Scottsdale AZ Real Estate & Lifestyle

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Scottsdale Real Estate Market

Scottsdale AZ Single Family Home Sales – April 2023

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– April 2023 Scottsdale Homes for Sale and Home Sales –

April was a mixed month in terms of sales activity. The number of homes for sale as well as actual home sales were down, but pending contract activity was up.

SCOTTSDALE HOME SALES ACTIVITY – APRIL 2023

Each month, we look at the following four items:

– Single-family homes for sale – Orange Line – The number of homes on the market at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – The number of homes in UCB status 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 – How many homes sold over the course of the month.

APRIL 2023 RESULTS

Scottsdale home sales April 2023
  • Scottsdale Homes for Sale: The number of homes for sale fell for the second month in a row. We ended the month with less than 1,000 single-family homes for sale.
  • UCB (Under contract, accepting backup offers): We saw an almost 18% bump in the number of UCJB contracts. April also posted the highest level we have seen in UCBs in the past year.
  • Pending Homes Sales in Scottsdale: Pending sales moved into the 300+ range for the first time since May of 2022.
  • Scottsdale Home Sales: The number of home sales fell quite a bit in comparison to March’s sales. This was due to the lower number of UCBs and pending sales in the pipeline at the end of March.

We have two more things we track on a monthly basis:

Scottsdale real estate market April 2023

Percent Change Month Over Month – On the top is percent change month over month. We compare the current month to the one prior to see how things are trending. For instance, pending sales were up 13.5% in April when compared to March.

Sales Price to List Price – On the bottom is sales price to list price. This compares the average sales price of homes to the average price those homes had been listed for. In April, it was 95.8%, meaning buyers saw an average discount of 4.2% off of asking prices.

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

Curious about your buying power? Click on the link to learn more.

Search Scottsdale AZ Homes for Sale

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2023. 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 © 2023 Heather Tawes Nelson | Joyce Tawes

How to Become a Homeowner on a First-Time Buyer’s Budget

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It’s not easy being a first-time homebuyer right now. At the end of last year, housing affordability hit an all-time low.1 Additionally, mortgage rates have risen significantly since 2021, while inventory remains tight for many property categories, we see this even more for starter homes. Even lower-priced condos are harder to snag these days, as investors and downsizers muscle out first-timer buyers by offering stronger, often cash-heavy bids.2

According to the National Association of Realtors, only 26% of last year’s homebuyers were first-timers—the lowest share on record and down from 34% a year prior. This underscores just how steep a hill new buyers are facing.3 As a result, many first-time homebuyers are finding that they need to get creative or risk renting for longer than they planned.

If you, too, are struggling to afford homeownership, here are some workarounds to consider as you plot your first home purchase.

1. Try House Hacking

“House hacking” is a real estate investment strategy in which participants use their homes to generate income in order to offset their expenditures.

For example, renting out a basement apartment or accessory dwelling unit (ADU)—such as a detached garage that’s been outfitted with a bathroom and small kitchen—counts as house hacking. So does splitting housing costs with a roommate or converting a part of your home into an Airbnb.

House hacking isn’t new. But, it’s grown in popularity as a new crop of digital platforms has entered the market and made it easier than ever for homeowners to generate income from their property.

In some cases, house hacking may make it possible for you to qualify for and afford your first home. A lender, for example, may approve you for a larger mortgage if you purchase a home with immediate income potential, such as a legal duplex or a property with a secondary suite that has a kitchen and full bathroom.4

In addition, house hacking could help you pay your mortgage once you move in. Here are just a few of the ways you could use your home to earn some extra cash:

  • Offer paid parking in your driveway on a site like Spacer or SpotHero.
  • Rent out your swimming pool for a few hours on Swimply.
  • Make your home available for photoshoots or events on Giggster or Peerspace.
  • Turn your backyard into a pay-by-the-hour dog park on Sniffspot.
  • List your garage space on an app like Neighbor Storage.

But before you make plans to house hack, make sure you fully understand an area’s laws and HOA rules. We can help you find a home with income potential in a neighborhood with less restrictive zoning and regulations.

