– October 2020 Scottsdale Homes for Sale and Home Sales –
October was another record-breaking month for the Scottsdale real estate market. I have not seen anything like it and I have been tracking the numbers monthly since 2007.
The late summer and fall tend to be slower months for home sales, but we are seeing the opposite. And, sales numbers would probably be higher if we had more inventory of homes to sell.
SCOTTSDALE HOME SALES ACTIVITY – OCTOBER 2020
There are four items we track on a monthly basis:
– 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 – The number of homes with UCB contracts 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 home sales for that month.
OCTOBER 2020 RESULTS
- Scottsdale Homes for Sale: Inventory dipped again at the end of October, closing out at 884 homes for sale. This is very low and new inventory is much needed.
- UCB (Under contract, accepting backup offers): The number of UCB deals fell slightly, but they still came in with the second highest performance of the past twelve months.
- Pending Homes Sales in Scottsdale: Pending sales were up over 10% compared to the end of September! This is also the highest we have seen them all year. As I alluded to above, seeing pending so strong at a typically quiet time of year is very unusual.
- Scottsdale Home Sales: Home sales also turned in the highest performance of the past twelve months. If you look at October sales activity for homes priced under $1 million, sales were 113.6% of the inventory available! (369 active listings versus 419 sales.)
This next section looks at market performance via two other metrics:
Percent Change Month Over Month – On top, you will see month-over- month tracking of the four sales pipelines. As you can see, sales were up an impressive 8.5% between the end of September and the end of October.
Sales Price to List Price – Below that is a “quick and dirty” metric you can use to see how much homes are selling for in relation to their asking prices. In October, it was 96.1% and on average, buyers saw a 3.9% discount off of asking prices.
*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 11/1/2020. 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