– Scottsdale Luxury Home Market Performance for March 2022 –
March was a very strong month for the sale of luxury homes. Sales in all of the price points we track were up and homes that were listed for less than $3 million were selling above list price on average. In many cases, contracts and sales activity were the highest we have seen in the past year.
All of the homes in this analysis were on the market for $1 million or more. And to show greater detail, we have broken the results into four price bands.
Each month, we look at the following four things:
Active – How many homes were for sale at the end of the month.
UCB (Under Contract Accepting Backup Offers) – How many homes were under contract, but still accepting backup offers at the end of the month.
Pending – How many homes were in pending status.
Sold – The number of home sales that month.
– March 2022 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: It was thrilling to see inventory increase in this price range. The number of homes for sale jumped 33% compared to the end of February.
– UCB Scottsdale Home Sales: UCB contracts were again down by one in March. With the new inventory on board, I expect to see this number increase in April.
– Pending Scottsdale Home Sales: Pendings remained stable between February and March.
– Scottsdale Homes Sold: Home sales saw an incredible 33% jump over the previous month. 124 homes sold in March, making it the highest sales month of the past year.
– Sales Price to Listed Price: 103.5%- On average, buyers paid a 3.5% premium over list price.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Thankfully, the number of homes for sale jumped (43.5%) in this price range as well.
– UCB Scottsdale Home Sales: The number of UCB contracts was down in March, most likely due to inventory pressure.
– Pending Scottsdale Home Sales: Pending sales were up again and March came in with the highest number of spending in the last year.
– Scottsdale Homes Sold: Sales were up slightly, closing out the month at 57.
– Sales Price to Listed Price: 102.2% – On average, buyers paid a 2.2% premium over list price.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: March was the second month in a row where we saw inventory go up. The increase was modest, but it is a positive sign.
– UCB Scottsdale Home Sales: After a large increase in February, UCB’s were down in March.
– Pending Scottsdale Home Sales: Pending sales posted their highest number in the past year and came in well above the 12 month average.
– Scottsdale Homes Sold: Home sales were up over 25% compared to February and this was the second-highest sales month of the past year.
– Sales Price to Listed Price: 102.3% – On average, buyers paid a 2.3% premium over list price.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory fell off a little in March, but we ended the month on par with the 12 month average.
– UCB Scottsdale Home Sales: UCB contracts were up again and posted the most UCBs we have seen in the past year.
– Pending Scottsdale Home Sales: Pending sales soared to 65. The next closest month was November 2021 when there were 49 pending sales. Wow.
– Scottsdale Homes Sold: Sales in the $3 million and above range also posted the highest month we have seen.
– Sales Price to Listed Price: 97.1% – On average, buyers saw a discount of 2.9% off of list price.
If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.
Disclaimer: Information deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2022 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes. This blog represents the opinion of the author. No warranties expressed or implied.
Copyright ©2022 Heather Tawes Nelson | Joyce Tawes