– OCTOBER 2008 –
Homes Priced Between $1,000,000 – $1,499,999
– Active Homes for Sale: The number of active homes in this price point in October dropped slightly to 543, a 0.9% decrease over September. The average number of homes on the market in this price range over the last 12 months is 642.
– Pending Sales: There was another large drop in pending sales to 15, a 37.5% decrease. This number has been in the 30-40 range for most of the last 12 months.
– Sold: There were 14 sales in October, a 22% drop from September. The average monthly sales figure for the last twelve months is 25.
– Sales Price to Listed Price: 87.7%. This is the lowest this ratio has been in the last twelve months. Usually, you would see it in the low 90%’s.
Homes Priced Between $1,500,000 – $1,999,999
– Active Homes for Sale: There were 297 homes for sale in this price point in October, a jump of 8.8% over September. The average number of homes for sale in this price range over the last 12 months is 310.
– Pending Sales: There were 6 pending sales in October, down 3 from September. This is tracking well behind the 12 month average of 11.
– Sold: Eight homes sold in October, the same number as September. The average for this price point is ten sales per month.
– Sales Price to Listed Price: 89.4%. This is the first time this figure has dipped into the 80’s over the last year. Typically, it is in the low 90’s.
Homes Priced Between $2,000,000 – $2,999,999
– Active Homes for Sale: The number of homes for sale in this price segment in October was 348. This is up 2.1% from September’s 341. The twelve month average is 365.
– Pending Sales: Pending home sales inched up to 5 in October. This figure is tracking well behind average of 10 pending homes.
– Sold: Five homes sold in this price segment in October – a large jump over September’s single sale. However, this number is still trailing the average of 8 home sales.
– Sales Price to Listed Price: 86.4%. This is the lowest this figure has been in the last 12 months.
Homes Priced $3,000,000+
– Active Homes for Sale: There were 286 homes were for sale in this price segment in October, a 6.7% jump over September’s 268. This is the second month in a row this figure has increased after several months of declining inventory.
– Pending Sales: 8 homes were pending at the end of October. This is slightly ahead of the 12 month average of 7 pending sales.
– Sold: Only one home sold for over $3,000,000 in October, a huge drop from September’s 6 sales. The average for this price point is four sales per month.
– Sales Price to Listed Price: 95.5%, this is the highest this ratio has been since around November of 2007.
As you can see, October was generally a poor month for the luxury home market in Scottsdale. Clearly, some of this can be attributed to market volatility and access to loans for larger loan amounts. Based on the events of the last month or two, it is hard to say what we can expect from the Scottsdale luxury segment. We do know the decrease in pending sales in the $1,000,000-$1,999,999 range will impact November’s sales negatively. On a brighter note, the large numbers of pending sales in the $3,000,000+ range bodes well for November.
Disclaimer:
Information herein deemed reliable but not guaranteed. This data looks at single-family, resale home information in Scottsdale only over the last 12 months for homes priced over $1,000,000. Data pulled from Arizona Regional Multiple Listing System (ARMLS) on 11/1/2008 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson
