Scottsdale Real Estate Market

Phoenix and Scottsdale AZ Luxury Condo Sales – April 2020

May 14, 2020 By Heather Tawes Nelson

– Luxury Condo Sales in Scottsdale and Phoenix – April 2020 –

This report covers the first full month of sales activity since the appearance of COVID-19 in Arizona and you can definitely see its impact on the luxury condo market in Scottsdale and Phoenix.

We are defining the luxury condo market as those condos that are on the market for $1 million or more.


Luxury Condo Market - April 2020
Phoenix and Scottsdale AZ
	All Luxury Condos	Scottsdale Luxury Condos	Phoenix Luxury Condos
Units on the Market
- Number of Units for Sale	76	58	18
- Average Asking Price	$1,689,842	$1,671,051	$1,761,467
- Average Asking Price Per Sq. Ft.	$628.11	$650.29	$544.21
- Average Days on Market*- Active	154	144	218

Pending Sales
- Number of Units Pending	4	4	N/A
- Average Pending Price	$1,896,250	$1,896,250	N/A
- Average Pending Price Per Sq. Ft.	$824.09	$824.09	N/A

Luxury Condo Sales
- Number of Units Sold	2	1	1
- Average Sales Price	$1,237,500	$1,475,000	$1,000,000
- Sales Price to List Price	95.8%	98.3%	92.2%
- Average Sold Sq. Feet	2,484	2,481	2,486
- Average Sales Price per Sq. Ft.	$498.39	$594.52	$402.25
- Average Days on Market* - Sold	716	30	1,432
- Highest Sale Price	$1,475,000	$1,475,000	$1,000,000
- Lowest Sale Price	$1,000,000	$1,475,000	$1,000,000
- Percentage of Total Sales	100%	50%	50%

ACTIVE LISTINGS AT THE END OF APRIL

Seventy-six luxury condos were for sale at the end of April, up from sixty-seven at the end of March. Fifty-eight of the condos were located in Scottsdale and the balance of eighteen were located in Phoenix.

The highest-priced luxury condo on the market is the highest-priced condo the market has seen. It is an expansive penthouse at the Scottsdale Waterfront Residences. It has forever views, 4,493 square feet, four bedrooms, four and one-half bathrooms and a 640 square foot guest suite located on the ground floor. It was on the market for $5 million.
The lowest-priced luxury condo on the market was located in Optima Camelview. It has two bedrooms, two bathrooms and 1,955 square feet. It was on the market for $1,000,000.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

April ended without any condos in UCB status. At the end of March, there was a single UCB.

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

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were four condos in pending status at the end of the month and all of them were located in Scottsdale in the Optima Kierland community.

This is down a little bit from the six pending sales we had at the end of March.

Scottsdale Pending Luxury Condos

All of these condos have been in pending status for months due to Optima Kierland being under development.

All of the pending sales were located in the new Optima Kierland community.
- Two bedrooms and two and one-half bathrooms with 1,956 square feet. It was listed for $1,750,000.
- Three bedrooms and bathrooms with 2,704 square feet. It was on the market for $1,816,000.
- Three bedrooms and bathrooms with 2,018 square feet. It was on the market for $1,939,000.
- Three bedrooms and bathrooms with 2,704 square feet. It was listed for $2,080,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were two sales in April – One in Scottsdale and one in Phoenix. This is down from the seven sales were saw in March.

Optima Camelview in Scottsdale- Three bedroom, two and one-half bathroom unit with 2,481 square feet. It had been listed for $1,500,000 and sold for $1,475,000.
Portland on the Park in Phoenix – 9th floor unit with three bedrooms, three bathrooms and 2,486 square feet. It was listed for $1,084,500 and sold for $1,000,000.

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 5/1/2020 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 ©2020 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Single Family Home Sales – April 2020

May 9, 2020 By Heather Tawes Nelson

– April 2020 Scottsdale Homes for Sale and Home Sales –

I hope this post finds you safe and well.

Here is a look at last month’s real estate market in Scottsdale. This is the first full month of sales activity with the coronavirus in play. As expected, sales and new contracts fell off.