2. Team Up With Friends or Family

If you aren’t wild about the idea of welcoming strangers to your home, you may want to consider co-purchasing with a friend or family member instead. This unconventional housing arrangement is also growing more popular as friends and family members cope with higher living costs by pooling resources.

According to the National Association of Realtors’ 2022 Profile of Home Buyers and Sellers, the share of first-time homebuyers living with people other than children or a romantic partner is currently at an all-time high.3 Meanwhile, research from Pew found that multigenerational living has accelerated especially quickly, with a quarter of U.S. adults aged 25 to 34 now living in a multigenerational home.5

Arrangements can be customized to fit your circumstances. For example, you could purchase a home and then rent a portion of it to a loved one. Or you might consider co-buying a home with friends or family members so that you can step onto the property ladder and start building equity together.

Co-ownership could work out especially well for you long-term if it helps you to buy a home that’s bigger, has more investment potential, or is located in a high-demand area and so appreciates at a faster rate. Plus, you’ll get to see your loved ones more often and enjoy the coziness of shared living with people you like having around.

On the other hand, sharing a big financial responsibility, like a mortgage, with friends or family could get messy—especially if you don’t create a clear-cut co-ownership agreement beforehand that outlines your mutual expectations. So plan carefully before you proceed.

In addition, you may need to rethink the type of home you pursue. For example, a smaller home might be cheaper, but do you really want that much togetherness all the time? We can help you set priorities and search for a suitable property.

3. Tap Your Network for Help With Funding

Another established method for affording a first home is to lean on family or friends for financial help. Getting assistance with the down payment or other borrowing costs can go a long way toward making your homeownership dreams come true.

As long as you don’t mind asking for help, a free-and-clear gift that’s intended for your down payment is an ideal arrangement, since it will allow you to borrow less overall. Or, if that’s too big an ask, your loved ones could pitch in toward closing or moving costs.

Alternatively, your loved ones could help by co-signing your loan. For example, if their credit score is a lot higher than yours, it could enable you to secure a lower interest rate so that your monthly payment is more affordable.

According to a recent YouGov poll, more than a third of homeowners (and a whopping 79% of those under 30) received financial help from their parents when buying their first home.6 So you wouldn’t be the only one leaning on family to help afford a home at today’s prices.

Just be sure your parents or other generous loved ones are aware they’re giving a gift, not a loan, and are willing to put that in writing. A lender will want proof that this money isn’t adding to your debt burden and may require documentation from your benefactors.

Another way to tap your network for help is to crowdfund part of your down payment or ask for monetary gifts instead of tangible ones. For example, if you’re getting married soon, you could skip the wedding gift registry and ask guests to contribute funds to your hoped-for home purchase instead.

4.  Look for Special Programs and Assistance

You could also cut some of your upfront mortgage costs by applying for special grants and funding opportunities.

For example, consider using a grant to help you fund your down payment. There are a number of public and private grants and down payment assistance programs that are expressly intended to help first-time buyers.

Just like a gift, you don’t have to pay a grant back. But, depending on your personal situation, you may find some grants difficult to qualify for—especially if you make a relatively high income.

Many grants are reserved for lower-income buyers only.7

Check out grant programs, such as the HomePath Ready Buyer Program, National Homebuyers Fund, the Good Neighbor Next Door Program, and specialized grants from banks. Also look to state and local sources for potential grants and down payment assistance programs, including forgivable and deferred payment loans, Individual Development Accounts, and DPA Second Mortgages.7

Similarly, if you have enough income to support a house payment but can’t spare much cash for your down payment, you may qualify for a government-sponsored loan, such as an FHA loan that allows you to put down as little as 3.5% to 10%.8

We can connect you with a lender or mortgage broker who can educate you about your options and help shepherd you through the process. Some financial assistance programs require you to work with specific lenders, while others require you to apply directly and fill out a separate application. 

In addition, you may look to even less conventional options, such as seller financing. But be aware these kinds of arrangements are rare and hard to find. Depending on the market, you will likely get more help from a seller if you ask them to pay closing costs or contribute to your mortgage rate buydown. In many cases, we can help you negotiate seller concessions that make your home purchase more affordable.

5. Expand Your Home Search

If you’re having trouble finding a home within your budget, consider broadening your search criteria. You may be surprised by the kinds of deals that are available when you’re willing to compromise.

For example, if you’re struggling to find an affordable home in your target neighborhood, expand your search area and consider homes that are further out of town or that are located in up-and-coming areas with lower starting prices. We would be happy to introduce you to some great but lesser-known neighborhoods that we consider hidden gems.

You could also save money on your home purchase simply by dropping or revising some of your must-haves and settling for OK-to-haves instead.

For example, do you really need two bathrooms and a large backyard? Or could you settle for a single bathroom with space to add a second one in the future? And would a small garden, cozy balcony, or rooftop terrace still give you the outdoor time you crave? These types of compromises can sometimes shave tens of thousands off your purchase price.

Similarly, if you don’t mind rolling up your sleeves or working with a contractor on minor jobs, you can look for homes that need a little TLC. Just because a house looks dated doesn’t mean it’s destined to stay that way or that it will take a ton of money to spruce up. In fact, a home with good bones but cosmetic flaws could be a perfect match: With less competition, you’ll have a better chance of purchasing the home at an affordable price. You can then take your time to save more and fix it up to your taste.

Keep in mind, starter homes are rarely forever homes, but merely a first step onto the property ladder. By gaining a foothold in the real estate market now, you can set yourself up to afford a more expensive property in the future.

According to the National Association of Realtors, in 2021, the net worth of a typical homeowner was $300,000, while that of a renter was only $8,000.9 We can help you find an affordable first home so you can start building equity to reach your long-term financial and real estate goals.

YOU CAN DO IT—AND WE CAN HELP

Buying a first home is challenging, but it’s not impossible—especially when you have a savvy real estate professional in your corner. We will work with you to devise a plan to overcome your financial constraints. Then, we’ll help you find a home that not only excites you but also fits your budget and lifestyle. Give us a call to get started with a free exploratory consultation.

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

Sources:

  1. Housing Wire –
    https://www.housingwire.com/articles/housing-affordability-ends-2022-at-record-low/
  2. Realtor.com – https://www.realtor.com/news/trends/death-of-the-starter-home-where-have-all-the-small-houses-gone/
  3. National Association of Realtors – https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
  4. ValuePenguin –
    https://www.valuepenguin.com/mortgages/claiming-rental-income-for-mortgage
  5. Pew – https://www.pewresearch.org/fact-tank/2022/07/20/young-adults-in-u-s-are-much-more-likely-than-50-years-ago-to-be-living-in-a-multigenerational-household/
  6. YouGov – https://today.yougov.com/topics/economy/articles-reports/2022/05/25/american-homebuyers-finanancial-help-parents
  7. Bankrate –
    https://www.bankrate.com/mortgages/first-time-homebuyer-grants/#types
  8. Investopedia –
    https://www.investopedia.com/terms/f/fhaloan.asp
  9. National Association of Realtors – https://www.nar.realtor/sites/default/files/documents/2022-snapshot-of-race-and-home-buying-in-the-us-04-26-2022.pdf

Why Buying a Home Makes More Sense Than Renting Today

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Wondering if you should continue renting or if you should buy a home this year? If so, consider this. Rental affordability is still a challenge and has been for years. That’s because, historically, rents trend up over time. Data from the Census shows rents have been climbing pretty steadily since 1988. 

And, data from the latest rental report from Realtor.com shows rents continue to grow today, even though it’s at a slower pace than we saw at the height of the pandemic:

“In March 2023, the U.S. rental market experienced single-digit growth for the eighth month in a row . . . The median asking rent was $1,732,up by $15 from last month and down by $32 from the peak but is still$354 (25.7%) higher than the same time in 2019 (pre-pandemic).”

