Scottsdale Real Estate Market

Phoenix and Scottsdale AZ Luxury Condo Sales – January 2022

February 15, 2022 By Heather Tawes Nelson

– Luxury Condo Sales in Scottsdale and Phoenix – January 2022 –

Sales activity was down in January due to the seasonal slowdown we see every year after the holidays. However, the number of units for sale was up sharply at the end of January, which is good news for buyers looking for a luxury condo.

In this report, we examine sales activity of condos in Scottsdale and Phoenix with asking prices of $1 million or more.


Luxury Condo Market - January 2022
Phoenix and Scottsdale AZ
	All Luxury Condos	Scottsdale Luxury Condos	Phoenix Luxury Condos
Units on the Market
- Number of Units for Sale	53	47	6
- Average Asking Price	$2,581,271	$2,716,157	$1,524,667
- Average Asking Price Per Sq. Ft.	$959.14	$1,011.66	$547.76
- Average Days on Market*- Active	70	65	108

UCB Sales (Under Contract - Accepting Backup Offers)
- Number of Units UCB	9	7	2
- Average UCB Price	$2,217,667	$2,474,857	$1,317,500
- Average UCB Price Per Sq. Ft.	$841.04	$921.88	$558.10

Pending Sales
- Number of Units Pending	23	21	2
- Average Pending Price	$1,518,625	$1,478,732	$1,937,495
- Average Pending Price Per Sq. Ft.	$638.16	$637.67	$643.33

Luxury Condo Sales
- Number of Units Sold	16	13	3
- Average Sales Price	$1,759,223	$1,731,154	$1,880,854
- Sales Price to List Price	97.5%	97.1%	99.2%
- Average Sold Sq. Feet	2,524	2,177	4,025
- Average Sales Price per Sq. Ft.	$740.81	$789.15	$531.31
- Average Days on Market* - Sold	65	66	59
- Highest Sale Price	$4,500,000	$4,500,000	$1,950,000
- Lowest Sale Price	$1,015,000	$1,015,000	$1,825,000
- Percentage of Total Sales	100%	81%	19%

ACTIVE LISTINGS AT THE END OF JANUARY

Luxury condo inventory went from thirty-nine units at the end of December to fifty-three by the end of January. This is good news for buyers who have been constrained by so few homes on the market. Forty-seven of the units were located in Scottsdale and the remaining six were in Phoenix.

The highest-priced unit for sale has held this spot for a few months and is the highest-priced condo I have seen locally. This penthouse comes with four bedrooms, four and one-half bathrooms and has 6,288 square feet. It is located in the luxurious ICON community in Silverleaf. Its asking price was $6,850,000.

The lowest-priced condo for sale was in the Optima Biltmore community. It had three bedrooms, three and one-half bathrooms and 2,679 square feet. The asking price was $1,050,000.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were nine units in UCB status at the end of January.

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.
Scottsdale Waterfront Residences – Three bedrooms, two bathrooms, 1,668 square feet. Asking price was $1,299,000.
Plaza Lofts at Kierland – Two bedrooms, two and one-half bathrooms, 2,086 square feet. Asking price was $1,750,000.
Optima Kierland – Four bedrooms, three bathrooms, 2,476 square feet. Asking price was $2,050,000.

UCB Condos in Phoenix

Optima Biltmore – Three bedrooms and bathrooms, 2,681 square feet. Asking price was $1,060,000.
Portland on the Park – Two bedrooms, two and one-half bathrooms, 2,185 square feet. Asking price was $1,575,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Twenty-three sales were pending at the end of January, which is where we were at the end of December. Twenty-one of the pending sales were in Scottsdale and a large number of these were in the under-construction community of Seven in Desert Mountain and now The Reserve.

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.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,011,500
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,026,500.
- Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,063,000.
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.
Optima Kierland
- Two bedrooms and bathrooms, 1,754 square feet. Asking price was $1,149,000.
- Two bedrooms and bathrooms, 1,258 square feet. Asking price was $1,250,000.
- Three bedrooms and bathrooms, 2,018 square feet. Asking price was $1,500,000.
Ascent at the Phoenician – This is another fantastic development underway.
- One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,375,000.
- Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
- Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.

Phoenix Pending Luxury Condos

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

Sixteen luxury condos closed in January. Thirteen of the sixteen were in Scottsdale.

Scottsdale Luxury Condo Sales

Eagles Pass Condominiums – Three bedrooms and bathrooms, 2,627 square feet. Asking price was $1,200,000 and it sold for $1,175,000.
Optima Kierland
- Two bedrooms and bathrooms, 1,452 square feet. Asking price was $1,295,000 and it sold for list price.
- Two bedrooms and bathrooms, 1,511 square feet. Asking price was $1,800,000 and it sold for $1,700,000.
- Three bedrooms, two bathrooms, 1,665 square feet. Asking price was $1,100,000 and it sold for list price.
- Three bedrooms, three and one-half bathrooms, 2,839 square feet. ASking price was $2,800,000 and it sold for $2,700,000.
- Two bedrooms, three bathrooms and 3,329 square feet. Asking price was $4,300,000 and it sold for $4,500,000.
- Two bedrooms and bathrooms, 1,698 square feet. Asking price was $1,599,999 and it sold for $1,525,000.
Scottsdale Waterfront Residences
- Two bedrooms, two and one-half bathrooms, 1611 square feet. Asking price was $1,365,000 and it sold for $1,265,000.
- Two bedrooms, two and one-half bathrooms, 2,041 square feet. Asking price was $1,499,000 and it sold list price.
Optima Camelview
- Three bedrooms, two bathrooms, 1,782 square feet. Asking price was $1,350,000 and it sold for $1,300,000.
- Three bedrooms, two and one-half bathrooms, 2,487 square feet. Asking price was $2,500,000 and it sold for $2,450,000.
Landmark Condominiums – Three bedrooms and bathrooms, 2,548 square feet. Asking price $1,350,000 and it sold for $1,200,000.
Safari Drive – Two bedrooms, two and one-half bathrooms, 2,714 square feet. Asking price was $1,025,000 and it sold for $1,015,000.

Phoenix Luxury Condo Sales

The Residences at 2211 Camelback – Three bedrooms and bathrooms, 2,875 square feet. Asking price was $1,888,000 and it sold for $1,867,562.
The Residences at 2211 Camelback – Three bedrooms and bathrooms and 3,000 square feet. Asking price was $1,950,000 and it sold for list price.
Crystal Point – Three bedrooms and bathrooms, 6,200 square feet. Asking price was $1,850,000 and it sold for $1,825,000.

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 2/1/2022 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

7 Popular Home Design Features for 2022

February 11, 2022 By Heather Tawes Nelson

There’s a lot to consider when selling your home, from the market and appraisals to where you’ll go next. Don’t forget, however, that design is also a key factor. It’s often one of the first things buyers notice when they walk into a home, and it’s also a detail that you, as a seller, can easily control.

According to Realtor.com’s 2022 housing market forecast, home for-sale inventory will increase from last year, as will the projected number of overall sales.¹ This means, if you’re looking to sell in the near future, now is the time to consider how you can stand out and get the best price for your home.

Updating your home design is one way to do that. Changes like new security features or upgraded siding can add value to your home now and be highlighted when you market it for sale later. To get the most out of your updates, focus on these popular home design features that will wow buyers in 2022.

Keep in mind, not all of these will work well in every house. If you plan to buy, list, or renovate a property, give us a call. We can help you realize your vision and maximize the impact of your investment.

Eco-Friendly Fixtures

Millennials account for the largest share of current homebuyers, according to the National Association of Realtors.² Sustainable living tops the list of priorities for this generation. A recent Deloitte survey found that nearly one-third of millennials initiate or deepen their consumer investment in products or services that help the environment—this also includes the houses they choose to live in.³

Here are a few eco-friendly design features that will be attractive to these millennial buyers in 2022. Bonus, they can net a significant return on investment (ROI) for you, as a seller, too.

Energy-Efficient Windows: Heat gain or loss from low-performance windows drives 25–30 percent of home heating and cooling costs, according to gov.⁴ Therefore, energy-efficient windows can help homeowners save money.
Low-Flow Water Fixtures: According to the EPA, replacing your shower head with one that’s labeled with WaterSense can save four gallons of water with each shower.⁵ Doing the same with your faucet can save 700 gallons per year. This leads to cost savings and environmental support.
Native Landscaping: According to the American Society of Landscape Architects, 58 percent of members report increased client demand for native trees and plants as a means to combat biodiversity loss from climate change..⁶ Enhance the eco-friendly appeal of your home with some native plants in the front yard.

Wellness Retreat Nooks

The pandemic has had a significant impact on mental health. For example, in an effort to prioritize mental health, many people are relocating to quieter, more peaceful homes, with 22 percent of city dwellers planning a move to less congested residential areas, according to the Home Improvement Research Institute’s (HIRI) 2021 Insights Summit.⁷

However, no matter where you live, you can still intrigue buyers by jumping on this trend. At-home wellness amenities, which were once viewed as luxuries, are now on many homeowners’ must-have lists. Indoor spaces that function as a retreat for wellness and self-care have become extremely popular, according to HIRI.

Improve the quality of life in your home with reading nooks, spa-inspired bathrooms, and exercise or meditation spaces. Even if your house doesn’t have the square footage to section off an entire room for relaxation, making simple tweaks to natural light, air purifiers, and indoor plants can help you feel better in your home now while enabling future buyers to see the opportunity for their own space.

Calming Paint Colors

Paint colors that produce a calming atmosphere will also be a key selling point in 2022. Soft earth tones and natural hues will prevail this year, including various shades of blue, green, brown, and beige. Recent research suggests steering clear of trendy paint colors in favor of a more classic palette to bring the feel of nature indoors in a subtle and soothing way.⁸

In fact, the same research found that buyers are often willing to pay an extra $4,698 for a house with a light blue bathroom or an extra $1,491 for a house with a dark blue bedroom. Another crowd-pleasing hue to refresh the walls with is BEHR’s 2022 paint color of the year, known as Breezeway.⁹

This shade of green with silver undertones was created to mimic sea glass. As the BEHR website describes it, Breezeway “evokes feelings of coolness and peace, while representing a desire to move forward and discover newfound passions.”

Home Safety Features

Buyers want peace of mind more now than ever before. According to a 2021 survey from the American Institute of Architects, members report seeing an increase in the popularity of these home safety features¹⁰:

Emergency backup power generation
Accommodations for multiple generations
Wider accessible doorways and hallways
Home security monitoring equipment
Interior ramps and home elevator features

Consider how you can build home safety features like these into the design of your home to enhance your quality of life now and attract more buyers later. For example, you could install a backup generator in the garage and sell it with the house or update your major doorways to be wider.

Before making an investment in expensive home safety upgrades, contact us. We can help you determine what will deliver the greatest ROI for your location and goals.

Designated Work Spaces

It may come as no surprise that after the pandemic, 63 percent of homebuyers want their next house to feature room for a designated office, according to the National Association of Home Builders.¹¹ In addition, 70 percent of these buyers want the office to be at least 100 square feet (or a 10×10 room).

If you can, consider turning a bedroom or a den into a work-from-home office. When designing the space, make it both functional and aesthetically pleasing. Position a desk near the window for natural light, install a bookshelf unit, arrange a few succulents on the work surface, and hang a few framed posters or a cork bulletin board on the wall. You want the space to foster productivity as well as be a place in your home you enjoy spending time.

When you get ready to sell, we can help you highlight your designated work space. Given the high demand for this design feature, it can help you interest more buyers and attract more competitive offers—if marketed creatively.

Luxury Kitchen Retouches

The kitchen has always been a main focal point of interior design, and that’s no different in 2022. Families will always need this space to come together in their own homes.