SCOTTSDALE HOME SALES ACTIVITY – APRIL 2020

We track these four sales metrics on a monthly basis.

– Single-family homes for sale – Orange Line – How many homes were 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 that month.

APRIL 2020 RESULTS

Scottsdale Homes for Sale: Inventory remained basically level with March.
UCB (Under contract, accepting backup offers): The number of UCB’s fell, but not as dramatically as we saw between February and March. We are still trending behind where we typically are at this time of year.
Pending Homes Sales in Scottsdale: Pending sales also took a hit in April. They were down 14.1%.
Scottsdale Home Sales: Home sales dropped to the lowest level we have seen in the last year. There were 335 sales when we would expect to see sales in the 500+ range.

Here are two more sales metrics we use to monitor the market.

The first one is the Percent Change Month Over Month. Here sales activity is compared to the previous month. As you can see, sales fell 31.2% between March and April.

The second metric is Sales Price to List Price. It compares what homes were listed for and what they sold for. In April, homes sold for 96.2% of asking price and buyers saw an average discount off of asking of 3.8%.

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

Search Scottsdale AZ Homes for Sale

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

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

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2020. 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 © 2020 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Luxury Home Market – March 2020

April 28, 2020 By Heather Tawes Nelson

– Scottsdale Luxury Home Market Performance for March 2020 –

The luxury home market really picked up momentum in February which then carried over into March. Demand fell in March due to people putting their plans on hold, but sales still came in strong for the month. This decreased demand will translate into weaker sales numbers for April.

This report covers the luxury home market in Scottsdale. All of these homes were listed for $1 million or more.

We track these four items 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 homes were in pending status at the end of the month.
Sold – The number of home sales.

– MARCH 2020 –

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

– Active Scottsdale Homes on the Market: Inventory was up slightly to close out the month at 238.
– UCB Scottsdale Home Sales: After a large jump between January and a very impressive February, UCBs were down over 45% in March. However, if you look at April 2019, we are not too far off numbers-wise.
– Pending Scottsdale Home Sales: Pending sales also fell in March, but they were still ahead of the 12 month average.
– Scottsdale Homes Sold: Sales were the highest (69!) they have been in the past year and well above the 12 month average.
– Sales Price to Listed Price: 95.7% – On average buyers saw a discount off of list price of 4.3%.

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

– Active Scottsdale Homes on the Market: Inventory was down by eleven in March. The number of homes for sale in March is well below where we were in April of 2019.
– UCB Scottsdale Home Sales: After a very strong January, UCB contracts have been falling. March posted the second lowest number of UCBs in the last twelve months.
– Pending Scottsdale Home Sales: Pending sales, while down from March, were pretty close to what we historically expect.
– Scottsdale Homes Sold: Sales were level at 32 and on track with what we saw in the Spring of 2019.
– Sales Price to Listed Price: 94.7% – On average, buyers saw a discount off of list price of 5.3%.

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

– Active Scottsdale Homes on the Market: Inventory was up slightly between February and March.
– UCB Scottsdale Home Sales: The number of UCB homes fell in March, but not dramatically.
– Pending Scottsdale Home Sales: Pendings took a huge hit after two very strong months. This is definitely something to monitor.
– Scottsdale Homes Sold: Home sales were level in this price point as well and this was another strong month.
– Sales Price to Listed Price: 95.5% – On average, buyers saw a discount off of list price of 4.5%.

Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: Inventory was down9.3% between February and March.
– UCB Scottsdale Home Sales: The number of UCB contracts fell and came in under the 12 month average. This number would typically come in higher at this time of year.
– Pending Scottsdale Home Sales: Pending sales were only off by one, which is good news.
– Scottsdale Homes Sold: Nine homes sold in March. Interestingly enough, the fourth month in a row there have been nine sales.
– Sales Price to Listed Price: 95.5% – On average, buyers saw a discount off of list price of 4.5%.

