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Scottsdale AZ Luxury Home Market – January 2024

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– Scottsdale Luxury Home Market Performance for January 2024 –

And we’re off! With the new year comes a flurry of sales activity in Scottsdale and the Phoenix Valley. Listings and contract activity were up, but actual home sales were mixed coming off the holiday season when many people took a break from real estate.

This report covers the luxury home market in Scottsdale. To be included, the home must have had a list price of $1 million or more. We have broken this information into four price ranges to get a better sense of performance by price level.

– JANUARY 2024 –

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

Scottsdale home sales between 1 and 1.5 million January 2024

– Active Scottsdale Homes on the Market: After dropping off at the end of December, inventory rebounded to a level similar to November.
– UCB Scottsdale Home Sales: UCB contracts saw a 57.9% jump in January and should continue to be strong for the next couple of months.
– Pending Scottsdale Home Sales: Pending sales also saw a very healthy jump of 30% in January. We have not seen this figure in the 40s since last summer.
– Scottsdale Homes Sold: Sales were also up. There were forty-eight sales, which is still low, but sales will increase in the coming months.
– Sales Price to Listed Price: 96.0%- On average, buyers saw a discount of 4% off of list price.

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

Scottsdale home sales between 1.5 and 2 million January 2024

– Active Scottsdale Homes on the Market: The number of listings at the end of the month was the highest we have seen in the past year.
– UCB Scottsdale Home Sales: The number of UCB’s almost doubled when compared to December. This is also the highest we have seen UCBs in the past year.
– Pending Scottsdale Home Sales: Pending sales were also up over December, a 40.9% difference.
– Scottsdale Homes Sold: The number of homes sold decreased to thirty-one. As I explained above, January typically sees slower home sales due to the holidays.
– Sales Price to Listed Price: 97.8% – On average, buyers saw a discount of 2.2% off of list price.

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

Scottsdale home sales between 2 and 3 million January 2024

– Active Scottsdale Homes on the Market: Inventory hit the 200 level for the first time since March 2018!
– UCB Scottsdale Home Sales: The number of UCBs was up 42.9% in January.
– Pending Scottsdale Home Sales: Pendings had a very strong month as well, coming in at thirty-six.
– Scottsdale Homes Sold: The number of home sales was more or less level in January.
– Sales Price to Listed Price: 96.3% – On average, buyers saw a discount of 3.7% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale home sales over 3 million January 2024

– Active Scottsdale Homes on the Market: Inventory was up 19.6% in January and at 217, posted the highest number of homes for sale in this price point ever.
– UCB Scottsdale Home Sales: The number of UCBs was up in January and was on par with the 12 month average.
– Pending Scottsdale Home Sales: Pending contracts were level with December’s result.
– Scottsdale Homes Sold: Sales were down to twenty-one in January. Again, this is to be expected due to seasonality.
– Sales Price to Listed Price: 95.7% – On average, buyers saw a discount of 4.3% off of list price.

If you would like additional details 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

Here is a sample of some luxury homes that are currently for sale:

922 Listings
10085 E COCHISE Drive, Scottsdale, AZ 85258

$1,500,000 10085 E COCHISE Drive
Scottsdale, AZ 85258 10085 E COCHISE Drive
Scottsdale, AZ 85258Listing office: AXIS Real Estate

Desert landscaping with mature beautiful cactus at front entry

$1,150,000 11633 E BELLA VISTA Drive
Scottsdale, AZ 85259 11633 E BELLA VISTA Drive
Scottsdale, AZ 85259Listing office: Coldwell Banker Realty

Premium Sized Lot W/Beautiful Grass North / South Facing

$1,150,000 5101 E KATHLEEN Road
Scottsdale, AZ 85254 5101 E KATHLEEN Road
Scottsdale, AZ 85254Listing office: Citiea

12028 N 80TH Place, Scottsdale, AZ 85260

$1,749,000 12028 N 80TH Place
Scottsdale, AZ 85260 12028 N 80TH Place
Scottsdale, AZ 85260Listing office: Realty ONE Group

8133 E CORTEZ Drive, Scottsdale, AZ 85260

$1,599,000 8133 E CORTEZ Drive
Scottsdale, AZ 85260 8133 E CORTEZ Drive
Scottsdale, AZ 85260Listing office: Realty ONE Group

10040 E HAPPY VALLEY Road, 1040, Scottsdale, AZ 85255

$6,750,000 10040 E HAPPY VALLEY Road, 1040
Scottsdale, AZ 85255 10040 E HAPPY VALLEY Road, 1040
Scottsdale, AZ 85255Listing office: Realty ONE Group

5202 E EMILE ZOLA Avenue, Scottsdale, AZ 85254

$1,150,000 5202 E EMILE ZOLA Avenue
Scottsdale, AZ 85254 5202 E EMILE ZOLA Avenue
Scottsdale, AZ 85254Listing office: Steady Compass Real Estate

12210 N 67TH Street, Scottsdale, AZ 85254

$2,398,000 12210 N 67TH Street
Scottsdale, AZ 85254 12210 N 67TH Street
Scottsdale, AZ 85254Listing office: Realty ONE Group

9701 E HAPPY VALLEY Road, 10, Scottsdale, AZ 85255

$5,995,000 9701 E HAPPY VALLEY Road, 10
Scottsdale, AZ 85255 9701 E HAPPY VALLEY Road, 10
Scottsdale, AZ 85255Listing office: Realty ONE Group

MLS IDX Listing Disclosure © 2024

Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2024 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 ©2024 Heather Tawes Nelson | Joyce Tawes

Some Experts Say Mortgage Rates May Fall Below 6% Later This Year

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There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall.