In Greater Phoenix in March 2023, the average lease price per month was $2,241 per ARMLS.

With rents much higher now than they were in more normal, pre-pandemic years, owning your home may be a better option, especially if the long-term trend of rents increasing each year continues. In contrast, homeowners with a fixed-rate mortgage can lock in a monthly mortgage payment for the duration of their loan (typically 15-30 years). 

Owning a Home Could Be More Affordable if You Need More Space

The graph below uses national data on the median rental payment from Realtor.com and median mortgage payment from the National Association of Realtors (NAR) to compare the two options. As the graph shows, depending on how much space you need, it’s typically more affordable to own than to rent if you need two or more bedrooms:

So, if you’re looking to live somewhere where you have two or more bedrooms to accommodate your household, give you more breathing room to spread out your belongings, or dedicate the extra space to practice your hobbies, it might make sense to consider homeownership.

Homeownership Allows You To Start Building Equity

In addition to shielding you from rising rents and being more affordable when you need more space, owning your home also allows you to start building your own equity, which in turn grows your net worth. 

And, as home values typically rise over time and you pay off your mortgage, you build equity. That equity can set you up for success later on because you can use it to help fuel a move to an even bigger space down the line. That’s why, according to Zonda, the top reason millennial homeowners bought their home over the past year was to build their own equity instead of someone else’s.

Bottom Line

If you’re trying to decide whether to buy a home or continue renting, let’s connect to explore your options. With rents rising, it may make more sense to pursue your dream of homeownership.  

Scottsdale AZ Luxury Home Market – March 2023

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– Scottsdale Luxury Home Market Performance for March 2023 –

After a strong February, we saw an even stronger month of sales and sales activity in March. New contracts were up for the most part and sales during the month really accelerated.

In this report, we examine Scottsdale’s luxury home market. The home prices start at one million and the data has been broken into four price bands to show additional detail.

– MARCH 2023 –

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

Scottsdale Homes for Sale between $1 and $1.5 million March 2023

– Active Scottsdale Homes on the Market: The number of homes on the market at the end of the month fell for the second month in a row.
– UCB Scottsdale Home Sales: UCB contracts were down compared to February, but they are still higher than the 12 month average.
– Pending Scottsdale Home Sales: Pending sales also saw a decline, but they still posted a decent month.
– Scottsdale Homes Sold: Sales in March were outstanding. 101 homes sold, putting this in line with where sales were at this time last year.
– Sales Price to Listed Price: 95.9%- On average, buyers saw a discount of 4.1% off of list price.

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

Scottsdale Homes for Sale between $1.5 and $2 million March 2023

– Active Scottsdale Homes on the Market: Inventory was more or less level compared to the last couple of months.
– UCB Scottsdale Home Sales: UCB contracts came in at the same level that we saw in February.
– Pending Scottsdale Home Sales: Pending sales saw another nice increase in March.
– Scottsdale Homes Sold: After a lackluster start to the year, we sale a very healthy rebound in sales activity in March. There were 43 sales, coming in above the 12 month average of 39.
– Sales Price to Listed Price: 96.2% – On average, buyers saw a discount of 3.8% off of list price.

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

Scottsdale Homes for Sale between $2 and $3 million March 2023

– Active Scottsdale Homes on the Market: The number of homes for sale remained level with the previous month.
– UCB Scottsdale Home Sales: The number of UCBs came in at the second highest we have seen them in the past year.
– Pending Scottsdale Home Sales: Pending sales fell slightly in March, but were still just ahead of the 12 month average.
Scottsdale Homes Sold: Sales were up again this month to 34. This is the third highest we have seen them in the past year.
– Sales Price to Listed Price: 94.4% – On average, buyers saw a discount of 5.6% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million March 2023

– Active Scottsdale Homes on the Market: The number of homes for sale was down slightly, but this figure is still pretty high relative to where it has been in the past year.
– UCB Scottsdale Home Sales: The number of UCBs jumped to 29 in March, posting the second highest performance in the past year.
– Pending Scottsdale Home Sales: Pending sales fell slightly.
– Scottsdale Homes Sold: We saw another large rebound here on the sales side of things. There were 36 sales in March, this third highest this has been in the past 12 months.
– Sales Price to Listed Price: 95.2% – On average, buyers saw a discount of 4.8% 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 4/1/2023 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 ©2023 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – March 2023

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Luxury Condo Sales in Scottsdale and Phoenix – March 2023

The sales momentum of luxury condos carried over to the month of March. 

