– October 2023 Scottsdale Homes for Sale and Home Sales –
October continued the seasonal trend of lower sales activity. Sales and pendings were down, but we did see some new inventory added to the market and an increase in new contracts.
SCOTTSDALE HOME SALES ACTIVITY – OCTOBER 2023
We look at the following four metrics on a monthly basis:
– Single-family homes for sale – Orange Line – The number of homes were 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 – The number of pending sales there were at the end of the month.*
– Home Sales – Blue Line – The number of homes that sold.
OCTOBER 2023 RESULTS
- Scottsdale Homes for Sale: Inventory was up another 15% compared to September. This figure is similar to where the market was in November 2022.
- UCB (Under contract, accepting backup offers): The number of homes in UCB status at the end of the month was up over the previous month and came in at 132.
- Pending Homes Sales in Scottsdale: Pending contracts decreased to the lowest level we have seen in the past year.
- Scottsdale Home Sales: Home sales were down again, but did not experience a dramatic drop like we saw between August and September.
This next section includes two more items that we track on a monthly basis:
Percent Change Month Over Month – On the top is Percent Change Month Over Month. Here we compare the monthly performance to the prior month. This allows us to easily track trends. For example, in September, the number of UCB contracts was up 11.4% following five months of declines.
Sales Price to List Price – On the bottom, we compare the average list price with the average sales price to see what buyers are paying relative to what the home was listed for. In October, the sales price to list price was 97.0%, which means buyers saw an average discount of 3% off of list price.
*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 11/1/2023. 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