– November 2018 Scottsdale Homes for Sale and Home Sales –
November is typically one of our quieter months in Scottsdale for real estate activity, and this November was what we expected. Inventory increased in anticipation of the high season along with new home inventory and sales activity was tempered.
SCOTTSDALE HOME SALES ACTIVITY – NOVEMBER 2018
Each month, we track these four elements of the real estate market:
– Single-family homes for sale – The orange line is tracking the number of homes for sale that month.*
– Under contract, but accepting backup offers (UCB) – The grey line shows the number of homes in UCB status at the end of the month.*
– Pending home sales – The yellow line tracks how many pending sales there were at the end of the month.*
– Home Sales – The blue line indicates how many homes sold that month.
NOVEMBER 2018 RESULTS
- Scottsdale Homes for Sale: The number of homes for sale crept up again in November to close out the month at 1,738.
- UCB (Under contract, accepting backup offers): UCB contracts fell to the second lowest level we have seen in the past year.
- Pending Homes Sales in Scottsdale: Pending sales went the opposite direction and increased to 229, after dropping off in October.
- Scottsdale Home Sales: Home sales were down and came in the second lowest in the past year of activity. This is not unusual for this time of year, however.
This next section contains two more things we like to look at on a monthly basis.
The first metric we track is Percent Change Month-Over-Month. This compares the status at the end of the month to the month prior. For instance, pending sales were up 10.1% between the end of October and the end of November.
The next metric is Sales Price to List Price. Here, sales prices are compared to what the homes had been listed for. In November, it was 96.4%. Looking at it from a different perspective, buyers on average saw a discount of 3.6% off of asking prices.
November was pretty much what we expected in terms of sales activity. Based on pending and UCB numbers, December looks to be pretty quiet. However, December 2017 ended up posting some very strong numbers, so we will have to see.
*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.
Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2018. 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 © 2018 Heather Tawes Nelson | Joyce Tawes