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Scottsdale AZ Single Family Home Sales – February 2024

By
Real Estate Agent with Live Better in Arizona

- February 2024 Scottsdale Homes for Sale and Home Sales -

The Scottsdale real estate market is in full swing as evidenced by the increase in contract and sales activity.

SCOTTSDALE HOME SALES ACTIVITY –  FEBRUARY 2024

We track the following sales metrics on a monthly basis:

Single-family homes for sale - Orange Line - The number of homes showing active 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 - The number of pending contracts there were at the end of the month.*
Home Sales - Blue Line - The number of homes sold each month.

FEBRUARY 2024 RESULTS

Scottsdale homes for sale February 2024

  • Scottsdale Homes for Sale: This might be the most inventory we have seen since the beginning of 2020! This is great news for buyers who have been dealing with fewer homes on the market.
  • UCB (Under contract, accepting backup offers): February closed out with the second-highest number of UCB contracts we have seen in the past year.
  • Pending Homes Sales in Scottsdale: Pendings were also up in February. The last time we saw them this high was around last May and June.
  • Scottsdale Home Sales: Home sales were also up, crossing into the 300's for the first time since last August. Depending on what happens with interest rates, we hope to see sales increase over the next couple of months.


Here, we will examine two more sales metrics that we track monthly:

Scottsdale real estate market February 2024


Percent Change Month Over Month - In the top chart, we look at how things changed relative to the prior month. For example, the number of UBC contracts was up 20.8% when compared with January.

Sales Price to List Price - In the bottom chart, we are looking at what price homes sold for on average compared to their average listing price. The sales price to list price in February was 97.7%, which means buyers saw an average discount of 2.3% off of list price.

*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 3/1/2024. 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.

Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for sharing this report

Mar 29, 2024 07:54 AM