And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward trend should continue this year.

While we won’t see the record-low rates homebuyers got during the pandemic, some experts think we should see rates dip below 6% later this year. As Dean Baker, Senior Economist, Center for Economic Research, says:

“They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”

And Baker isn’t the only one saying this is a possibility. The latest Fannie Mae projections also indicate we may see a rate below 6% by the end of this year (see the green box in the chart below):

a screenshot of a graph

The chart shows mortgage rate projections for 2024 from Fannie Mae. It includes the one that came out in December, and compares it to the updated 2024 forecast they released just one month later. And if you look closely, you’ll notice the projections are on the way down.

It’s normal for experts to re-forecast as they watch current market trends and the broader economy, but what this shows is experts are feeling confident rates should continue to decline, if inflation cools.

What This Means for You

But remember, no one can say for sure what will happen (and by when) – and short-term volatility is to be expected. So, don’t let small fluctuations scare you. Focus on the bigger picture.

If you’ve found a home you love in today’s market – especially where finding a home that meets your budget and your needs can be a challenge – it’s probably not a good idea to try to time the market and wait until rates drop below 6%.

With rates already lower than they were last fall, you have an opportunity in front of you right now. That’s because even a small quarter point dip in rates gives your purchasing power a boost.

Bottom Line

If you wanted to move last year but were holding off hoping rates would fall, now may be the time to act. Let’s connect to get the ball rolling.

Phoenix and Scottsdale AZ Luxury Condo Sales – January 2024

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Luxury Condo Sales in Scottsdale and Phoenix – January 2024

The luxury condo market roared back to life in January. Coming off of the holiday season, we saw lots of new listings and increased sales activity.

To be included in this report, all of the condos need to have been priced at $1 million or more. 

ACTIVE LISTINGS AT THE END OF JANUARY

We closed out December with 59 units for sale and ended January with 72 units for sale. Typically, we see these jumps located in Scottsdale, but this month, we saw a huge uptick in luxury condos for sale in Phoenix

Remaining in place as the highest-priced condo for sale for several months is a unit at ICON in Silverleaf. It has five bedrooms, five and one-half bathrooms and an expansive 5,534 square feet. The asking price was $6,900,000.

The lowest-priced condo for sale was located in The Reserve. It has two bedrooms, two and one-half bathrooms and 2,179 square feet. It was on the market for $1,010,000.

UCB* LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

December ended with four homes in UCB status. In contrast, January closed out with eleven homes in UCB status.

UCB Condos in Scottsdale

  • Optima Camelview
    • Two bedrooms and bathrooms, 1,628 square feet. Asking price was $1,050,000.
    • Three bedrooms, three and one-half bathrooms, 3,223 square feet. Asking price was $3,295,000.
  • Portico Condominiums – Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,664,000.
  • ICON at Silverleaf – Two bedrooms, two and one-half bathrooms, 2,757 square feet. Asking price was $2,275,000.
  • Optima Kierland – Three bedrooms and bathrooms, 2,232 square feet. Asking price was $3,200,000.

UCB Condos in Phoenix

  • Esplanade Place – Two bedrooms and bathrooms, 2,417 square feet. Asking price was $1,189,000.
  • Toscana at Desert Ridge
    • Two bedrooms, two and one-half bathrooms, 1,780 square feet. Asking price was $1,280,049.
    • Three bedrooms, two and one-half bathrooms, 2,177 square feet. Asking price was $1,405,827.
    • Two bedrooms, two and one-half bathrooms, 2,025 square feet. Asking price was $1,556,951.
  • Fairway Lodge
    • Three bedrooms, two and one-half bathrooms, 2,042 square feet. Asking price was $1,295,000.
    • Three bedrooms, two and one-half bathrooms, 2,748 square feet. Asking price was $1,550,000.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

I was wrong in my prediction that we would be at 100 or above pending sales at the end of December. We actually ended with 96. However, at the end of January, we went way past that and ended the month with 112 pending sales.

Pendings are up to the highest level we have seen due to several new communities being built out.

