– May 2020 Scottsdale Homes for Sale and Home Sales –
Here is a look at last month’s real estate market in Scottsdale. During May, things started to open up a little bit and we saw contract activity pick up nicely. However, sales were muted due to the lower number of contracts in April.
SCOTTSDALE HOME SALES ACTIVITY – MAY 2020
Each of the four items below are tracked monthly:
– Single-family homes for sale – Orange Line – The number of homes for sale 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 pending sales there were at the end of the month.*
– Home Sales – Blue Line – The number of homes sold.
MAY 2020 RESULTS
- Scottsdale Homes for Sale: Inventory fell to the second-lowest level we have seen in the past year. Our market was already in a low inventory state prior to COVID-19 and the fewer number of homes for sale will hold back sales activity.
- UCB (Under contract, accepting backup offers): UCB contracts were up 60.9% between the end of April and May. This is good news for the market as this figure is exactly where we ended May 2019 with UCBs.
- Pending Homes Sales in Scottsdale: We also saw a rebound of pending sales. Pendings were up 24.2%. This is still quite below 2019 levels though where there were 366 pending sales at the end of May.
- Scottsdale Home Sales: Since we had low UCB and pending levels as we entered the month, we knew home sales would be impacted. There were 320 sales in May 2020, compared to 529 in May 2019.
The next two sections look at how the market is changing as well as home prices.
Percent Change Month Over Month – This metric looks at how things are changing on a monthly basis. For instance, sales were down 4.5% between April and May.
Sales Price to List Price – This metric looks at what homes sold for relative to their asking prices. In May, homes on average sold for 96.9% of what they were on the market for. Looking at it from the buyer’s perspective, buyers saw an average discount of 3.1% off off list price.
*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.
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 6/1/2020. 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 © 2020 Heather Tawes Nelson | Joyce Tawes