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 4/1/2020 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 ©2020 Heather Tawes Nelson | Joyce Tawes

Quick Video Update of the Scottsdale Real Estate Market – March 2020

April 24, 2020 By Heather Tawes Nelson

– March 2020 Scottsdale Housing Market Video –

March 2020 – Video

March 2020 came with massive changes and unknowns, not only in Scottsdale, but globally. Buying activity started off strong and the month ended with good sales numbers. However, demand dropped off as the month progressed.

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

Scottsdale Active Listings

Although the video says inventory was level, we actually saw a much-needed increase in inventory. There were 1,397 homes for sale at the end of the month, up 11.8% over February.

Median List Price for Scottsdale Homes

This next section is the median asking price of homes for sale in Scottsdale. The median list price is the midpoint of all home prices, so one-half of the homes are priced higher and one-half are priced lower.

The median list price in March was just over $1 million. This is up quite a bit from March 2019’s $875,000, but down from the previous month’s $1.2 million.

Days on Market

Now we will take a look at Days on Market (often abbreviated as DOM.) This is a measurement that tells you how quickly, or slowly, homes are selling. A high DOM means homes are taking longer to sell and a low DOM means the market is moving more quickly.

The DOM for March came in at 79 days, a 15% decrease from March 2019’s 93 days.

Median Sales Price for Scottsdale Homes

We saw the median list price above and now we will take a look at the median sales price.

The median sales price of homes in Scottsdale for June was $705,000. February’s median sales price was $685,000 and both of these came in higher than March 2019’s $590,000.

Number of Homes Sold

This last section is home sales and this will be the one to watch in the coming months.

Sales were up 7% between March 2019 and March 2020. This is traditionally the high-season, so the increase in sales was good to see.

Sales were also up month-over-month. There was an 8% increase in home sales between February and March.

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.

Scottsdale AZ Single Family Home Sales – March 2020

April 8, 2020 By Heather Tawes Nelson

– March 2020 Scottsdale Homes for Sale and Home Sales –

I hope this post finds you safe and well.

Here is a look at last month’s home sales activity in Scottsdale. While sales were strong, demand dropped off quite a bit as people began to stay home and/or postponed their timelines to buy or sell.

SCOTTSDALE HOME SALES ACTIVITY – MARCH 2020

We track each of the items below on a monthly basis.

– 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 – How many pending sales there were at the end of the month.*
– Home Sales – Blue Line – The number of homes that sold during the month.

MARCH 2020 RESULTS

Scottsdale Homes for Sale: The number of homes for sale was up 11.8% between February and March. This bounce in inventory could be due to decreased demand as well as sellers putting their homes on the market during the typically “hot” time of high season.
UCB (Under contract, accepting backup offers): We saw a significant (39.2%) decrease in the number of UCB contracts as demand fell.
Pending Homes Sales in Scottsdale: Pending sales also saw a large decrease (25.4%) for the same reason.
Scottsdale Home Sales: Home sales were up 8.9% over February, which was good to see, but the number would probably have been in the 500’s in the absence of the pandemic.

This next section includes two other sales metrics we use to monitor Scottsdale’s housing market.

On the top, you will find the Percent Change Month Over Month. Here sales activity is compared to the previous month.

On the bottom, you will find Sales Price to List Price. This metric uses the average of what homes were listed for compared with what the sold for on average. In March, homes sold for 97.0% of list price. This means buyers saw an average discount off of asking prices of 3%.

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

Search Scottsdale AZ Homes for Sale

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

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

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2020. 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 © 2020 Heather Tawes Nelson | Joyce Tawes

5 Step Real Estate Guide for the Covid-19 Crisis

March 22, 2020 By Heather Tawes Nelson

I started to write a post along these lines and then found this one that was written by my colleague Carla Agnini, an agent and the head of the Lake Life Group in Mooresville, North Carolina. I asked her if I could use her post and she generously said I was welcome to. Here is the post with a few edits for the Scottsdale and Phoenix real estate market. Thank you, Carla!

So your initial isolation time has given you a moment to pause and reflect. Now you are probably rethinking that idea you had for listing your house or buying a home this spring. I hear you, and your thoughts are being echoed throughout the industry. The good news is that even yesterday there were multiple bid situations with several offers above asking price.

