– Scottsdale AZ Luxury Home Market Performance for October 2017 –
Here are the results for October for the luxury home market in Scottsdale, Arizona. In this report, I cover the past twelve months of sales activity for homes with asking prices of $1 million or more. And rather than combine all of the homes into a single category, I have divided them into four price ranges to show additional detail.
The four components I am tracking are:
Active – The number of homes on the market at the end of the month.
UCB (Under Contract Accepting Backup Offers) – How many homes were under contract, but still accepting backup offers at the end of the month.
Pending – How many homes were in pending status at the end of the month.
Sold – The number of home sales for the month.
– OCTOBER 2017 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up almost 25% between September and October. Some of this can be attributed to sellers putting their homes back onto the market after the warmer summer months.
– UCB Scottsdale Home Sales: UCBs came in at 25. This is just below the 10 month average of 26.
– Pending Scottsdale Home Sales: Pending sales were level, staying at 21 for the second month in a row.
– Scottsdale Homes Sold: Sales fell over 20% in October to 30. This is lower than this figure has been, but is on par with what we saw last year about the same time.
– Sales Price to Listed Price: 95.2% – On average, buyers saw a discount off of list price of 4.8%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was up almost 18% in this price range, as homes came back onto the market after the slower summer months.
– UCB Scottsdale Home Sales: The number of UCB contracts more than doubled between September and October. The 11 UCBs were on par with the 10-month average.
– Pending Scottsdale Home Sales: Pending sales were also up sharply after three months of quieter activity.
– Scottsdale Homes Sold: Because UCBs and pendings were lower in September, sales in October suffered. There were only 4 sales in October. This is well below any sales month we have seen in the past year.
– Sales Price to Listed Price: 96.0% – On average, buyers saw a discount off of list price of 4%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Again, we saw a healthy jump in inventory between the end of September and the end of October.
– UCB Scottsdale Home Sales: UCB contracts fell to four, which is a little lower than they have been, bit still solid.
– Pending Scottsdale Home Sales: Pending sales came in a 9 for the fourth month in a row. This is the seventh month of 2017 that had nine pendings at the end of the month.
– Scottsdale Homes Sold: Six homes sold in October, which is double what we saw in September. However, this is still slightly behind the 12-month average of eight.
– Sales Price to Listed Price: 93.6% – On average, buyers saw a discount off of list price of 6.4%
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory jumped to 133 by the end of October.
– UCB Scottsdale Home Sales: There was only one home in UCB status, which is the lowest we have seen in the past year.
– Pending Scottsdale Home Sales: Pending sales saw their highest level for the second time in 2017, coming in at 8. This is twice the 12-month average.
– Scottsdale Homes Sold: Two homes sold in October. This is on track with the time of the year.
– Sales Price to Listed Price: 94.5% – On average, buyers saw a discount off of list price of 5.5%.
The luxury home market once again saw mixed results. Although inventory was up across the board, we did see some segments taper off on activity, while others were plugging along.
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.
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Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2017 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 © 2017 Heather Tawes Nelson | Joyce Tawes