Scottsdale AZ Luxury Home Market – June 2010

Here are the figures for Scottsdale’s luxury home market for June 2010. I am defining the luxury home market  as homes with list prices in excess of $1 million. This analysis looks at the activity of single-family, resale homes in Scottsdale over the last 12 months.

– June 2010 – 
 
Homes Priced Between $1,000,000 – $1,499,999
– Actives: At the end of June, there were 279 homes on the market in Scottsdale in this price range. This number has been steadily decreasing since March and is well below the 12 month average of 357 active homes.
– Pendings: Twenty-eight homes were pending sale at the end of the month. This is a 20% drop off from May and is the same as the 12 month average of 28 pending sales.
– Sold: Thirty homes sold in June, up 42.9% over May’s sales figures, which is the highest we have seen in 12 months. The closest sales have been to this was in September of 2009. The 12 month average for home sales is 21.
– Sales Price to Listed Price: 89.5% – This is pretty typical for this price range, which hovers in the high 80%’s and low 90%’s.

 

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: At the end of the month, 182 homes were for sale at this price point. This number has been decreasing since the February of this year and this is the first time this number has dipped to under 200 in the last year. The 12 month average for this figure is 226.
– Pendings: Pending sales came in at 18 at the end of the month which is right on track with the 12 month average.
– Sold: There were 11 home sales in June, which is also the same as the 12 month average of 11.
– Sales Price to Listed Price: 83.6% – This is a little lower than we typically see. Usually, this is closer to the mid-80%’s.

Homes Priced Between $2,000,000 – $2,999,999
– Actives: Only 156 homes were on the market in this price point at the end of  June. This figure has been dropping since November of 2009 and the 12 month average is 215.
– Pendings: Only 4 homes were pending at the end of the month. This is a very large drop (63.6%) from May’s 11 pending sales. The 12 month average is twice this figure at 8.
– Sold: Home sales in June were excellent for this price range. Ten homes sold. The 12 month average is 7.
– Sales Price to Listed Price: 87.9% – This is pretty standard for this price point.

Homes Priced $3,000,000+
– Actives: 125 homes were listed for over $3 million last month. This figure was down 5% over May’s 132. The 12 month average for active homes in this price segment is 144.
– Pendings: There were 4 pending sales at the end of June. This is down a little from April and May, but is still ahead of the 12 month average of 3.
– Sold: Four homes sold for more than $3 million in June. This is also slightly ahead of the twelve month average of 3.
– Sales Price to Listed Price: 87.9% – This is pretty standard for this price range.

June was another decent month for the luxury home market in Scottsdale AZ. Inventory continues to decrease and sales activity was strong. What is worrisome is that pending sales activity dropped off quite a bit from the momentum it was gaining. Therefore, July sales figures will be impacted negatively.

To see the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report. For other information on the Scottsdale real estate market and the surrounding areas, please visit my Real Estate Market Reports page.

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2010 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. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2010 Heather Tawes Nelson