This year’s buyers want a kitchen with new upgrades and retouches, but you don’t have to renovate the entire kitchen to make an impact. If you’re not sure where to start, here are a few tips on how to create a kitchen that buyers will love without spending too much money on renovations:

Repaint the kitchen, keeping the calm and nature-inspired colors in mind that are most popular right now. Taking a kitchen from dark to light by painting cabinets and walls can make all the difference.
Update the hardware. These kitchen “accessories” stand out and add personality to an otherwise standard kitchen.
Update light fixtures to bring in more light while also adding a fresh look and feel to the space.

Unique Accent Walls

In a recent interview with the National Association of Realtors, Brian Santos, the director of education for Fresh Coat Painters, explains that bold, unique accent walls are trendy right now.¹² An accent wall gives a home character while maintaining the calming feel of natural- and neutral-colored walls.

Santos also explains that this is part of a design aesthetic that draws inspiration from the Roaring Twenties, and it’s likely to remain a sought-after home feature in 2022. Here are some bold colors to consider for your home’s accent walls:

Solid black
Jewel or metallic tones
Textured wallpaper
Painted ceilings
Built-in shelves

If you’re planning to sell in the next year, talk to us before adding an accent wall. Depending on your target buyer, it may be a design feature that actually hurts your home’s value. We can run a free Comparative Market Analysis on your home to help you understand what would resell best in your neighborhood.

Keep These Home Design Features on Your Radar in 2022

These design features can infuse personality into your home while helping to close the deal if you plan to sell in 2022. The average buyer knows just what they’re looking for in a space they plan to call home, so with some investment and foresight, you can give your house an edge over the competition—and boost resale value in the process.

However, you don’t need to make all these changes to attract more buyers. We can help you determine which design features you should add to your home by sharing insights and tips on how to maximize the return on your investment. We can also run a Comparative Market Analysis on your home to find out how it compares to others in the area, which will help us decide what changes need to be made. Contact us to schedule a free consultation!

Sources:

Realtor –
https://www.realtor.com/research/2022-national-housing-forecast/
National Association of Realtors –
https://www.nar.realtor/research-and-statistics/research-reports/home-buyer-and-seller-generational-trends
Deloitte –
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/2021-deloitte-global-millennial-survey-report.pdf
gov –
https://www.energy.gov/energysaver/update-or-replace-windows
gov –
https://www.epa.gov/watersense/about-watersense
American Society of Landscape Architects –
https://www.asla.org/NewsReleaseDetails.aspx?id=60427
Home Improvement Research Institute –
https://www.hiri.org/blog/4-major-home-wellness-trends-from-hiri-summit-speaker-dr-jie-zhao
Zillow –
https://zillow.mediaroom.com/2021-07-15-Homes-With-Light-Blue-Bathrooms,-Dark-Blue-Bedrooms-Could-Sell-for-Up-to-4,698-More-Than-Expected
Behr –
https://www.behr.com/colorfullybehr/behr-announces-2022-color-of-the-year-and-trends-palette/
American Institute of Architects –
https://info.aia.org/AIArchitect/2021/0910/aia-interactive/index.html#
National Association of Home Builders –
https://www.nahb.org/-/media/NAHB/news-and-economics/docs/housing-economics-plus/special-studies/2021/special-study-what-home-buyers-really-want-march-2021.pdf?_ga=2.188050984.1824982414.1639512139-1247360189.1639512139
National Association of Realtors –
https://www.nar.realtor/blogs/styled-staged-sold/hot-home-trend-the-accent-wall-is-back
Forbes –
https://www.forbes.com/advisor/home-improvement/how-much-does-siding-cost-to-install/
Remodeling Magazine –
https://www.remodeling.hw.net/cost-vs-value/2021/

Scottsdale AZ Single Family Home Sales – January 2022

February 8, 2022 By Heather Tawes Nelson

– January 2022 Scottsdale Homes for Sale and Home Sales –

We saw the seasonal dip in home sales in January as buyers took some time off to enjoy the holidays. However, we did see a rebound in the number of homes under contract.

The most concerning thing is that inventory fell even further by the end of the month. This is really putting pressure on buyers who are ready to purchase, but are unable to because of competition.

SCOTTSDALE HOME SALES ACTIVITY – JANUARY 2022

We track the following sales metrics on a monthly basis:

– Single-family homes for sale – Orange Line – How many homes were listed at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – How many homes were in UCB status at the end of the month.*
– Pending home sales – Yellow Line – How many pending sales there were at the end of the month.*
– Home Sales – Blue Line – How many homes sold during the month.

JANUARY 2022 RESULTS

Scottsdale Homes for Sale: The number of homes for sale fell by another 50 at the end of January. This is the lowest it has been in the past year. We need to see this figure increase to move back toward a balanced market.
UCB (Under contract, accepting backup offers): The number of UCB contracts rebounded 20% in January to close out at 234, which is similar to where UCBs were toward the end of 2021.
Pending Homes Sales in Scottsdale: Pending contracts were also up by the end of the month and were more inline with where they were for several months in 2021.
Scottsdale Home Sales: Sales fell in January, which was to be expected after quieter contract activity over the holiday season.

The next two items are also sales metrics that we monitor.

Percent Change Month Over Month – This first section compares sales activity of a month to the month directly before it. For instance, pending sales were up 17.9% between December 2021 and January 2022. This chart allows you to spot any trends that are happening.

Sales Price to List Price – The second section is a quick way to see what homes are selling for compared to what they were on the market for. In January, it was 98.9%. That means on average, buyers saw a 1.1% discount 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

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 2/1/2022. 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

Owning Is More Affordable than Renting in the Majority of the Country

February 1, 2022 By Heather Tawes Nelson

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says:

“. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion of average local wages than renting.”

Other experts in the industry offer additional perspectives on renting today. In the latest Single-Family Rent Index from CoreLogic, single-family rent saw the fastest year-over-year growth in over 16 years when comparing data for November each year (see graph below):

Molly Boesel, Principal Economist at CoreLogic, stresses the importance of what the data shows:

“Single-family rent growth hit its sixth consecutive record high. . . . Annual rent growth . . . was more than three times that of a year earlier. Rent growth should continue to be robust in the near term, especially as the labor market continues to improve.”

What Does This Mean for You?

While it’s true home prices and mortgage rates are rising, so are monthly rents. As a prospective buyer, rising rates and prices shouldn’t be enough to keep you on the sideline, though. As the chart above shows, rents are skyrocketing. The big difference is, when you rent, that rising cost benefits your landlord’s investment strategy, but it doesn’t deliver any sort of return for you.

In contrast, when you buy a home, your monthly mortgage payment serves as a form of forced savings. Over time, as you pay down your loan and as home values rise, you’re building equity (and by extension, your own net worth). Not to mention, you’ll lock in your mortgage payment for the duration of your loan (typically 15 to 30 years) and give yourself a stable and reliable monthly payment.

When asking yourself if you should keep renting or if it’s time to buy, think about what Todd Teta, Chief Product Officer at ATTOM Data, says:

“. . . Home ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.”

If buying takes up a smaller portion of your pay and has benefits renting can’t provide, the question really becomes: is renting really worth it?

Bottom Line

If you’re weighing your options between renting and buying, it’s important to look at the full picture. While buying a home can feel like a daunting process, having a trusted advisor on your side is key. Let’s connect to explore your options so you can learn more about the benefits of homeownership today.

Scottsdale AZ Luxury Home Market – December 2021

January 29, 2022 By Heather Tawes Nelson

– Scottsdale Luxury Home Market Performance for December 2021 –

December was another excellent month for the luxury home market in Scottsdale. The year closed out with very strong sales activity.

This analysis looks at the past year of sales activity for Scottsdale luxury homes. All of these homes were on the market for $1 million or more. To show additional detail, we have broken the luxury market into four price bands.

We track the following four metrics on a monthly basis:
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 pending contracts.
Sold – How many homes sold over the course of the month.

