- June 2022 Scottsdale Homes for Sale and Home Sales -
Our market is undergoing some changes right now. The number of homes for sale continues to increase, which is very good news for buyers. On the sales front, things are slowing down. I would guess some of this is seasonality, we usually see a dip in sales activity during the hot summer months, and some of this is based on higher home prices and interest rates.
SCOTTSDALE HOME SALES ACTIVITY – MAY 2022
Each month, we track these four items:
- Single-family homes for sale - Orange Line - The number of active listings at the end of the month.
- Under contract, but accepting backup offers (UCB) - Gray Line - The number of homed that were 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 homes sold that month.
JUNE 2022 RESULTS
- Scottsdale Homes for Sale: We saw another needed boost in the number of homes for sale in June. We ended the month 28.5% higher than where we were at the end of May.
- UCB (Under contract, accepting backup offers): We saw the number of UCB contracts fall to the lowest we have seen in the past twelve months.
- Pending Homes Sales in Scottsdale: Pending sales were also down in June, also posting the lowest number we have seen in the past year.
- Scottsdale Home Sales: The number of homes that sold fell for the fourth month in a row. This also was the lowest we have seen sales in the past year.
The next two items provide a little more information about Scottsdale's real estate market.
Percent Change Month Over Month - Here, we are comparing the month's performance to the previous month's performance. For example, pending sales were down 24% at the end of June compared to the end of May.
Sales Price to List Price - This is a quick and easy way to get a sense of where market prices are. It takes the average list prices of homes for sale and compares that to the average sales price. In June, it was 98.8% meaning buyers saw an average discount off of asking of 1.2%. This is the first month in several months where buyers were not paying over list price on average.
*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.
Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2022. 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.
Copyright © 2022 Heather Tawes Nelson | Joyce Tawes