- Scottsdale AZ Luxury Home Market Performance for January 2013 -
Here is January 2013′s report on the luxury home market in Scottsdale, Arizona. This monthly report shows sales data for Scottsdale homes with asking prices in excess of $1 million. This information has been broken into four price bands to give additional detail on the various price points.
Each of the sections contain the following home sales information:
Active- How many homes were on the market at the end of the month.
Pending - How many homes were pending sale at the end of the month.
Sold – How many homes sold over the course of the month.
- January 2013 -
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
- Active Scottsdale Homes on the Market: There was a big jump in January for the number of homes on the market in this price point. There were 173 at the end of the year and 213 at the end of January. This is most likely due to people holding off until the new year to put their homes on the market.
- Pending Scottsdale Home Sales: Pending sales rebounded back to levels we would expect.
- Scottsdale Homes Sold: January home sales were low, at 15. This was to be expected coming off such a low pending number in December. Now that pending sales have increased, I expect this number to come up in February.
- Sales Price to Listed Price: 93.0% – This is pretty standard for this price range.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
- Active Scottsdale Homes on the Market: The number of homes on the market was up a bit in January to 132. This is ahead of the 12 month average of 122.
- Pending Scottsdale Home Sales: Pending sales were up at the end of the month to twelve, which is on par with the 12 month average.
- Scottsdale Homes Sold: Nine homes sold in January, which is pretty solid. This figure is also on track with the 12 month average of nine.
- Sales Price to Listed Price: 90.3% – This is a little lower than we have been seeing recently, but is not too bad.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
- Active Scottsdale Homes on the Market: Inventory was back up to 108 at the end of January, a slight increase. However, this is still below the 12 month average.
- Pending Scottsdale Home Sales: Pending sales rebounded back to where we would expect them. At the end month, five homes were under contract in this price range.
- Scottsdale Homes Sold: Only two homes sold in January. Again, this was to be expected as there was a single pending sale at the end of the prior month.
- Sales Price to Listed Price: 90.8% – This is pretty on par with what we have been seeing for this segment.
Scottsdale Homes Priced $3,000,000+
- Active Scottsdale Homes on the Market: Inventory was at the highest we have seen for this price point in the last year. It has been on a steady uptick since August of 2012.
- Pending Scottsdale Home Sales: Two homes were pending at the end of January, which is the same as the 12 month average.
- Scottsdale Homes Sold: There were no home sales in excess of $3 million in January. I think many home buyers in this price point opted to purchase in December, before the end of the year.
- Sales Price to Listed Price: N/A
January 2013 was another mixed month for the luxury home market in Scottsdale. It was not a surprise to see inventory increase as the year got off to its start. Many people held off listing their homes until the new year and the fact that the market is seeing improvements might have motivated other homeowners to put their homes on the market.
We did see pending sales increase in January after falling off in December. However, as a result of fewer pending sales in December, we had a mild sales month in January. We should see sales activity pick up in February.
To see more detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.
Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2013 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 implied or expressed.
Copyright © 2013 Heather Tawes Nelson