– Scottsdale AZ Luxury Home Market Performance for April 2013 –
The Scottsdale luxury home market performed well in April. For the purposes of this analysis, I am considering a luxury home as one with an asking price of $1 million or above. Since there is a bit of variation in this segment, I have further separated the information into four luxury home price bands.
Each of these price bands will contain the following information:
Active – The number of homes for sale at the end of the month.
Pending – The number of pending home sales at the end of the month.
Sold – The number of homes that sold during the month.
– April 2013 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory dropped in April, in part due to the large number of sales that took place. However, this figure is still ahead of the 12 month average of 182.
– Pending Scottsdale Home Sales: Pending sales slipped a little bit, but they were still the third highest we have seen in the past year.
– Scottsdale Homes Sold: Thirty-six homes sold in this price range in April. This is the highest I have seen this figure since I started tracking it in September of 2007. The next closest to this was 31 sales and that was in June of 2008 and April 2012.
– Sales Price to Listed Price: 94.2% – This is the highest this ratio has been since October of 2012.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory in this category was also down at the end of the month. I would attribute it to the very large number of pending sales in the pipeline.
– Pending Scottsdale Home Sales: Twenty-six homes were pending at the end of April. This is up 62.5% over March and is double the 12 month average for this price point. Some of these were carryovers from March and others were new contracts.
– Scottsdale Homes Sold: Only seven homes sold in April despite decent pending inventory coming into the month. I expect to see this number jump back up in May.
– Sales Price to Listed Price: 92.3% – This figure has been in the low 90% range for many months now.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was more or less flat between March and April. It is slightly ahead of the 12 month average of 109.
– Pending Scottsdale Home Sales: Pending sales were healthy again at 10. This is almost double the twelve month average of 6.
– Scottsdale Homes Sold: Sales were up slightly to 7 in April.
– Sales Price to Listed Price: 91.2% – This is pretty standard for this price point.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was down 2.5% over March to 116 homes.
– Pending Scottsdale Home Sales: Pending sales were also down slightly to two, which is on par with the 12 month average.
– Scottsdale Homes Sold: Three homes sold in April which is right on par with the average.
– Sales Price to Listed Price: 85.6% – This figure is pretty common for this price point.
In summary, the Scottsdale luxury home market had a great month in April, particularly in the $1-$1.5 million range. Inventory is down or somewhat flat and there are some very encouraging pending numbers. Looking forward, May should be another strong month for this segment.
To see more detailed data behind this report, please visit my Scottsdale Luxury Home Market Reports page and click on the “Scottsdale Market Trends” downloadable report.
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Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2013 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
