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

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– December 2021 Scottsdale Housing Market Video –

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

December 2021 – Video


Scottsdale Active Listings

Scottsdale homes for sale December 2021

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

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

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

Median List Price for Scottsdale Homes

Scottsdale homes median list price December 2021

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

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

Days on Market

Scottsdale homes days on market December 2021

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

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

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price December 2021

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

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

Number of Homes Sold

This last section covers homes sales in Scottsdale in December.

Scottsdale Home Sales December 2020 versus 2021

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

Scottsdale home sales November and December 2021

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

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel.

Interested in other stats for our market? Visit our Real Estate Market Update page.

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

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

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Real Estate Scottsdale 2022

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

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

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

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

 MORTGAGE RATES WILL CREEP UP

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

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

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

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

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

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


THE MARKET WILL BECOME MORE BALANCED

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

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

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

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

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

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

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


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

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

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

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

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

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

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

 

RENTS WILL CONTINUE TO RISE

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

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

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

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

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

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

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

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


WE’RE HERE TO GUIDE YOU

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

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

 

Sources:

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

Scottsdale AZ Single Family Home Sales – December 2021

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December 2021 Scottsdale Homes for Sale and Home Sales –

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

SCOTTSDALE HOME SALES ACTIVITY – DECEMBER 2021

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

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

DECEMBER 2021 RESULTS

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

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

Scottsdale housing market December 2022

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

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


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

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

Search Scottsdale AZ Homes for Sale

Here is a sampling of some of the homes on the market, or click the link above to see all of the homes for sale.

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2022. Information deemed reliable, but not guaranteed. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2022 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Luxury Home Market – November 2021

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– Scottsdale Luxury Home Market Performance for November 2021 –

November was a decent sales month for luxury homes.

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

We track the following four metrics on a monthly basis:
Active – How many homes were for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – How many homes were under contract, but still accepting backup offers at the end of the month.
Pending – How many pending sales there were.
Sold – The number of home sales for that month.

– November 2021 –

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

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

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

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

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

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

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

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

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

Scottsdale Homes Priced $3,000,000+

Scottsdale Homes for Sale over $3 million November 2021

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

If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2021 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright ©2021 Heather Tawes Nelson | Joyce Tawes

Win When You Sell (And When You Move)

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Win When You Sell (And When You Move) | MyKCM

If you’re trying to decide when to sell your house, there may not be a better time than this winter. Selling this season means you can take advantage of today’s strong sellers’ market when you make a move. And if you live in Scottsdale or Greater Phoenix area, it is still very much a sellers’ market!

Win When You Sell

Right now, conditions are very favorable for current homeowners looking for a change. If you sell now, here’s what you can expect:

  • Your House Will Stand Out – While recent data shows there are more sellers getting ready to list their homes this winter, there are still more buyers in the market than there are homes for sale. If you sell your house now before more houses are listed, it will get more attention from serious buyers who are eager to find a home.
  • Your House Will Likely Get Multiple Offers – When supply is low and demand is high, buyers have to compete with each other for a limited number of homes. The latest Realtors Confidence Index from the National Association of Realtors (NAR) shows sellers are getting an average of 3.6 offers in today’s market.
  • Your House Should Sell Quickly – According to the same report from NAR, homes are selling in an average of just 18 days. As a seller, that’s great news for you if you’re looking for a quick process.

Win When You Move

Win When You Sell (And When You Move) | MyKCM

In addition to these great perks, you’ll also win big on your next move if you sell now. CoreLogic reports homeowners gained an average of $51,500 in equity over the past year. This wealth boost is the result of buyer competition driving home prices up.

You can leverage that equity to fuel a move, before mortgage rates and home prices climb higher. To get a feel for how rates are projected to rise, see the chart above. The longer you wait to make your move, the more it will cost you down the road. As mortgage rates rise, even modestly, it will impact your monthly payment when you purchase your next home. Waiting just a few months to make that change could have a long-term financial impact.

The good news is today’s rates are still hovering in a historically low range. According to Doug Duncan, Senior VP and Chief Economist at Fannie Mae:

“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low . . .”

Selling before rates climb higher means you can make your move and lock in a low rate on the mortgage for your next home. This helps you get more home for your money and keeps your payments down too.

Bottom Line

As a homeowner, you have a great opportunity to get the best of both worlds this season. You can truly win when you sell and when you buy. If you’re thinking about making a move or want to explore your options, let’s connect so that you have the information you need to get the process started.

Phoenix and Scottsdale AZ Luxury Condo Sales – November 2021

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

November was a very strong sales month for luxury condos in Scottsdale and Phoenix.

To be included in this report, only condo units with a list price of $1 million or more are analyzed.

ACTIVE LISTINGS AT THE END OF NOVEMBER

Inventory fell by one to close out the month with forty-one luxury units for sale. Thirty-two of them were located in Scottsdale and the remaining nine were located in Phoenix.

The most expensive condo for sale is new to the market and it has the highest asking price I have seen. This penthouse unit with four bedrooms, four and one-half bathrooms and 6,288 square feet is located in the luxurious ICON community in Silverleaf. The list price for this unit was $6,850,000.

