- February 2022 Scottsdale Homes for Sale and Home Sales -
Sales activity ramped up again in February as buyers came back to the market after the holidays.
Incredibly low inventory is constraining additional sales and high competition for the homes on the market is frustrating buyers.
SCOTTSDALE HOME SALES ACTIVITY – FEBRUARY 2022
Each month, we track the following things to see what trends are happening:
- Single-family homes for sale - Orange Line - The number of homes on the market 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 home sales over the course of the month.
FEBRUARY 2022 RESULTS
- Scottsdale Homes for Sale: We ended February with six more homes for sale than we had at the end of January. However, having only 312 homes for sale is shows our need for inventory.
- UCB (Under contract, accepting backup offers): Interestingly enough, UCB contracts decreased in February. This could be a result of the inventory crunch as well as February being a shorter month.
- Pending Homes Sales in Scottsdale: Pending sales were up 8.1% over January and were at levels we saw in June 2021.
- Scottsdale Home Sales: Sales rebounded in February, closing out the month at 429. I believe this number would be higher if there were more homes on the market.
This next section has two more sales metrics that we track on a monthly basis.
Percent Change Month Over Month - Here, we compare the month's sales performance compared to the previous month. This helps us uncover trends. For instance, sales were up 9.6% in February compared to January.
Sales Price to List Price - This next metric shows you information on home prices. We look at the list prices of homes on the market and compare them with the sales prices. In February, on average, homes sold for over list price. The last time we sat this was April 2021.
*Figures for active homes for sale, UCB sales and pending sales are based on the numbers at the end of the month.
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Originally posted on Live Better in Scottsdale
Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2022. 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.
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