In this analysis, we look at the sales activity of Scottsdale and Phoenix luxury condos. To be included, the condo had to have a list price of $1,000,000 or more. 

ACTIVE LISTINGS AT THE END OF MARCH

Inventory was up quite a bit at the end of March. February ended with fifty-one luxury units for sale and March ended with sixty units for sale. 

The highest-priced condo on the market at the end of the month was located in The Plaza Lofts at Kierland. This penthouse unit has three bedrooms, three and one-half bathrooms and 4,059 square feet. It was on the market for $5,995,000.

The least expensive condo for sale was in the Optima Camelview community is a carryover from previous months. This unit comes with two bedrooms and bathrooms and 1,346 square feet. It was on the market for $1,000,000. 

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

The number of UCB contracts fell in March to two and each city had one.

UCB Condos in Scottsdale

  • Portico Condominiums– Portico is under development in North Scottsdale. Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,440,000.

UCB Condos in Phoenix

  • One Lexington – Two bedrooms, two and one-half bathrooms and 2,835 square feet. Asking price was $1,695,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending contracts were up again in March. The month ended with 61 pending sales with the bulk of them located in communities under development in Scottsdale. 

Scottsdale Pending Luxury Condos

  • Optima Kierland– Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $1,625,000.
  • Plaza Lofts at Kierland – Two bedrooms and bathrooms, 1,636 square feet. Asking price was $1,795,000 and it closed for list price.
  • Scottsdale Waterfront  – Two bedrooms, two and one-half bathrooms, 2,227 square feet. Asking price was $1,895,000.
  • Optima Camelview – Three bedrooms, two bathrooms, 2,000 square feet. Asking pice was $2,250,000.
  • Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,425,600.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,431,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,582,200.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,637,100.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,658,500.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,660,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,669,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,695,600.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,728,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,738,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,879,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,890,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,899,000.
  • 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 $1,026,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
    • 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.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,447,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,532,900.
  • 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.
    • Two bedrooms, two and one-half bathrooms, 3,363 square feet. Asking price was $3,250,000
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,750,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,895,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • ICON at Silverleaf – Currently under construction.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
    • 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 $2,750,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,900,000.
    • Three bedrooms and bathrooms, 3,157 square feet. Asking price was $2,995,000.
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,995,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 5,534 square feet. Asking price was $8,000,000
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000. 

Phoenix Pending Luxury Condos

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

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

It was a great sales month for luxury condos. There were ten sales and they were equally split between Scottsdale and Phoenix.

Scottsdale Luxury Condo Sales

  • The Reserve – Three bedrooms and bathrooms, 2,675 square feet. Asking price was $1,3652,000 and it closed for $1,325,000.
  • Plaza Lofts at Kierland – Two bedrooms and bathrooms, 1,636 square feet. Asking price was $1,400,000 and it closed for $1,350,000.
  • Optima Kierland– Two bedrooms, two and one-half bathrooms, 1,754 square feet. Asking price was $1,725,000 and it closed for $1,625,000.
  • Scottsdale Waterfront
    • Three bedrooms, three and one-half bathrooms, 2,503 square feet. Asking price was $2,350,000 and it sold for list price.
    • Three bedrooms, three and one-half bathrooms, 3,940 square feet. Asking price was $5,900,000 and it sold for $5,500,000. 