The least expensive luxury condo on the market was located in The Reserve in Scottsdale. It has three bedrooms and bathrooms and 1,019 square feet. It was listed for $1,026,500.


UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were fourteen UCB contracts at the end of the month. This is a huge jump from the three UCB contracts at the end of October. Ten of the fourteen were located in Scottsdale.

UCB Condos in Scottsdale

  • SOHO Condominiums – Three bedrooms, two and one-half bathrooms, 2,365 square feet. Asking price was $1,250,000.
  • $1,300,000 and it sold for list price.
  • Scottsdale Waterfront Residences
    • Two bedrooms, two and one-half bathrooms, 1,611 square feet. Asking price was $1,365,000.
    • Two bedrooms and bathrooms, 2,265 square feet. Asking price was $1,530,000.
  • Optima Kierland
    • Two bedrooms, two and one-half bathrooms, 1,579 square feet. Asking price was $1,197,500.
    • Two bedrooms and bathrooms, 1,511 square feet. Asking price was $1,800,000.
    • Four bedrooms, three bathrooms, 2,619 square feet. Asking price was $2,495,000.
    • Four bedrooms, three bathrooms, 2,433 square feet. Asking price was $2,749,000.
    • Three bedrooms, three and one-half bathrooms, 2,839 square feet. Asking price was $2,800,000.
  • Optima Camelview – Three bedrooms and two and one-half bathrooms, 2,487 square feet. Asking price was $2,500,000.
  • Landmark Condominiums – Three bedrooms and bathrooms, 2,548 srfgretquare feet. Asking price $1,350,000.

UCB Condos in Phoenix

  • One Lexington – Two bedrooms, two and one-half bathrooms, 2,288 square feet. Asking price was $1,295,000.
  • The Residences at 2211 Camelback
    • Three bedrooms and bathrooms, 3,000 square feet. Asking price was $1,545,000.
    • Three bedrooms and bathrooms, 2,875 square feet. Asking price was $1,888,000.
  • Two Biltmore Estates – Three bedrooms, three and one-half bathrooms, 3,860 square feet. Asking price was $2,795,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were a whopping twenty-five pending sales at the end of November! Twenty-one of them were in Scottsdale and many of these were in the Seven community of Desert Mountain which is currently under development.

Scottsdale Pending Luxury Condos

  • The Reserve – This community is under construction.
    • Two bedrooms, two and one-half bathrooms, 2,639 square feet. Asking price was $1,004,500.
    • Three bedrooms and three bathrooms, 2,675 square feet. Asking price was $1,016,000.
  • Seven at Desert Mountain
    • 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 Camelview – Two bedrooms and bathrooms, 1,257 square feet. Asking price was $1,024,900.
  • Optima Kierland
    • Two bedrooms and bathrooms, 1,261 square feet. Asking price was $1,190,000.
    • Three bedrooms, two bathrooms, 1,758 square feet. Asking price was $1,195,000.
    • Two bedrooms and bathrooms, 1,290 square feet. Asking price was $1,195,000.
    • Three bedrooms, two and one-half bathrooms, 1,956 square feet. Asking price was $1,415,000.
    • Two bedrooms, two and one-half bathrooms, 2,000 square feet. Asking price was $1,800,000.
  • Safari Drive – Two bedrooms, two and one-half bathrooms, 2,714 square feet. Asking price was $1,025,000.
  • The Mark – Two bedrooms, two and one-half bathrooms, 2,165 square feet. Asking price was $1,075,000.
  • Plaza Lofts at Kierland – Two bedrooms, two and one-half bathrooms, 2,000 square feet. Asking price was $1,800,000.

Phoenix Pending Luxury Condo

  • Crystal Point – Three bedrooms, two bathrooms and 2,718 square feet. Asking price was $1,000,000.
  • The Residences at 2211 Camelback – Three bedrooms and bathrooms and 3,000 square feet. Asking price was $1,950,000.
  • Esplanade Place – Three bedrooms and bathrooms and 3,054 square feet. Asking price was $2,100,000.
  • Two Biltmore Estates – Two bedrooms, three bathrooms and 4,817square feet. Asking price was $2,975,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Sales were up to ten in November. All of them were in Scottsdale with the exception of one.

Scottsdale Luxury Condo Sales

  • Optima Kierland – Two bedrooms, two and one-half bathrooms, 1,535 square feet. Asking price was $1,259,000.
  • Seven at Desert Mountain
    • Three bedrooms, three and one-half bathrooms, 2,414 square feet. Asking price was $1,495,000 and it sold for $1,405,000.
    • Three bedrooms, three and one-half bathrooms, 2,716 square feet. Asking price was $1,868,410 and it sold for $1,800,000.
  • Landmark Condominiums – Three bedrooms, two and one-half bathrooms, 3,054 square feet. Asking price $1,250,000 and it sold for list price.
  • Scottsdale Waterfront Residences
    • Three bedrooms, two bathrooms, 1,907 square feet. Asking price was $1,250,000 and it sold for $1,175,000.
    • Three bedrooms, two bathrooms, 1,781 square feet. Asking price was $1,200,000 and it sold for list price.
    • Two bedrooms and bathrooms, 1,815 square feet. Asking price was $2,541,000 and it sold $2,500,000.
  • Optima Kierland
    • Three bedrooms, two and one-half bathrooms, 1,956 square feet. Asking price was $1,075,000 and it sold for $1,306,680
    • Two bedrooms two and one-half bathrooms, 1,535 square feet. Asking price was $1,259,000 and it sold for $1,240,000.

