In September of 2007, I started compiling data on the Scottsdale luxury home market broken into price ranges. (Note: The data is for single-family resale homes.) As of April 2008, some promising trends have been emerging, with results varying depending on the price range.
– APRIL 2008 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 628 actives, which is lowest level we have seen since December 2007.
– Pendings: There were 43 pending homes, which is above the average of 38 we have seen over the last 8 months. This is also a 7.5% increase over March.
– Sold: There were 24 sales in April, which is the same number of homes sold in March.
– Sales Price to Listed Price: 92.3%
Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 321 actives in April which is up 1.6% over March. The number of active homes for sale has been increasing in this price segment since December 2007 when there were 260 actives.
– Pendings: There were 12 homes pending in April, up from 8 in March, a 50% increase. The average pending figure for the last eight months is 10.
– Sold: Five homes sold in April which was a large drop from March when there were 13 sales. However, if the pending sales in April close successfully in May, this price segment will be back on track.
– Sales Price to Listed Price: 92.0%
Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 379 homes for sale in this price point in April. The number of actives has been climbing since I started tracking in September 2007 when there were 252.
– Pendings: There were 14 homes pending, a 100% increase over March. This is also the highest number we have seen since September 2007.
– Sold: There were 5 home sales, a sharp drop from the 11 sales in March. However, once again, if the April pendings successfully close in May, May should be a great month.
– Sales Price to Listed Price: 90.0%.
Homes Priced $3,000,000+
– Actives: There were 323 actives in April, the lowest we have seen since December 2007.
– Pendings: There were 4 pending homes, a 60% drop from March’s 10.
– Sold: Eleven homes sold in April which is significantly above the average of 4 sales per month over the last 8 months.
– Sales Price to Listed Price: 87.0%
As you can see, the results vary by price band, but for the most part, we are seeing some increases in pendings and sales. Hopefully, we can sustain this positive direction in the months to come.
For more Scottsdale area market statistics, please visit my Real Estate Market Reports page.