Phoenix Luxury Condo Sales

  • Esplanade Place 
    • Three bedrooms, two and one-half bathrooms, 3,000 square feet. Asking price was $1,350,000 and it closed for $1,325,000.
    • Two bedrooms and bathrooms, 2,417 square feet. Asking price was $1,500,000 and it closed for list price. 
  • Portland on the Park
    • Three bedrooms and bathrooms, 2,486 square feet. Asking price was $1,300,000 and it closed for list price.
    • Three bedrooms and bathrooms, 2,486 square feet. Asking price was $1,500,000 and it closed for list price.
  • Toscana at Desert Ridge – Two bedrooms, two and one-half bathrooms, 2,028 square feet. Asking price was $1,099,900 and it closed for $1,065,000.

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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 4/1/2023 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 ©2023 Heather Tawes Nelson | Joyce Tawes

Quick Video Update of the Scottsdale Real Estate Market – March 2023

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– March 2023 Scottsdale Housing Market Video –

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

March 2023 – Video


Scottsdale Active Listings

Scottsdale homes for sale March 2023

The number of homes for sale at the end of March was up 127% compared to the previous March. However, in March 2022, our market was experiencing significant shortages in inventory.

If we compare month-over-month, the number of listings was down 8% between the end of February and the end of March.

Median List Price for Scottsdale Homes

Scottsdale homes median list price March 2023

The median listing price is the price at which half of the listed homes have higher prices and half of the homes have lower prices.

March’s median listing price for Scottsdale was $1.4 million. This comes in lower than March 2022’s $1.55 million, but is higher than February 2023’s $1.37 million.

Days on Market

Scottsdale homes days on market March 2023

Days on Market, also represented as DOM, is a gauge of the pace of home sales. A high DOM indicates homes are sitting on the market longer. Conversely, a low DOM means the pace of home sales is quicker.

In March, the DOM for Scottsdale was 77 days. This is a 141% increase over last March when the market was still very competitive.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price March 2023

Here, we will examine the median price of homes sold in March.

March’s median sales price came in at just under $1 million. This is lower than both March 2022’s and February 2023’s $1.1 million median sale prices.

Number of Homes Sold

Now we will take a look a home sales activity on an annualized basis as well as a monthly basis.

Scottsdale home sales March 2022 vs March 2023

On a year-over-year basis, home sales fell by 19%. We started to really see the cooling of the 2022 real estate market around that time and this decrease is significantly less than it has been tracking for the last few months.

Scottsdale home sales February versus March 2023

Sales saw a very healthy jump on a month-over-month basis. Home sales in March were up 52% when compared with February.

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.

Stress-Free Home Cleaning: 27 Practical Tactics for Busy Households

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Stress free home cleaning

Keeping a clean and orderly home is a challenge for many of us. Between busy work schedules, social obligations, and family commitments, it’s tough to keep up with daily chores—let alone larger seasonal tasks.

The effort is worthwhile, however. A sanitary environment can keep you and your family healthier by minimizing your exposure to germs and allergens.1 Plus, researchers have found that organized, uncluttered homes have quantifiable mental health benefits, too, including reduced stress, improved emotional regulation, and increased productivity.2

The reality is, we enjoy our homes more when they are in good order. It’s much easier to relax without piles of unopened mail or a messy kitchen reminding us of work to be done. And don’t we all feel more inclined to entertain family and friends when our homes are well-kept?

That’s why we’ve rounded up our favorite tactics—from overall strategies to little tips and tricks—for keeping things tidy without spending all our spare time cleaning.

Set a Schedule for Daily and Weekly Cleaning

We’ve all been there—you put off vacuuming or mopping your floor for a few days, only to realize that weeks have passed. Creating a cleaning schedule that works for you is the best way to stay on top of things and avoid overwhelm. Here are a few of our favorite strategies:

  1. Designate a day of the week for each task—then, add them to your calendar so you can’t forget.
  2. Create a shared schedule that assigns specific responsibilities to each member of the household. Post it in a prominent place, like on the refrigerator, or create a shared digital calendar.
  3. Carve out 15 minutes a day for cleaning and decluttering. Set a timer on your phone and get as much done as you can before it goes off.

