Here are the May figures for the Scottsdale luxury home market. This analysis looks at the last 12 months of activity for single-family resale homes in Scottsdale with list prices of $1,000,000 and above.
– Scottsdale Single-Family Homes: May 2009 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: Continuing the downward trend we have been seeing over the last four months, actives fell 13.7% over April to 429. This is well below the 12 month average of 534.
– Pendings: Pending sales jumped to 44, a 46.7% increase over April. The 12 month average for this price segment is 26.
– Sold: Twenty homes sold in May. This was down from the 24 sales in April, but still ahead of the 12 month average of 17.
– Sales Price to Listed Price: 91.0% This number is back up into the 90%’s for the first time since January.
Homes Priced Between $1,500,000 – $1,999,999
– Actives: This number decreased to 285 after two months of being in excess of 300 homes for sale. This is the first time we have dropped under the 12 month average of 28 since December of 2008.
– Pendings: There were 16 homes pending sale at the end of the month, the same as April. This is well ahead of the 12 month average of 10 pending sales.
– Sold: There were 11 home sales in this price segment in May, the highest it has been in the last year and well ahead of the average of 7.
– Sales Price to Listed Price: 80.9% This is a very low ratio meaning there were significant price discounts on some of the homes that sold. Typically, this number is in the high-80%’s or low 90%’s
Homes Priced Between $2,000,000 – $2,999,999
– Actives: This price segment had 317 active homes for sale at the end of the month. This is the lowest it has been in 12 months and has been steadily decreasing since January. The 12 month average is 345.
– Pendings: There were 8 pending sales, the same as April. This is ahead of the 12 month average of 6.
– Sold: Six homes sold in May, up one over April. The average is five.
– Sales Price to Listed Price: 87.4%
Homes Priced $3,000,000+
– Actives: 203 homes were for sale in this price segment at the end of May. This number has been steadily decreasing since November of 2008. The 12 month average is 266.
– Pendings: There were five pending homes, the same as April. This is slightly behind the 12 month average of 6.
– Sold: There were four home sales, which is the same as the average, but lower than March and April.
– Sales Price to Listed Price: 83.2% This number is about where it has been over the last three months, suggesting large discounts on some of these Scottsdale luxury homes.
The results for May are almost universally positive. The number of active homes for sale continues to decline. Pending sales are up or holding steady and sales activity is strong. Based on the number of pending homes in the $1,000,000 – $1,499,999 segment at the end of May, I anticipate a very strong June for this price segment.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale 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.
Copyright © 2009 Heather Tawes Nelson