Phoenix Luxury Condo Sales

  • Fairway Lodge at 8 Biltmore – Two bedrooms, two and one-half bathrooms, 2,376 square feet. Asking price was $1,288,000 and it sold for list price.


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 12/1/2021 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 ©2021 Heather Tawes Nelson | Joyce Tawes

Tips for Single Homebuyers: How To Make Your Dream a Reality

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Tips for Single Homebuyers: How To Make Your Dream a Reality
If you’re living on your own and looking to buy a home, know that you can make your dream a reality with thoughtful planning and the right team of experts. Research from Freddie Mac shows 28% of all households (36.1 million) are sole-person, and that number is growing. Over the past 40 years, the number of sole-person households has nearly doubled, and that’s a trend that’s expected to continue. According to Freddie Mac:

“Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will be contributed by sole-person households, . . .”

If you fall into this category, here are three tips to help you achieve your homeownership goals.

1. Know Your Credit Score

When you buy a home on your own, you have to qualify for your loan based solely on your own finances and credit history. Investopedia says:

“. . . lenders will be looking at just one credit profile: yours. Needless to say, it has to be in great shape. It is always a good idea to review your credit report beforehand, and this is especially true of solo buyers.”

It’s important to find out your score so you know where it falls. If you’re not sure if it’s strong enough or where to focus your energy to improve it, meet with a professional for expert advice on your individual situation.

2. Explore Down Payment Options

Next, look into down payment programs so you can get a feel for what you’ll need to save to buy a home. Rob Chrane, CEO of Down Payment Resource, explains:

“Buyers should discuss their program options with their loan officer and real estate agent to make sure they choose the program best suited to their personal needs.”

In this step, lean on the pros to determine what you’re eligible for and what’s right for you.

3. Think About Your Future Home and Your Needs

You should also spend time thinking about what you want. What type of home do you picture yourself in? To answer that question, Quicken Loans shares this advice:

“Think about your lifestyle, what you want out of your home and your needs. Is being close to work important? Do you need a lot of yard space? Do you want an extra bedroom that you can transform into a home office? Condo or detached home? Lots of space for entertaining? It’s all up to you (and your budget).”

Again, a professional can help you balance what you want and how much you should spend on your monthly housing costs to determine what type of home is right for you.

While buying a home solo can feel like a big challenge, it doesn’t have to be. If you lean on the professionals, they can help you navigate these waters and make sure you’re able to take advantage of the great opportunities in today’s housing market (like low mortgage rates) to buy your dream home.

Bottom Line

The share of sole-person households is growing. If you’re looking to buy a home on your own, be confident that the dream is achievable. When you’re ready to begin your search, let’s connect so that you have expert advice each step of the way.

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

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– November 2021 Scottsdale Housing Market Video –

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

November 2021 – Video

Scottsdale Active Listings

Scottsdale homes for sale November 2021

Inventory continues to decline when we very much need to see it go up.

The number of homes for sale fell 21% between the end of October and the end of November. We closed out the month with only 490 homes for sale.

And if you compare November 2020 to November 2021, inventory is down 47%.

Median List Price for Scottsdale Homes

Scottsdale homes median list price November 2021

The median list price tells you the exact midpoint price of homes on the market. Half of the homes are priced higher and the other half are priced lower.

November’s median list price came in at $1.35 million. This is above October’s $1.2 million and also above November 2020’s $1.23 million.

Days on Market

Scottsdale homes days on market November 2021

This next chart is Days on Market. Days on Market (or DOM) is a way to gauge a market’s performance. When there is a high Days on Market figure, homes are taking longer to sell. Low Days on Market figures mean homes are selling more rapidly.

November’s DOM was 42 days. This is down 36% from last year at the same time.

Median Sales Price for Scottsdale Homes

Scottsdale homes median sales price November 2021

Similar to the median asking price, the median sale price is the midpoint price for all of the homes that sold in November.

November’s median sales price came in at $876K. This is a little lower than October’s ($900K), but higher than November 2020’s $720K.

Number of Homes Sold

Now we will take a look at home sales activity.

Scottsdale Home Sales November 2020 versus 2021

This first image shows a year-over-year comparison. Home sales, while strong, were down 8% compared to November 2020. As I mentioned last month, I would attribute some of this decrease to very low inventory combined with price appreciation.

Scottsdale home sales October and November 2021

Here we are comparing sales activity on a month-over-month basis. Even though inventory was low, we saw a 13% increase in home sales between the two months.

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.

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