It may take some trial and error to find the tactics that work best for you. The most important thing is to make a habit of cleaning so that clutter and grime don’t have a chance to build. And if you’d like some professional help, reach out for a referral to one of our favorite cleaning services!

Tackle Bigger Chores Seasonally

Many home care tasks are seasonal by nature and only need to be completed once or twice a year. But when we don’t have a plan to tackle them, it’s all too easy to put them off. Here are a few tips to stay on top of these chores:

  1. Mark days on your calendar in advance to attend to annual or semi-annual chores, like cleaning gutters, washing windows, turning mattresses, and shampooing carpets.
  2. Schedule just one primary task each weekend instead of blocking out a full two days. This will help ensure a good balance between chores and relaxation.
  3. Designate a date two to four times a year, depending on your lifestyle, to put away out-of-season items like clothes, holiday decorations, and sporting goods.
  4. Take some time to sort through your seasonal items when you pack them away. Then you can toss, sell, or donate items that you no longer need or enjoy.

Remember—breaking down these larger tasks can make them less overwhelming. If you space them out so that you can handle them one by one, even the most time-consuming chores become a lot more manageable.

And since all your time is valuable, don’t hesitate to delegate these larger home care tasks to professionals. Give us a call for a list of our recommended service providers.

Reduce the Barriers to Cleaning

Set yourself up for success by ensuring you have the tools on hand to tackle small tasks with ease. Here are a few ways to make your cleaning supplies more accessible:

  1. Store a broom, dustpan, and vacuum on each floor of your home so they’re easy to reach.
  2. Stash containers of disinfecting and glass wipes under every sink for a mid-week wipe-down.
  3. Place extra bags beneath the liner of your garbage pails, so you’ll have a replacement ready when you take out the trash.
  4. Keep a paper shredder and recycling bin handy so you can dispose of unwanted mail as it’s opened.

By strategically placing your tools and supplies in the locations where you’re most likely to need them, you’ll make cleaning less of a chore and more of a habit.

Stop the Clutter Before It Starts

From coats to shoes to mail, it’s all too easy to find clutter taking over your home. Once these piles start to form, they can feel overwhelming—which only makes it harder to address them.

To avoid this problem, stop the clutter before it starts. Assign every item a home and create storage spaces and “drop zones” in key locations.3 Here are a few ideas to get you started:

  1. Install coat hooks and shoe racks in the entryway for easy access.
  2. Add a key caddy or shelf for essential items to get you out the door.
  3. Hang a letter bin to capture mail and newspapers as soon as you walk into the house.
  4. Place a donation box in each closet for items you no longer want or need.

It can take a little time to get in the habit of returning items to their assigned space. But once you do, staying on top of clutter will become far more manageable.

Are you considering a larger organizational upgrade, like a custom closet or pantry system? Reach out for a free consultation to find out how the investment could impact the value of your home!

Tackle Small Tasks Right Away

Sometimes, the mental load of thinking about a chore you need to do is worse than the chore itself. Plus, handling small tasks right away can reduce the need for lengthy cleaning sessions.3

Try working these changes into your routine:

  1. Learn to clean as you cook, rather than piling it all up for later. As you wait for water to boil or food to cook through, wash the bowls and utensils you used for prep.
  2. Hang bath towels on a bar immediately after use. By allowing them to properly air dry, you can cut down on the frequency of laundering.
  3. Bring items with you when you leave a room. For example, return plates and cups to the kitchen right away rather than letting them stack up in your home office.
  4. Take out the trash when you leave for work, school drop-off, or errands. This will save you the time and hassle of a second trip.

If you implement these small changes, your home will stay neater—and you’ll minimize the number of dedicated cleaning sessions you need to take on each week.

Embrace an Evening “Shutdown” Routine

Kitchens can get dirty and cluttered fast. But a few minutes spent cleaning up each evening can prevent the mess from getting out of control.4

Imagine your kitchen is a restaurant and you’re tidying it up before closing down for the night. These simple steps will prepare you for the morning rush:

  1. Wipe down all surfaces, including countertops, stove, microwave, and sink. Then toss your soiled washcloth in the hamper and lay out a fresh one for tomorrow.
  2. Load and run the dishwasher every night so you can empty it the next morning.
  3. Prepare for breakfast by programming your coffee pot and setting out some grab-and-go options.

