Phoenix): Three bedrooms, three and one-half bathrooms, 3,892 square feet. It had been listed for $1,969,000 and sold for $1,925,000.
  • Portland On the Park: Three bedrooms, three bathrooms, 2,486 square feet. It had been listed for $1,196,500 and sold for $1,196,000.
  • Portland On the Park: Three bedrooms, three bathrooms, 2,486 square feet. It had been listed for $1,386,500 and sold for $1,345,000.

 

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 7/1/2018 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 © 2018 Heather Tawes Nelson | Joyce Tawes

Quick Video Update of the Scottsdale Real Estate Market – June 2018

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– June 2018 Scottsdale Housing Market Video –

June 2018 – Video

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

Scottsdale Active Listings

Scottsdale homes for sale June 2018We start off by looking at the number of homes on the market in June. This first image s a year-over-year perspective.

Home inventory was down 19% between June 2018 and June 2017.

 

 

 

Scottsdale homes on the market June 2018This is also a look at the number of homes on the market, but it is now looking month-over-month.

The number of homes for sale fell 11% by end of June compared to the end of May.

 

 

 

Median List Price for Scottsdale Homes

Scottsdale homes median list price June 18

If you are not familiar with the median list price, it simply indicates the exact midpoint of prices of homes for sale in Scottsdale. Half are priced lower, and half are priced higher.

The median list price of homes in June was $899,000. This is $100K higher than it was a the same time last year.

 

 

Days on Market

Scottsdale Homes Days on Market June 2018Days on Market (or DOM) indicates how quickly or slowly homes are selling in a given market. If the DOM is very high, it indicates the market is slow. If the DOM is low, the market is moving at a faster pace.

The DOM for Scottsdale homes in June came in at 92. This is 14% lower than June 2017.

 

 

Median Sales Price for Scottsdale Homes

Scottsdale homes median sale price June 2018Here is the median price again, but this time we are examining what homes sold for.

Scottsdale’s median sale price in June came in over $604K. This is above June 2017’s $565K as well as higher than May 2018’s $572,500.

 

 

 

Number of Homes Sold

Scottsdale homes sold June 2018This final section covers the number of homes that sold.

The top image is a year-over-year comparison. You can see that sales were up 4% between June 2017 and June 2018.

 

 

 

Scottsdale housing market June 2018The lower image is a month-over-month comparison. Sales fell 7% between May and June. May was a stellar sales month for Scottsdale and June was very strong as well.

 

 

 

 

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

 

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

Top 8 Home Inspection Mistakes

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How to Avoid the Top 8 Home Inspection Mistakes

It’s easy to get swept up in the excitement of buying a home. Once you’ve had an offer accepted on your dream house, you’ll probably be anxious to move in. However, before you make a significant financial commitment, it’s best to know exactly what you’re buying.

When you hire a home inspector, you get a professional, in-depth examination of the property’s structures and systems. It’s a worthwhile investment that can save you money in the long run, either by warning you away from a bad purchase or by providing a list of deficiencies you can use to negotiate with the sellers.

The inspector’s report will also list minor repairs that, if made, will help to maintain your home over the long term. Additionally, a good inspector can often predict the standard life expectancy of your roof, HVAC, and other big-ticket items so you can start planning for their eventual replacement.

However, many buyers make mistakes during the inspection process that cost them time and money and lead to unnecessary stress. Avoid these eight common buyer blunders to minimize your risk, protect your investment, and give yourself peace of mind and confidence in your new home purchase. 

MISTAKE 1: Skip Your Own Inspection

Many buyers rely on their home inspector to point out issues with the property. However, by conducting your own visual assessment before you submit an offer, you can factor expected expenses into the offer price. Or, if you suspect major problems, you may choose to move on to a different property altogether.

Examine the walls and ceilings. Are there suspicious cracks, which could point to a foundation issue? Any discoloration? Yellow spots can indicate water damage, while black spots are typically mold. If there’s a basement, look for powdery white deposits along the walls and slab, which can result from water seepage.1

To assess the plumbing, start by turning on a bathroom sink or tub, then flushing the toilet. Check for a drop in water pressure or a gurgling sound coming from the pipes. Peek underneath sinks to spot signs of leaks or drain pipes that go into the floor instead of the wall.1

Look for fogged or drafty windows, which may need replacing. Examine the roof for signs of broken or missing tiles. Check siding, decks, and other wooden structures for evidence of rot.

Overall, does the home appear to be well maintained? Unless it’s a highly-competitive seller’s market, consider the overall condition of the property BEFORE you submit an offer. Work with your real estate agent to factor in repairs and updates you know you’ll need to make when you determine your offer price. 

MISTAKE 2: Hire the Cheapest Inspector

We all love to save money, but not all inspectors are created equal. Before you hire one, do a little research.2 You may even want to start shopping for an inspector before you complete your home search. Inspection periods are typically short, so it never hurts to be prepared.

You can start by asking around for recommendations. Check with friends and family members, as well as your real estate agent. Then contact at least two or three inspectors so you can compare not only price but also levels of experience and service.

Ask about their background, years of experience, and the number of inspections they have completed. Verify their certifications and credentials, and make sure they carry the proper insurance.

Find out what is (and what isn’t) covered in the inspection and if they utilize the latest technology. In Arizona, termite and pool inspections are quite common. Some inspectors coordinate all three or you may have to locate them yourself.

Ask to see a sample report so you can compare the style and level of detail provided. The majority of inspection reports in Arizona are comprehensive with both detailed findings as well as images.

Finally, make sure you feel confident in the inspector’s abilities and comfortable asking him/her questions. 