Scottsdale Pending Luxury Condos

  • The Reserve – Two bedrooms, two and one-half bathrooms, 2,020 square feet. Asking price was $1,129,000.
  • Retreat at Seven Desert Mountain – Three bedrooms, three and one-half bathrooms, 2,489 square feet. Asking price was $1,984,900.
  • Optima Camelview
    • Two bedrooms and bathrooms, 1,781 square feet. Asking price was $1,590,000.
    • Three bedrooms, two and one-half bathrooms, 2,615 square feet. Asking price was $2,395,000.
  • Optima Kierland
    • Two bedrooms and bathrooms, 1,386 square feet. Asking price was $1,275,000.
    • Two bedrooms and two and one-half bathrooms, 1,579 square feet. Asking price was $1,430,000.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,922 square feet. Asking price was $3,750,000.
  • Portico Scottsdale Condominiums – This is a new development in North Scottsdale.
    • Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,025,000.
    • Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,060,000.
    • Two bedrooms, two and one-half bathrooms, 1,939 square feet. Asking price was $1,064,650.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,444,500.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,475,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,495,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,505,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,587,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,658,500.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,660,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,730,000.
    • Three bedrooms and bathrooms, 2,396 square feet. Asking price was $1,733,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,743,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,769,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,814,400.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,845,750.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,899,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $1,935,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $2,007,000.
    • Four bedrooms, three and one-half bathrooms, 2,768 square feet. Asking price was $2,016,950.
  • Ascent at the Phoenician – This is another fantastic development underway.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,450,000.
    • One bedroom, one and one-half bathrooms, 1,698 square feet. Asking price was $1,475,000.
    • Two bedrooms, two and one-half bathrooms, 1,789 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,600,000.
    • Two bedrooms, two and one-half bathrooms, 1,789 square feet. Asking price was $1,650,000.
    • Two bedrooms, two and one-half bathrooms, 1,847 square feet. Asking price was $1,650,000.
    • One bedroom, two bathrooms, 1,519 square feet. Asking price was $1,725,000.
    • One bedroom, two bathrooms, 1,519 square feet. Asking price was $1,725,000.
    • Two bedrooms, two and one-half bathrooms, 2,346 square feet. Asking price was $1,875,000.
    • Two bedrooms, two and one-half bathrooms, 2,547 square feet. Asking price was $1,925,000.
    • One bedroom, two bathrooms, 1,896 square feet. Asking price was $1,975,000.
    • Two bedrooms, two and one-half bathrooms, 2,547 square feet. Asking price was $1,995,000.
    • Two bedrooms, two and one-half bathrooms, 1,767 square feet. Asking price was $2,025,000.
    • Two bedrooms, two and one-half bathrooms, 2,374 square feet. Asking price was $2,050,000.
    • Two bedrooms and bathrooms, 1,847 square feet. Asking price was $2,075,000.
    • One bedroom, two bathrooms, 1,677 square feet. Asking price was $2,100,000.
    • One bedroom, two bathrooms, 1,678 square feet. Asking price was $2,100,000.
    • One bedroom, two bathrooms, 1,678 square feet. Asking price was $2,175,000.
    • One bedroom, two bathrooms, 1,677 square feet. Asking price was $2,195,000.
    • Two bedrooms and bathrooms, 2,157 square feet. The asking price was $2,225,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,285,000.
    • Two bedrooms, three bathrooms, 2,157 square feet. Asking price was $2,350,000.
    • Two bedrooms and bathrooms, 2,294 square feet. Asking price was $2,385,000.
    • Two bedrooms, two and one-half bathrooms, 2,679 square feet. Asking price was $2,395,000.
    • Two bedrooms, two and one-half bathrooms, 1,848 square feet. Asking price was $2,395,000.
    • Two bedrooms, three bathrooms, 2,294 square feet. Asking price was $2,395,000.
    • Two bedrooms, three bathrooms, 2,157 square feet. Asking price was $2,425,000.
    • Two bedrooms and bathrooms, 2,068 square feet. Asking price was $2,485,000.
    • Two bedrooms, two and one-half bathrooms, 2,160 square feet. Asking price was $2,485,000.
    • Two bedrooms, two and one-half bathrooms, 1,848 square feet. Asking price was $2,625,000.
    • Two bedrooms, three bathrooms, 2,593 square feet. Asking price was $2,695,000.
    • Two bedrooms and bathrooms, 2,157 square feet. Asking price was $2,750,000.
    • Two bedrooms, two and one-half bathrooms, 2,160 square feet. Asking price was $2,795,000.
    • Two bedrooms and bathrooms, 2,318 square feet. Asking price was $2,950,000.
    • Two bedrooms and bathrooms, 2,683 square feet. Asking price was $2,985,000.
    • Two bedrooms. three bathrooms, 2,510 square feet. Asking price was $2,995,000.
    • Two bedrooms, three bathrooms, 2,497 square feet. Asking price was $3,050,000.
    • TWo bedrooms, three bathrooms, 2,592 square feet. Asking price was $3,100,000.
    • Two bedrooms, three bathrooms, 2,527 square feet. Asking price was $3,275,000.
    • Two bedrooms and bathrooms, 2,318 square feet. Asking price was $3,385,000.
    • Two bedrooms and bathrooms, 2,592 square feet. Asking price was $3,525,000.
    • Two bedrooms and bathrooms, 2,526 square feet. Asking price was $3,695,000.
    • Three bedrooms, three and one-half bathrooms, 3,867 square feet. Asking price was $3,975,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,100,000.
    • Three bedrooms, four bathrooms, 3,037 square feet. Asking price was $4,150,000.
    • Three bedrooms, four bathrooms, 3,200 square feet. Asking price was $4,295,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,450,000.
    • Three bedrooms, three bathrooms, 3,141 square feet. Asking price was $4,475,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,500,000.
    • Three bedrooms, four bathrooms, 3,166 square feet. Asking price was $4,595,000.
    • Three bedrooms and bathrooms, 3,200 square feet. Asking price was $4,725,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,750,000.
    • Three bedrooms, three bathrooms, 3,141 square feet. Asking price was $4,750,000.
    • Three bedrooms, three and one-half bathrooms, 3,996 square feet. Asking price was $4,895,000.
    • Three bedrooms, three and one-half bathrooms, 3,945 square feet. Asking price was $4,950,000.
  • ICON at Silverleaf – Currently under construction.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $1,995,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,150,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,500,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,625,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,700,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,750,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,800,000.
    • Two bedrooms, three bathrooms, 2,752 square feet. Asking price was $2,900,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $2,900,000.
    • Three bedrooms and bathrooms, 3,157 square feet. Asking price was $2,995,000.
    • Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,995,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,175,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,195,000.
    • Three bedrooms, four bathrooms, 3,157 square feet. Asking price was $3,200,000.
    • Three bedrooms, four bathrooms 3,157 square feet. Asking price was $3,350,000.
    • Three bedrooms,  four bathrooms, 3,157 square feet. Asking price was $3,600,000.
    • Three bedrooms, four bathrooms, 3,867 square feet. Asking price was $3,600,000.
    • Three bedroons, four bathrooms, 3,329 square feet. Asking price was $3,900,000.
    • Five bedrooms, five and one-half bathrooms, 5,534 square feet. Asking price was $5,400,000.
    • Five bedrooms, five and one-half bathrooms, 5,534 square feet. Asking price was $5,985,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $6,900,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,700,000.
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $7,718,000.
    • Four bedrooms, four and one-half bathrooms, 5,534 square feet. Asking price was $8,000,000
    • Four bedrooms, four and one-half bathrooms, 6,288 square feet. Asking price was $8,350,000. 

