Scottsdale Luxury Market Report - March 2022

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TM

SCOTTSDALE ARIZO N A www.LuxuryHomeMarketing.com

2022

SCOTTSDALE

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | FEBRUARY 2022 Inventory

Sales

Luxury Benchmark Price 1: $1,100,000 $4,500,000+

56

9

$3,900,000 - $4,499,999 $3,500,000 - $3,899,999

17

11

17

1

$3,100,000 - $3,499,999

10

Total Sales Ratio2: 99%

12 12

13

$1,900,000 - $2,299,999

31

9

$1,700,000 - $1,899,999

21 17

$1,500,000 - $1,699,999 4

$1,400,000 - $1,499,999

30

16

7

$1,300,000 - $1,399,999

21 10

$1,250,000 - $1,299,999

11

5

$1,200,000 - $1,249,999

1

Seller's Market 25

$2,300,000 - $2,699,999

$1,100,000 - $1,149,999

Total Sales: 215 18

9

$2,700,000 - $3,099,999

$1,150,000 - $1,199,999

Total Inventory: 218

13

2

9

6

11

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 3,499

$1,317,500

4

3

90

47

191%

3,500 - 4,499

$1,918,000

4

4

70

51

137%

4,500 - 5,499

$2,055,000

4

5

29

38

76%

5,500 - 6,499

$3,330,000

5

5

14

28

50%

6,500 - 7,499

$4,387,500

5

6

5

18

28%

7,500+

$4,150,000

6

7

7

36

19%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

SCOTTSDALE

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

$1,655,000

311

$1,549,500

311

268

$1,650,000

316

262

$1,575,000

290 271

192

Feb-21

Mar-21

Apr-21

May-21

$1,665,000

326

248

Jun-21

$1,550,000

308

Inventory

$1,577,768

307 207

Jul-21

$1,500,000

$1,575,100

297

292

Sep-21

$1,675,000

Oct-21

$1,682,500

$1,675,000

$1,487,500

266 185

181

174

Aug-21

Solds

241

186

Nov-21

214

217

Dec-21

218 215

180

Jan-22

Feb-22

MEDIAN DATA REVIEW | FEBRUARY TOTAL INVENTORY Feb. 2021

Feb. 2022

311

218 VARIANCE: -30 % SALE PRICE PER SQFT. Feb. 2021

Feb. 2022

378

482 VARIANCE: 28 %

$

$

TOTAL SOLDS Feb. 2021

SALES PRICE

Feb. 2022

192

215 VARIANCE: 12 %

Feb. 2021

$

SALE TO LIST PRICE RATIO Feb. 2021

Feb. 2022

97.65% 100.00% VARIANCE: 2 %

1.66m

Feb. 2022

1.68m VARIANCE: 1 % $

DAYS ON MARKET Feb. 2021

Feb. 2022

54

26 VARIANCE: -52 %

SCOTTSDALE MARKET SUMMARY | FEBRUARY 2022 • The Scottsdale single-family luxury market is a Seller's Market with a 99% Sales Ratio.

• Homes sold for a median of 100.00% of list price in February 2022.

• The most active price band is $1,150,000-$1,199,999, where the sales ratio is 450%.

• The median luxury sales price for single-family homes is $1,675,000.

• The median days on market for February 2022 was 26 days, down from 54 in February 2021.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3

SCOTTSDALE

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | FEBRUARY 2022 Inventory

Sales

Luxury Benchmark Price 1: $600,000 $2,600,000+ $2,400,000 - $2,599,999 $2,200,000 - $2,399,999

