May 2022 Scottsdale Homes for Sale and Home Sales -
Things changed quite a bit on the inventory front in May. We saw a big jump in the number of homes on the market, which is great news for buyers. On top of that, sales activity remained strong.
SCOTTSDALE HOME SALES ACTIVITY – MAY 2022
We track the following 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 - How many homes were in UCB status at the end of the month.*
- Pending home sales - Yellow Line - How many sales were pending at the end of the month.*
- Home Sales - Blue Line - How many homes sold during the month.
MAY 2022 RESULTS
- Scottsdale Homes for Sale: We saw inventory jump over 34% between April and May. This is after a 23% jump the month before. These additional homes for sale are sorely needed.
- UCB (Under contract, accepting backup offers): The number of UCBs fell slightly. This was the second to lowest we have seen these in the past year.
- Pending Homes Sales in Scottsdale: The number of pending sales fell quite a at bit to close out the month at 310.
- Scottsdale Home Sales: Home sales were down slightly in May, but still posted a strong performance.
Here are two more sales metrics that give a little more information about the state of Scottsdale's real estate market.
Percent Change Month Over Month - This metric tracks sales performance on a month-over-month basis. For example, pending sales were down 22.3% between the end of April and May.
Sales Price to List Price - This is a quick and easy way to monitor sales prices. Here, we are comparing average asking prices to the average of what those homes sold for. In May, buyers paid a premium of 1.6% over asking, showing that we still have a strong sellers market.
*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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Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2022. 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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