Phoenix Pending Luxury Condos

  • Toscana at Desert Ridge -Two bedrooms, two and one-half bathrooms, 1,780 square feet. Asking price was $1,170,977.
  • Esplanade Place – Four bedrooms, three and one-half bathrooms, 4,286 square feet. Asking price was $4,475,000.

LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

We went from six sales in December to nine sales in January. I expect to see this figure increase in February due to all of the new activity.

Scottsdale Luxury Condo Sales

  • Optima Kierland
    • Two bedrooms, two and one-half bathrooms, 1,754 square feet. Asking price was $1,500,000 and it sold for $1,445,000.
    • Two bedrooms and bathrooms, 1,258 square feet. Asking price was $1,215,000 and it sold for $1,125,000.
  • ICON at Silverleaf – Three bedrooms, three and one-half bathrooms, 3,170 square feet. Asking price was $2,495,000 and it sold for $2,400,000.
  • 3rd Avenue Lofts – Two bedrooms, two and one-half bathrooms, 2,340 square feet. Asking price was $1,425,000 and it sold for $1,350,000.
  • Optima Camelview – Three bedrooms, two bathrooms, 2,498 square feet. Asking price was $1,750,000 and it sold for list price.
  • Scottsdale Waterfront Residences – Two bedrooms, two and one-half bathrooms, 2,469 square feet. Asking price was $2,695,000 and it sold for $2,675,000.

Phoenix Luxury Condo Sales

  • One Lexington – Two bedrooms, two and one-half bathrooms, 1,779 square feet. Asking price was $1,275,000 and it sold for $1,150,000.
  • Toscana at Desert Ridge – Two bedrooms, two and one-half bathrooms, 1,780 square feet. Asking price was $1,225,641 and it sold for list price.
  • Two Biltmore Estates – Four bedrooms, three and one-half bathrooms, 4,817 square feet. Asking price was $3,950,000 and it sold for $3,900,000.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale 

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80 Matches Found
$1,159,000
7175 E CAMELBACK Road, 202, Scottsdale, AZ
Active
2BD 2BA 1,381SF
Last Modified: 11:44pm, September 19, 2024
IDX
Listing Office: SRL Group
$1,145,000
7141 E RANCHO VISTA Drive, 6012, Scottsdale, AZ
Active
2BD 2BA 1,416SF
Last Modified: 7:49pm, September 18, 2024
IDX
Listing Office: RETSY
$1,995,000
6166 N SCOTTSDALE Road, C3006, Paradise Valley, AZ
Active
2BD 2.5BA 2,353SF
Last Modified: 1:22pm, September 16, 2024
IDX
Listing Office: My Home Group Real Estate
$1,395,000
7127 E Rancho Vista Drive, 4012, Scottsdale, AZ
Active
2BD 2BA 1,448SF
Last Modified: 4:42pm, September 12, 2024
IDX
Listing Office: Compass
$1,495,000
7180 E KIERLAND Boulevard, 509, Scottsdale, AZ
Active
2BD 2BA 1,511SF
Last Modified: 2:29pm, September 10, 2024
IDX
Listing Office: HomeSmart
$1,445,000
7180 E KIERLAND Boulevard, 512, Scottsdale, AZ
Active
2BD 2BA 1,461SF
Last Modified: 2:28pm, September 10, 2024
IDX
Listing Office: Realty Executives
$1,899,000
7180 E KIERLAND Boulevard, 1115, Scottsdale, AZ
Active
2BD 2BA 1,686SF
Last Modified: 8:41pm, September 9, 2024
IDX
Listing Office: The Agency
$1,475,000
7131 E RANCHO VISTA Drive, 2011, Scottsdale, AZ
Active
3BD 2BA 1,886SF
Last Modified: 5:24pm, August 26, 2024
IDX
Listing Office: The Noble Agency
$4,950,000
5000 N Camelback Ridge Road, 109, Scottsdale, AZ
Active
3BD 3.5BA 3,867SF
Last Modified: 2:34am, August 25, 2024
IDX
Listing Office: RETSY
$2,995,000
4849 N Camelback Ridge Road, A104, Scottsdale, AZ
Active
2BD 2.5BA 2,157SF
Last Modified: 2:38am, August 24, 2024
IDX
Listing Office: Russ Lyon Sotheby's International Realty
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Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.
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Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2024 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 ©2024 Heather Tawes Nelson | Joyce Tawes

