– August 2023 Scottsdale Homes for Sale and Home Sales –
As expected, August was a quiet month for home sales in Scottsdale. We see this seasonality for the most part annually as the summer months can be quite hot. We should also factor in interest rates and low inventory as well. On a positive note, actual home sales were up slightly, but contracts in the pipeline dropped.
SCOTTSDALE HOME SALES ACTIVITY – AUGUST 2023
We track the four following items every month:
– Single-family homes for sale – Orange Line – The number of homes on the market at the end of the month.
– Under contract, but accepting backup offers (UCB) – Gray Line – How many UCB contracts there were at the end of the month.
– Pending home sales – Yellow Line – The number of pending sales at the end of the month.*
– Home Sales – Blue Line – How many homes sold over the course of the month.
AUGUST 2023 RESULTS
- Scottsdale Homes for Sale: Inventory was up slightly again in August, but we have remained firmly under the 900 level for three months now.
- UCB (Under contract, accepting backup offers): The number of UCB contracts fell for the fourth month in row, coming in at 131.
- Pending Homes Sales in Scottsdale: Pending sales also were down at the end of the month. The number of pending sales fell slightly in July to 222. This is the first time this figure has fallen under the 200 mark in 2023.
- Scottsdale Home Sales: Sales were back up slightly in August, due to decent UCB and pending activity in July. However, based on August’s UCB and pending activity, I predict a drop in sales for September.
This next part covers two more things we track on a monthly basis regarding home sales in Scottsdale:
Percent Change Month Over Month – On the top is Percent Change Month Over Month. Here, we look at the performance for a given month in comparison to the month before it. As an example, pending contracts were down 19.4% in August compared to July.
Sales Price to List Price – On the bottom is something we use to see how market prices are performing. In this metric, we compare average asking prices of homes compared to average selling prices. In August, it was 95.4%, meaning buyers on average saw a 4.6% 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.
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Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2023. 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 © 2023 Heather Tawes Nelson | Joyce Tawes