23

0 4

0 0

$2,000,000 - $2,199,999

$1,800,000 - $1,999,999

1

Total Sales: 68

1 1

Seller's Market

4

2

$1,200,000 - $1,399,999

11

3 3

$1,000,000 - $1,199,999 $900,000 - $999,999

4

1

$1,400,000 - $1,599,999

Total Sales Ratio2: 86%

3

1

$1,600,000 - $1,799,999

Total Inventory: 79

0

9

3

12

$800,000 - $899,999 $750,000 - $799,999 3 3 1

$650,000 - $699,999

1

9

7

$700,000 - $749,999

$600,000 - $649,999

13

11

0

14

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,499

$830,000

2

2

11

12

92%

1,500 - 1,999

$680,000

2

2

31

10

310%

2,000 - 2,499

$885,000

3

3

19

23

83%

2,500 - 2,999

$888,000

3

4

3

13

23%

3,000 - 3,499

$1,150,000

3

4

3

9

33%

3,500+

$1,417,000

3

4

1

12

8%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

SCOTTSDALE

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

$722,500

121

$760,000

114 76

Feb-21

$750,000

103 104

93

Mar-21

Apr-21

Inventory

$787,500 $725,000

88

88

May-21

$725,000

93

98

Jun-21

82

70

Jul-21

$750,000

$749,975

83

85 60

Aug-21

Solds

$774,000

$781,000

78

78

48

Sep-21

62

Oct-21

$805,000

72

64

Nov-21

82

$792,500

$780,000

71

79

Dec-21

66

Jan-22

68

Feb-22

MEDIAN DATA REVIEW | FEBRUARY TOTAL INVENTORY Feb. 2021

Feb. 2022

121

TOTAL SOLDS Feb. 2021

Feb. 2022

79 VARIANCE: -35 %

68 VARIANCE: -11 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

Feb. 2021

$

Feb. 2022

370

412 VARIANCE: 11 % $

76

Feb. 2021

Feb. 2022

99.26% 100.05% VARIANCE: 1 %

SALES PRICE Feb. 2021

$

723k

Feb. 2022

780k VARIANCE: 8 % $

DAYS ON MARKET Feb. 2021

Feb. 2022

37

18 VARIANCE: -51 %

SCOTTSDALE MARKET SUMMARY | FEBRUARY 2022 • The Scottsdale attached luxury market is a Seller's Market with a 86% Sales Ratio.

• Homes sold for a median of 100.05% of list price in February 2022.

• The most active price band is $650,000-$699,999, where the sales ratio is 1100%.

• The median luxury sales price for attached homes is $780,000.

• The median days on market for February 2022 was 18 days, down from 37 in February 2021.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3

Your Luxury Expert Team Born and raised in Pittsburgh, Sharon took a leap of faith with her now husband, Justin, and moved from PA to Phoenix in 2002. She met her now partner, John, when he sold them their first home, where she was instantly intrigued with real estate. She got her license in 2003 and has been a residential specialist since!

The goal of the Arizona Home Group has always been to provide you with A Better Real Estate Experience. John, Sharon and the team have delivered world class service to thousands of clients, helping buyers and sellers make an educated decisions and negotiating the best prices. Let us help you to navigate the process of selling your largest asset, with honesty, integrity and an attention to detail that is second to none.

Check out some of our reviews: “ In two words, Sharon is an absolute “All Star”. As an out-of-state seller of an investment property, I knew I was in great hands from the word go. Sharon and her team took care of absolutely everything, all in a highly efficient and professional manner. Most importantly, Sharon was able to get me top dollar for the property, over the listing price, literally days after the house went on the market. Without a doubt, the best home selling experience I have ever had. If you want the best agent in the market working for you, Sharon should be your first and only choice.”

Colin S. “ After terminating my existing agreement I found Sharon through a mutual friend. Being remote in Canada poses big challenges when selling a condo. Expectations to go ‘over & above’ mean more time, planning and sweat equity. We established expectations early and I was clear this sale wouldn’t be easy - Sharon never wavered. From day one when we partnered she assessed the quality of the current pictures taken, problem areas, renovations required and made immediate recommendations to ensure best value.

A fter the Assessment and/or honeymoon phase I was sold on her professionalism and local knowledge. I invested a small amount of money which she project managed since I was remote handling all contractors, invoices and schedules. After successful conclusion we sold the Condo over asking... Not only was I thrilled with the financial outcome, the willingness to immerse herself in the project showed her commitment and ability to yield big results...

Chris T. Thank-You Sharon for the great experience.....” “ First time home buyer and Sharon & her team couldn’t be any more helpful. From teaching me about the home buying process to applying their expertise, I was able to get the perfect home in my budget even in this market.

If you are in need of a realtor in the valley, your search stops here as you wont find anyone better.”

Dylan S.

Sharon Coffini REALTOR® SharonAHG@Gmail.com 480.225.5710

www.ArizonaHomeGroup.com Find Us and Subscribe on YouTube: Arizona Home Group