Don’t Let the Latest Home Price Headlines Confuse You

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Based on what you’re hearing in the news about home prices, you may be worried they’re falling. But here’s the thing. The headlines aren’t giving you the full picture.

North Scottsdale Homes

If you look at the national data for 2023, home prices actually showed positive growth for the year. While this varies by market, and while there were some months with slight declines nationally, those were the exception, not the rule.

The overarching story is that prices went up last year, not down. Let’s dive into the data to set the record straight. 

2023 Was the Return to More Normal Home Price Growth

If anything, last year marked a return to more normal home price appreciation. To prove it, here’s what usually happens in residential real estate.

In the housing market, there are predictable ebbs and flows that take place each year. It’s called seasonality. It goes like this. Spring is the peak homebuying season when the market is most active. That activity is usually still strong in the summer, but begins to wane toward the end of the year. Home prices follow along with this seasonality because prices grow the most when there’s high demand.

The graph below uses data from Case-Shiller to show how this pattern played out in home prices from 1973 through 2022 (not adjusted, so you can see the seasonality):

As the data shows, for nearly 50 years, home prices match typical market seasonality. At the beginning of the year, home prices grow more moderately. That’s because the market is less active as fewer people move in January and February. Then, as the market transitions into the peak homebuying season in the spring, activity ramps up. That means home prices do too. Then, as fall and winter approach, activity eases again and prices grow, just at a slower rate.

Now, let’s layer the data that’s come out for 2023 so far (shown in green) on top of that long-term trend (still shown in blue). That way, it’s easy to see how 2023 compares.

As the graph shows, moving through the year in 2023, the level of appreciation fell more in line with the long-term trend for what usually happens in the housing market. You can see that in how close the green bars come to matching the blue bars in the later part of the year.

But the headlines only really focused on the two bars outlined in red. Here’s the context you may not have gotten that can really put those two bars into perspective. The long-term trend shows it’s normal for home prices to moderate in the fall and winter. That’s typical seasonality.

And since the 49-year average is so close to zero during those months (0.10%), that also means it’s not unusual for home prices to drop ever so slightly during those times. But those are just blips on the radar. If you look at the year as a whole, home prices still rose overall.

What You Really Need To Know

Headlines are going to call attention to the small month-to-month dips instead of the bigger year-long picture. And that can be a bit misleading because it’s only focused on one part of the whole story.

Instead, remember last year we saw the return of seasonality in the housing market – and that’s a good thing after home prices skyrocketed unsustainably during the ‘unicorn’ years of the pandemic.

And just in case you’re still worried home prices will fall, don’t be. The expectation for this year is that prices will continue to appreciate as buyers re-enter the market due to mortgage rates trending down compared to last year. As buyer demand goes up and more people move at the same time the supply of homes for sale is still low, the upward pressure on prices will continue.

Bottom Line

Don’t let home price headlines confuse you. The data shows that, as a whole, home prices rose in 2023. If you have questions about what you’re hearing in the news or about what’s happening with home prices in our local area, let’s connect.

Quick Video Update of the Scottsdale Real Estate Market – January 2024

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– January 2024 Scottsdale Housing Market Video –

Here is a less-than-a-minute video overview of the Scottsdale, Arizona single-family home real estate market that covers the month of January.

January 2024 – Video

Scottsdale Active Listings

Scottsdale active listings January 2024

With the beginning of the new year, we saw a nice jump in the number of homes for sale in Scottsdale.

Inventory was up 18% over December. This is good news for buyers since we are still below normal levels.

The number of homes for sale was also up compared to the same time in 2023.

Average List Price for Scottsdale Homes

Scottsdale average list price January 2024

I used to use median list price data, but I no longer have access to that information. As a replacement, we will use the average list price. (Technically, the median price is a better indicator since the average price can skew one way or the other due to extremely cheap or extremely high list prices, but this will still give you a decent idea of the prices of homes in Scottsdale.)

The average list price for homes in Scottsdale came in just under $2.5 million. This represents an increase of 1.9% month-over-month. However, there was an increase of 8% when compared to January 2023.

