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 July 2008, we are seeing some mixed results. However, some promising trends have been emerging, with results varying depending on the price range.
– JULY 2008 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 543 actives, which is lowest level we have seen since before we started tracking this information last September.
– Pendings: There were 38 pending homes, which is just below the average of 39 we have seen over the last 11 months.
– Sold: There were 24 sales in July, which is down from a high of 31 in June.
– Sales Price to Listed Price: 91.3%
Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 269 actives in July which is down 3.2% over June. The number of active homes for sale has been decreasing in this price segment since April when there were 321 actives.
– Pendings: There were 10 homes pending in July, down from 16 in June, a 38% decrease. The average pending figure for the last eleven months is 11.
– Sold: Ten homes sold in July which was a large jump from June’s 6, a 67% increase. However, the pending sales for July are down, so we can anticipate that the August sales number for this price segment will be impacted.
– Sales Price to Listed Price: 93.1%
Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 335 homes for sale in this price point in July. We have been seeing this number decrease since April, when there were 379 homes on the market in this price segment.
– Pendings: There were 8 homes pending, a 27% drop over June This figure is well below the average of 11 that we have been seeing for the last eleven months.
– Sold: There were 5 home sales, a sharp drop from the 10 sales in June and below the last eleven months’ average of 8 sales per month. .
– Sales Price to Listed Price: 91.7%.
Homes Priced $3,000,000+
– Actives: There were 277 homes for sale in this price point in July. The number of actives has been dropping steadily since the high of 341 in February. The last time we saw this number this low was around October of 2007.
– Pendings: There were 7 pending homes, a 40% increase from June’s 5.
– Sold: Only 2 homes sold in July which is half of the average of 4 sales per month over the last 11 months.
– Sales Price to Listed Price: 78.6%
As you can see, the results vary by price band. Active listings in all price points have been trending down which is good news. It indicates that some of the excess inventory is getting absorbed by the market. However, for the most part, sales and pending sales are down, with the $2,000,000-$2,999,999 price range being impacted the most significantly. Hopefully, we can continue the trend of decreased active listings and can turn things around from a sales and pending sales standpoint.
For more Scottsdale area market statistics, please visit my Real Estate Market Reports page.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data pulled the Arizona Regional MLS (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson
