- February 2021 Scottsdale Homes for Sale and Home Sales -
The Scottsdale real estate market, already incredibly hot, had an even hotter February.
Inventory is at unprecedentedly low levels. I have been doing this monthly report since 2007 and I have never seen anything like it. I can only imagine how much higher sales figures would be if there were more homes to sell.
SCOTTSDALE HOME SALES ACTIVITY – FEBRUARY 2021
Every month, we follow these four items:
- 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 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 - The number of monthly home sales.
FEBRUARY 2021 RESULTS
- Scottsdale Homes for Sale: As I have been saying for months, Scottsdale's inventory of homes for sale is dismally low. February closed out with a mere 414 single-family homes for sale. Compare this with the end of March last year when there were 1,318 homes for sale.
- UCB (Under contract, accepting backup offers): UCB contracts were down 15% compared to the end of January. I attribute this to low inventory constraints rather than falling demand.
- Pending Homes Sales in Scottsdale: Pending sales were up to 321 by month's end. Again, I think this is being held back by the few number of homes on the market.
- Scottsdale Home Sales: February was the 3rd highest sales month in the past year. 559 homes sold which was 135% of the inventory available.
The following two charts cover two more items we track on a monthly basis.
Percent Change Month Over Month - This metric compares the activity from the current month to the month before it. For instance, pending sales were up 8% over January and home sales were up 11.1%.
Sales Price to List Price - This gives you a sense of how much flexibility there is on prices. Here, we compare what homes actually sold for in comparison to what they had been on the market for. In February, this number was 96.7%, meaning buyers saw an average discount off of asking prices of 3.3%.
*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.
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.
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Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2021. 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 © 2021 Heather Tawes Nelson | Joyce Tawes