MISTAKE 3: Miss Attending the Inspection

Make every effort to be on-site during the wrap-up of the inspection. Buyers who aren’t present during their inspection miss out on a great opportunity to gather valuable information about their new home.

The post-inspection walk-through is the perfect chance to find out where everything is located, ask questions, and see first-hand what repairs and updates may be needed.3  The inspector can show you which items are critical or big-ticket items as well as indicate which ones are minor and nothing to worry about.

If you can’t make it to the inspection, ask if you can schedule a time to meet in person or speak by phone to go over the report in detail. It will give you an opportunity to ask questions or request clarification about issues in the report you don’t fully understand.

MISTAKE 4: Skim Over the Report

Inspection reports can be long and tedious, and it can be tempting to skim over them. However, buyers who do this risk missing crucial information.

Instead, you should read over the report carefully, so you don’t miss anything significant. Now is the time to address any areas of concern. You have a limited window of time to complete additional inspections, request repairs or negotiate the selling price, so don’t squander it.

Your inspector may also flag some minor items that you wouldn’t typically expect a seller to fix. However, ignoring these small issues can sometimes lead to bigger problems down the road. Make sure you read everything in the report so you can take future action if needed.

MISTAKE 5: Avoid Asking Questions

Some buyers are too embarrassed to ask questions when there’s something in the inspection report they don’t understand. Afraid they might look foolish, they avoid asking questions and end up uninformed about important issues that could impact their home purchase.

The reality is, questions are expected. You hired your inspector for their professional expertise, so don’t be shy about tapping into it. For example, you might ask:

  • Would you get this issue fixed in your own home?
  • How urgent is it?
  • What could happen if I don’t fix it?
  • Is this a simple issue I could fix myself?
  • What type of professional should I call?
  • Can you estimate how much it would cost to make this repair?
  • How much longer would you expect this system/structure/appliance to last?
  • What maintenance steps would you recommend?

Don’t bother asking your inspector if you should buy the property, because he/she won’t be able to answer that question for you. Instead, use the information provided to make an informed decision. A skilled real estate agent can help you determine the best path for you.

MISTAKE 6: Expect a Perfect Report

Some buyers get scared off by a lengthy inspection report. But with around 1,600 items on an inspector’s checklist, you shouldn’t be surprised if yours uncover a large number of deficiencies.4 The key is to understand which problems require simple fixes, and which ones will require extensive (and costly) repairs.

Your real estate agent can help you decide if and how to approach the sellers about making repairs or reducing the price. Whatever you do, try to focus on the major issues identified in the inspector’s report, and don’t expect the sellers to address every minor item on the list. They will be more receptive if they perceive your requests to be reasonable.

MISTAKE 7: Forgo Additional Testing

There are times when an agent or inspector will recommend bringing in a specialist to evaluate a potential issue.5 For example, they may suggest testing the A/C system or consulting with a roofing expert.

Some buyers get spooked by the possibility of a “red flag” and decide to jump ship. Or, in their haste to close or desire to save money, they choose to ignore the recommendation for additional testing altogether.

Don’t make these potentially costly mistakes. In some cases, the specialist will offer a free evaluation that takes minimal time to schedule. And if not, the small investment you make could provide you with peace of mind or save you a fortune in future repairs.

MISTAKE 8: Skip Re-inspection of Repairs

Most buyers request receipts to prove that repairs have been correctly completed. However, it’s always prudent to go a step further and have negotiated repairs re-evaluated by your inspector or another qualified professional, even if there’s an additional charge.6

While the majority of sellers are forthcoming, some will try to save money by cutting corners, hiring unlicensed technicians, or doing the work themselves. A re-inspection will help ensure the repairs are completed properly now, so you aren’t paying to redo them later.

To avoid having to go back to the sellers, be specific when requesting repairs in the BINSR (Buyer’s Inspection Notice and Seller’s Response form). Identify the problem, how repairs should be completed, who should complete the work, and how the repairs will be verified.7

Some buyers prefer to avoid this step altogether by completing the work themselves. They either request that the seller fund the repairs or reduce the selling price accordingly. Whichever path you choose, protect yourself and your investment by ensuring the work is done properly.

WE CAN HELP

A home inspection can reduce your risk and save you money over the long-term. But to maximize its effectiveness, it must be done properly. Avoid these eight common home inspection mistakes to safeguard your investment.

While these are some of the most common missteps, there are countless others that can trip up home buyers, cost them time and money, and cause undue stress. Fortunately, we have the skills and experience to help you avoid the potential pitfalls.

If you’re in the market to buy a home, we can help you navigate the inspection and all the other steps in the buying process … typically at no cost to you! Tap into our expertise to make the right decisions for your real estate purchase. Contact us today to schedule a free consultation!

Sources:

  1. Family Handyman –
    https://www.familyhandyman.com/tools/diy-home-inspection-tools/view-all/
  2. HGTV –
    https://www.hgtv.com/design/real-estate/finding-the-right-home-inspector
  3. The New York Times –
    https://www.nytimes.com/2018/03/23/realestate/home-inspection.html
  4. com –
    https://www.realtor.com/advice/buy/what-does-a-home-inspector-look-for/
  5. Realty Times –
    https://realtytimes.com/advicefromagents/item/37369-top-5-biggest-home-inspection-mistakes
  6. com –
    https://www.realtor.com/advice/buy/home-inspection-mistakes-buyers-should-avoid/
  7. Star Tribune –
    https://www.startribune.com/who-verifies-repairs-after-the-home-inspection/132844523/

 

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