I’m not saying that it’s business as usual, but our real estate market is not headed for the bottom either. While the drop in the federal prime lending rate will not have a direct impact on mortgage rates, they are still at record lows despite a slight increase last week. Inventory in Scottsdale and Phoenix is incredibly low and many area homeowners are sitting on a good amount of equity.

Let me walk you through some steps that you can take to help navigate the next few weeks for you so that you can continue on your real estate path with education and confidence.

Step 1: Talk With Your Lender

The drop in mortgage rates over the last few weeks, especially during the first week of March means that your lender may be experiencing a high volume of refinancing packages. This may, in turn, have an impact on the amount of time that it takes to close on new loans.

The most important step that you can take is to have a conversation with your lender. If you anticipate any upcoming changes relating to recent world events (such as a delay in pay or job status change), please relay those to your lender immediately so that they can work with you on an effective plan moving forward.

If your home is for sale, check with the buyer’s lender to ensure that timelines will be met and all parties can begin to make moving plans. Above all, if you can offer flexibility during this time, let that be known upfront so that everyone’s mind can have some level of ease. We all want the same positive outcome.

Step 2: Take Time to Really Prep Your House

So many times, the initial decision to list one’s home is done quickly and usually in response to finding another home that you like or an unexpected job change. These quick decisions leave little time to prepare your home properly for sale. Now that many of us are home for the foreseeable future, take some time to get your home ready to go.

Some items to start with:

Clean Out Your Drawers and Cabinets. One of the number one reasons people move is to have more room, so show then how much room they will have in your home. If everything is piled to the brim and overflowing, they won’t be able to see the advantages.
Declutter Every Room. Not only will donations be needed around the country after our coronavirus outbreak, but you may actually have some time to go room by room and really take note of what is needed.
Facetime Your Agent. Unsure where to start? Well, that’s what I am here for. We can go room by room via Facetime and I can help you determine the areas that need your attention the most. I can then create a checklist based on what helps homes sell faster to keep you on task.

Step 3: Think Virtually

Technology is AMAZING! We can still take care of many of your needs virtually!

Selling? Let’s have a virtual consult to assess your needs. We can do a walk-through of your home and work on an accurate market analysis. We can consult on staging and repairs and even plan a coming soon campaign.
Buying? Many homes have virtual tours already in place and if not, I am happy to make a plan for safe home touring. For the most part, sellers are still willing to show their homes and as Realtors, we are helping them to put good home tour hygiene practices in place. And, we are always happy to do a live video walkthrough for you.

Step 4: Stay Calm

Everything has been in place for a strong spring market and no one could have anticipated the recent changes to our global society. Home sales were on track for an amazing spring and low inventory was helping sellers get top dollar.

There is no doubt that there will be financial fall out from Covid-19 and its impacts around the world; however, overall there is still a strong need for housing and historically low mortgage rates.

One impact may be fewer homes entering the spring market than we had anticipated to fill the depleted inventory. For you, this means that you will still need to be prepared.

As a buyer, a pre-qualification will give you a great amount of leverage in the buying process and coming soon marketing campaigns for sellers are going to be more important in a low inventory market. You will need a solid and actionable game plan. The good news is that all of these things can be done from the convenience of our homes!

Step 5: Continue Strengthening your Community- Our Pledge

Do you want to know what really sells homes? Great communities!

There has never been a better time to come together as a community and support one another.

If you are a home buyer or a fellow Realtor with a compromised immune system (including any family members) and are worried about visiting homes, “Yes, we will help you without any strings attached.” Whether it is a virtual walkthrough or assisting you with your clients, we are here to help.

We are also trying to support our local small businesses now and in the future to help ensure their survival.

We will continue to promote local listings and client resources for the good of our industry, our community and your future real estate transactions.

We’ve always liked the phrase, “It takes a village” and now is our time to shine!

Quick Video Update of the Scottsdale Real Estate Market – February 2020

March 18, 2020 By Heather Tawes Nelson

– February 2020 Scottsdale Housing Market Video –