– December 2021 –

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

– Active Scottsdale Homes on the Market: The number of homes for sale remained at 54 at the end of December.
– UCB Scottsdale Home Sales: UCB contracts were only about half of what they were in November. This is the lowest we have seen them this low by far in 2021.
– Pending Scottsdale Home Sales: Pending sales also saw a dip, but it was more modest and was also the lowest we saw in 2021.
– Scottsdale Homes Sold: On a positive note, sales came in at 101, ahead of the 12 month average of 97.
– Sales Price to Listed Price: 99.5%- On average, buyers saw a discount of 0.5% off of asking price.

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

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

– Active Scottsdale Homes on the Market: Inventory fell to its lowest level of 2021. There were only 38 homes for sale in this price point at the end of the year.
– UCB Scottsdale Home Sales: UCB were down slightly in December, but still turned in a decent performance.
– Pending Scottsdale Home Sales: The number of pending sales fell by 28% between November and December.
– Scottsdale Homes Sold: After seeing sales fall off between September through November, sales jumped back up in December to turn in the strongest monthly performance since August.
– Sales Price to Listed Price: 100.1% – On average, buyers paid just above list price.

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

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

– Active Scottsdale Homes on the Market: Inventory fell to the lowest level of 2021 in December. Compare this with January when there were more than one hundred homes for sale.
– UCB Scottsdale Home Sales: UCB contracts came in slightly lower, but they were pretty close to the 12 month average.
– Pending Scottsdale Home Sales: Pending sales were back up after falling lower in October and November.
– Scottsdale Homes Sold: Home sales were also up in December. The month closed with 36 sales, which is on par with the 12 month average.
– Sales Price to Listed Price: 97.0% – On average, buyers saw a discount of 3.0% off of asking price.

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million December 2021

– Active Scottsdale Homes on the Market: Inventory was down slightly in this price point, but it still came in at one hundred.
– UCB Scottsdale Home Sales: There was a 62.5% drop in the number of UCB contracts after coming off a top performing November.
– Pending Scottsdale Home Sales: Pendings saw a slight dip, but they were still well above the 12 month average.
– Scottsdale Homes Sold: December saw the highest number of sales of all of 2021. An impressive 34 homes sold for in excess of $3 million.
– Sales Price to Listed Price: 97.9% – On average, buyers saw a discount of 2.1% 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 1/1/2022 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright ©2022 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – December 2021

January 21, 2022 By Heather Tawes Nelson

– 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.


Luxury Condo Market - December 2021
Phoenix and Scottsdale AZ
	All Luxury Condos	Scottsdale Luxury Condos	Phoenix Luxury Condos
Units on the Market
- Number of Units for Sale	39	32	7
- Average Asking Price	$2,358,432	$2,452,496	$1,928,429
- Average Asking Price Per Sq. Ft.	$931.86	$1,000.93	$616.08
- Average Days on Market*- Active	83	62	178

UCB Sales (Under Contract - Accepting Backup Offers)
- Number of Units UCB	11	10	1
- Average UCB Price	$2,077,909	$2,096,900	$1,888,000
- Average UCB Price Per Sq. Ft.	$855.52	$875.40	$656.70

Pending Sales
- Number of Units Pending	23	19	4
- Average Pending Price	$1,766,546	$1,736,835	$1,967,000
- Average Pending Price Per Sq. Ft.	$662.71	$678.13	$548.32

Luxury Condo Sales
- Number of Units Sold	24	19	5
- Average Sales Price	$1,608,542	$1,514,211	$1,967,000
- Sales Price to List Price	96.3%	97.0%	94.4%
- Average Sold Sq. Feet	2,264	1,942	3,490
- Average Sales Price per Sq. Ft.	$733.12	$781.75	$548.32
- Average Days on Market* - Sold	110	71	257
- Highest Sale Price	$2,850,000	$2,725,000	$2,850,000
- Lowest Sale Price	$910,000	$1,000,000	$910,000
- Percentage of Total Sales	100%	79%	21%

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.