Days on Market

Scottsdale days on market January 2024

Days on Market (also referred to as DOM) is a quick measure to see how a market is performing. If a market is “hot,” you will see a lower DOM. However, if the market is cool, the DOM will be higher.

Scottsdale’s Days on Market came in at 73 for January. This is down 2.7% from December and down 6.8% from January 2023.

Average Sales Price for Scottsdale Homes

Scottsdale days on market January 2024

Now we will take a look at what homes sold for on average.

We did see a bit of a drop (7.5%) in average sales price between December and January. However, we did see an 8.7% increase when comparing January 2023 and January 2024.

Number of Homes Sold

Scottsdale homes sold January 2024

This last section covers the number of homes that sold in Scottsdale.

In January, we saw 244 home sales. This is a 9.4% drop compared to December’s sales. However, this drop is not surprising. Buyers and sellers tend to take a break over the holidays. Even though sales were lower than the previous month, they were up 15.6% year-over-year.

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.

Here Are Some Scottsdale Homes Currently For Sale

2,103 Listings
4800 N 68TH Street, 375, Scottsdale, AZ 85251

$317,500 4800 N 68TH Street, 375
Scottsdale, AZ 85251 4800 N 68TH Street, 375
Scottsdale, AZ 85251Listing office: HomeSmart

4800 N 68TH Street, 176, Scottsdale, AZ 85251

$329,995 4800 N 68TH Street, 176
Scottsdale, AZ 85251 4800 N 68TH Street, 176
Scottsdale, AZ 85251Listing office: HomeSmart

10085 E COCHISE Drive, Scottsdale, AZ 85258

$1,500,000 10085 E COCHISE Drive
Scottsdale, AZ 85258 10085 E COCHISE Drive
Scottsdale, AZ 85258Listing office: AXIS Real Estate

Desert landscaping with mature beautiful cactus at front entry

$1,150,000 11633 E BELLA VISTA Drive
Scottsdale, AZ 85259 11633 E BELLA VISTA Drive
Scottsdale, AZ 85259Listing office: Coldwell Banker Realty

Premium Sized Lot W/Beautiful Grass North / South Facing

$1,150,000 5101 E KATHLEEN Road
Scottsdale, AZ 85254 5101 E KATHLEEN Road
Scottsdale, AZ 85254Listing office: Citiea

6939 E GRANADA Road, Scottsdale, AZ 85257

$795,000 6939 E GRANADA Road
Scottsdale, AZ 85257 6939 E GRANADA Road
Scottsdale, AZ 85257Listing office: W and Partners, LLC

7180 E KIERLAND Boulevard, 916, Scottsdale, AZ 85254

$2,295,000 7180 E KIERLAND Boulevard, 916
Scottsdale, AZ 85254 7180 E KIERLAND Boulevard, 916
Scottsdale, AZ 85254Listing office: eXp Realty

12028 N 80TH Place, Scottsdale, AZ 85260

$1,749,000 12028 N 80TH Place
Scottsdale, AZ 85260 12028 N 80TH Place
Scottsdale, AZ 85260Listing office: Realty ONE Group

8133 E CORTEZ Drive, Scottsdale, AZ 85260

$1,599,000 8133 E CORTEZ Drive
Scottsdale, AZ 85260 8133 E CORTEZ Drive
Scottsdale, AZ 85260Listing office: Realty ONE Group

MLS IDX Listing Disclosure © 2024

Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

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

Scottsdale AZ Single Family Home Sales – January 2024

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– January 2024 Scottsdale Homes for Sale and Home Sales –

We are one month into 2024 and things are definitely changing in the Scottsdale real estate market! Inventory is up as are new contract totals. .

SCOTTSDALE HOME SALES ACTIVITY –  JANUARY 2024

Each month, we look at the following four items:

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

JANUARY 2024 RESULTS

Scottsdale homes for sale January 2024
  • Scottsdale Homes for Sale: The number of homes for sale at the end of January moved up to the highest level we have seen in the past year. This is good news for buyers as there is more inventory to choose from.
  • UCB (Under contract, accepting backup offers): UCB contracts were up quite a bit in January. We typically see this as many folks put their real estate plans on hold during the holidays and wait until the new year.
  • Pending Homes Sales in Scottsdale: The number of pending contracts increased 31.8% over December.
  • Scottsdale Home Sales: The number of homes that sold in January was the lowest we have seen in the past twelve months. Again, this is seasonal as we were coming off of the holidays and fewer people were shopping for homes.

This next section contains two more items we track to keep an eye on the market. The first looks at changes month-over-month and the second looks at sales prices relative to listing prices.

Scottsdale real estate market January 2024


Percent Change Month Over Month – Here, we looking at how things changed when compared to the previous month. For example, pending sales were up by an impressive 41.5% when compared to December. (To be fair though, December tends to be a quieter month for contract activity because of the holidays.)

Sales Price to List Price – This metric takes the average price of homes for sale and then compares that to the average price of what actually sold for. January came in at 96.7%, which means the average discount buyers saw off of list price was 3.3%.