We all know it can be hard to find the energy for chores in the evening. But if you complete these small tasks each night, you’ll start the next day off right in a tidy, clean kitchen.

Think Outside of the Box When It Comes to Storage

Most of us have limited storage space. Unfortunately, without the right spots to stash our items, it’s easy to become disorganized.

But we’ve found that using household items in innovative ways can help keep mess and clutter under control.5 Here are a few of our favorite swaps:

  1. Place a magazine file in your kitchen for cookbooks, takeout menus, and meal kit cards.
  2. Hang a pocket-style shoe organizer inside your pantry door to store granola bars, spice jars, and other small items.
  3. Separate dress and athletic socks by turning an old shoe box into a drawer divider.
  4. Repurpose jam jars by using them to store office supplies or bathroom essentials.
  5. Store out-of-season clothes inside rarely-used suitcases, so all that space doesn’t go to waste.

A little creativity goes a long way when it comes to making the most of your space. Just be sure that you’re creating systems you can stick with and not putting things where you might forget about them later!

WE’RE HERE TO HELP YOU MAKE THE MOST OF YOUR HOME

Keeping your home clean and organized can be a continuous struggle—there’s no need to feel ashamed of that. But taking the time to implement systems that work for you can make life more pleasant and less stressful in the long run.

Remember, we’re not just here to help you buy or sell a home. We want you to love living in it, too. Reach out if you need referrals for house cleaners, window washers, or other service providers that can help you make the most of your space.

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

Sources:

  1. Healthline –https://www.healthline.com/health-news/5-health-benefits-of-spring-cleaning
  2. Forbes – https://www.forbes.com/health/mind/mental-health-clean-home/ 
  3. My Domaine – https://www.mydomaine.com/house-cleaning-schedule
  4. Housewife How-Tos – https://housewifehowtos.com/clean/10-tips-to-keeping-a-clean-house/
  5. Better Homes and Gardens – https://www.bhg.com/decorating/storage/projects/simple-solutions/

    Scottsdale AZ Single Family Home Sales – March 2023

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    – March 2023 Scottsdale Homes for Sale and Home Sales –

    We saw a big jump in home sales during the month of March which is in line with what we typically see this time of year. We did see new contracts fall off a little bit though.

    SCOTTSDALE HOME SALES ACTIVITY – MARCH 2023

    We track the four sales metrics below each month.

    – 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 – The number of home sales that month.

    MARCH 2023 RESULTS

    Scottsdale az home sales March 2023
    • Scottsdale Homes for Sale: Inventory dipped slightly when compared to February, but was still in the 1,000+ range.
    • UCB (Under contract, accepting backup offers): The number of homes in UCB status fell slightly, but were higher than we were seeing a couple of months ago.
    • Pending Homes Sales in Scottsdale: After a big jump in February, the number of pending sales fell almost 6% month-over-month.
    • Scottsdale Home Sales: Home sales activity really picked up in March. We closed out with 417 sales, a 35.5% increase over February. Plus, this is the first time we have seen sales in the 400’s since last June.

    Now, we will take a look at two more sales metrics:

    Scottsdale real estate market March 2023

    Percent Change Month Over Month – The first sales metric looks at changes on a month-over-month basis. For instance, the number of listings fell by 1.4% between the end of February and the end of March.

    Sales Price to List Price – Here, we look at what homes sold for on average compared to average list prices. In March, it was 95.9%. This means on average, sellers sold their homes for 4.1% below list price. What is interesting is to look at April 2022. That month, homes sold on average for 2% OVER their asking prices.

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

    Curious about your buying power? Click on the link to learn more.

    Search Scottsdale AZ Homes for Sale

    Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2023. 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 © 2023 Heather Tawes Nelson | Joyce Tawes

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