*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 All Scottsdale AZ Homes for Sale

Here are some homes in Scottsdale currently for sale:

2,103 Listings
4800 N 68TH Street, 375, Scottsdale, AZ 85251

$317,500 4800 N 68TH Street, 375
Scottsdale, AZ 85251 4800 N 68TH Street, 375
Scottsdale, AZ 85251Listing office: HomeSmart

4800 N 68TH Street, 176, Scottsdale, AZ 85251

$329,995 4800 N 68TH Street, 176
Scottsdale, AZ 85251 4800 N 68TH Street, 176
Scottsdale, AZ 85251Listing office: HomeSmart

10085 E COCHISE Drive, Scottsdale, AZ 85258

$1,500,000 10085 E COCHISE Drive
Scottsdale, AZ 85258 10085 E COCHISE Drive
Scottsdale, AZ 85258Listing office: AXIS Real Estate

Desert landscaping with mature beautiful cactus at front entry

$1,150,000 11633 E BELLA VISTA Drive
Scottsdale, AZ 85259 11633 E BELLA VISTA Drive
Scottsdale, AZ 85259Listing office: Coldwell Banker Realty

Premium Sized Lot W/Beautiful Grass North / South Facing

$1,150,000 5101 E KATHLEEN Road
Scottsdale, AZ 85254 5101 E KATHLEEN Road
Scottsdale, AZ 85254Listing office: Citiea

6939 E GRANADA Road, Scottsdale, AZ 85257

$795,000 6939 E GRANADA Road
Scottsdale, AZ 85257 6939 E GRANADA Road
Scottsdale, AZ 85257Listing office: W and Partners, LLC

7180 E KIERLAND Boulevard, 916, Scottsdale, AZ 85254

$2,295,000 7180 E KIERLAND Boulevard, 916
Scottsdale, AZ 85254 7180 E KIERLAND Boulevard, 916
Scottsdale, AZ 85254Listing office: eXp Realty

12028 N 80TH Place, Scottsdale, AZ 85260

$1,749,000 12028 N 80TH Place
Scottsdale, AZ 85260 12028 N 80TH Place
Scottsdale, AZ 85260Listing office: Realty ONE Group

8133 E CORTEZ Drive, Scottsdale, AZ 85260

$1,599,000 8133 E CORTEZ Drive
Scottsdale, AZ 85260 8133 E CORTEZ Drive
Scottsdale, AZ 85260Listing office: Realty ONE Group

MLS IDX Listing Disclosure © 2024

Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2024. 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 © 2024 Heather Tawes Nelson | Joyce Tawes

2 of the Factors That Impact Mortgage Rates

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If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?

The answer is complicated because there are a lot of things that can influence mortgage rates. Here are just a few of the most impactful factors at play.

Inflation and the Federal Reserve

The Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates, and more. As that happens, mortgage rates tend to respond. Business Insider explains:

“The Federal Reserve slows inflation by raising the federal funds rate, which can indirectly impact mortgages. High inflation and investor expectations of more Fed rate hikes can push mortgage rates up. If investors believe the Fed may cut rates and inflation is decelerating, mortgage rates will typically trend down.”

Over the last couple of years, the Fed raised the Federal Fund Rate to try to fight inflation and, as that happened, mortgage rates jumped up, too. Fortunately, the expert outlook for inflation and mortgage rates is that both should become more favorable over the course of the year. As Danielle Hale, Chief Economist at Realtor.com, says:

“ortgage rates will continue to ease in 2024 as inflation improves . . .”

There’s even talk the Fed may actually cut the Fed Funds Rate this year because inflation is cooling, even though it’s not yet back to their ideal target.

The 10-Year Treasury Yield

Additionally, mortgage companies look at the 10-Year Treasury Yield to decide how much interest to charge on home loans. If the yield goes up, mortgage rates usually go up, too. The opposite is also true. According to Investopedia:

“One frequently used government bond benchmark to which mortgage lenders often peg their interest rates is the 10-year Treasury bond yield.”

Historically, the spread between the 10-Year Treasury Yield and the 30-year fixed mortgage rate has been fairly consistent, but that’s not the case recently. That means, there’s room for mortgage rates to come down. So, keeping an eye on which way the treasury yield is trending can give experts an idea of where mortgage rates may head next.

Bottom Line

Experts in the industry will be keeping a close watch on the Fed to see what it decides to do regarding rate changes and what impact any changes or no changes at all will have on the economy. To navigate any mortgage rate changes and their impact on your moving plans, it’s best to have a team of professionals on your side. Contact us and we can help you navigate the process and answer any questions you may have.

Scottsdale AZ Luxury Home Market – December 2023

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– Scottsdale Luxury Home Market Performance for December 2023 –

The year ended with another set of mixed results. Inventory was down across the board, but we do see this every year as some sellers take their homes off of the market for the holidays and many listing contracts expire at the end of the year.

In this report, we delve into Scottsdale’s luxury home market, defined as single-family homes with list prices of $1 million or more. To give you a better idea of how the market is performing, we split the data into four price bands.

– DECEMBER 2023 –

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

Scottsdale home sales between 1 and 1.5 million December 2023

– Active Scottsdale Homes on the Market: Inventory fell in December after four months of increases. However, it is still ahead of the 12 month average of 190.
– UCB Scottsdale Home Sales: The number of UCBs was down 50% compared to November and posted the lowest performance of 2023 by far.
– Pending Scottsdale Home Sales: On the flip side, pending sales saw a very healthy rebound after a dismal November.
– Scottsdale Homes Sold: Sales in this price point were down quite a bit. Not only is this a slower time of year, but high interest rates were also impacting the market.
– Sales Price to Listed Price: 96.1%- On average, buyers saw a discount of 3.9% off of list price.

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

Scottsdale home sales between 1.5 and 2 million December 2023

– Active Scottsdale Homes on the Market: The number of homes for sale fell to 139.
– UCB Scottsdale Home Sales: UCB contracts were down after a strong November. Some of this can be attributed to seasonality.
– Pending Scottsdale Home Sales: Pending sales had a very difficult month. As we saw in the lower price range, pending contracts were at their lowest level of the year by a wide margin.
– Scottsdale Homes Sold: Home sales were up in December and turned in a very solid performance. Thirty-eight homes sold, which is on par with the 12 month average.
– Sales Price to Listed Price: 96.6% – On average, buyers saw a discount of 3.4% off of list price.

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

Scottsdale home sales between 2 and 3 million December 2023

– Active Scottsdale Homes on the Market: As in all of the price points, the number of homes for sale was down in December.
– UCB Scottsdale Home Sales: UCB contracts saw a slight improvement, but were still quite low compared to the 12 month average.
– Pending Scottsdale Home Sales: Pending sales ended the month up slightly and had a decent performance.
– Scottsdale Homes Sold: Home sales fell to their second-lowest level of the year in December.
– Sales Price to Listed Price: 94.3% – On average, buyers saw a discount of 5.7% off of list price.

Scottsdale Homes Priced $3,000,000+

Scottsdale home sales over 3 million December 2023

– Active Scottsdale Homes on the Market: The drop in inventory in the $3 million and up category was slight and the number of homes for sale are still above the 12 month average.
– UCB Scottsdale Home Sales: UCBs turned in their second-lowest performance in the past year.
– Pending Scottsdale Home Sales: Pending sales also saw a decrease in December.
– Scottsdale Homes Sold: Sales came roaring back in December after a very quiet November. Thirty-four homes sold which is well above the 12 month average of twenty seven.
– Sales Price to Listed Price: 95.3% – On average, buyers saw a discount of 4.7% off of list price.

If you would like additional details 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

Here is a sample of some luxury homes that are currently for sale:

922 Listings
10085 E COCHISE Drive, Scottsdale, AZ 85258

$1,500,000 10085 E COCHISE Drive
Scottsdale, AZ 85258 10085 E COCHISE Drive
Scottsdale, AZ 85258Listing office: AXIS Real Estate

Desert landscaping with mature beautiful cactus at front entry

$1,150,000 11633 E BELLA VISTA Drive
Scottsdale, AZ 85259 11633 E BELLA VISTA Drive
Scottsdale, AZ 85259Listing office: Coldwell Banker Realty

Premium Sized Lot W/Beautiful Grass North / South Facing

$1,150,000 5101 E KATHLEEN Road
Scottsdale, AZ 85254 5101 E KATHLEEN Road
Scottsdale, AZ 85254Listing office: Citiea

12028 N 80TH Place, Scottsdale, AZ 85260

$1,749,000 12028 N 80TH Place
Scottsdale, AZ 85260 12028 N 80TH Place
Scottsdale, AZ 85260Listing office: Realty ONE Group

8133 E CORTEZ Drive, Scottsdale, AZ 85260

$1,599,000 8133 E CORTEZ Drive
Scottsdale, AZ 85260 8133 E CORTEZ Drive
Scottsdale, AZ 85260Listing office: Realty ONE Group

10040 E HAPPY VALLEY Road, 1040, Scottsdale, AZ 85255

$6,750,000 10040 E HAPPY VALLEY Road, 1040
Scottsdale, AZ 85255 10040 E HAPPY VALLEY Road, 1040
Scottsdale, AZ 85255Listing office: Realty ONE Group

5202 E EMILE ZOLA Avenue, Scottsdale, AZ 85254

$1,150,000 5202 E EMILE ZOLA Avenue
Scottsdale, AZ 85254 5202 E EMILE ZOLA Avenue
Scottsdale, AZ 85254Listing office: Steady Compass Real Estate

12210 N 67TH Street, Scottsdale, AZ 85254

$2,398,000 12210 N 67TH Street
Scottsdale, AZ 85254 12210 N 67TH Street
Scottsdale, AZ 85254Listing office: Realty ONE Group

9701 E HAPPY VALLEY Road, 10, Scottsdale, AZ 85255

$5,995,000 9701 E HAPPY VALLEY Road, 10
Scottsdale, AZ 85255 9701 E HAPPY VALLEY Road, 10
Scottsdale, AZ 85255Listing office: Realty ONE Group

MLS IDX Listing Disclosure © 2024

Copyright 2024 Arizona Regional Multiple Listing Service, Inc. All rights reserved. Information Not Guaranteed and Must Be Confirmed by End User. Site contains live data.

Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2024 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 ©2024 Heather Tawes Nelson | Joyce Tawes

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