– September 2010 Scottsdale Luxury Home Sales –
Here are September’s numbers for luxury home sales in Scottsdale, Arizona. This analysis looks at single-family luxury homes in Scottsdale that have asking prices of $1 million or more. The data covers the last 12 months of resale data.
– September 2010 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Luxury Homes on the Market The number of homes for sale in this price range held steady over August with 258. This number has seen decreases for the last five months. The 12 month average is 329.
– Pending Home Sales: Pending home sales were back up to July’s numbers at 18. Unfortunately, this is still well behind the 12 month average of 24 pending sales.
– Homes Sold: Only ten homes sold in September. This is the poorest performance in the last 12 months. The 12 month average is 18 sales per month.
– Sales Price to Listed Price: 91.4% – This is the highest this ratio has been since November of 2009 and the second time it has been in the 90%’s in 2010.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Luxury Homes on the Market: The number of homes for sale dropped by one in September to 167. This is the 8th month in a row where we saw inventory declines. The 12 month average is 211.
– Pending Home Sales: At the end of the month, there were 10 pending home sales for this price segment. This is the lowest this figure has been in the last 12 months. The 12 month average is 17 pending sales.
– Homes Sold: Seven homes sold in September, the same number of sales as July and August. While it is nice not to see a decrease, sales are still trailing behind the 12 month average of 10.
– Sales Price to Listed Price: 82.4% – This is on the lower end for this figure. Typically it ranges in the mid- to high-80%’s.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Luxury Homes on the Market: Inventory actually jumped in this price segment after 9 months of decline. While it only puts us in the inventory range of the May/June timeframe, this was still a 20% jump. The 12 month average is 196.
– Pending Home Sales: Eight homes were pending at the end of September, which was nice to see after a few months of low numbers. This result is on par with the 12 month average of 8 pending sales per month.
– Homes Sold: Again, only three homes sold in the $2-3 million price range in September. This is disappointing as the 12 month average is 7 sales.
– Sales Price to Listed Price: 81.1% – This is the lowest this figure has been in the last 12 months.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Luxury Homes on the Market: Inventory was up by a single home in September at 105 homes for sale. This is still behind the 12 month average of 133.
– Pending Home Sales: Pending sales were down over August to 4. This is on par with the 12 month average.
– Homes Sold: Two homes sold in this price range in September, which is also what we saw in August. This is just behind the 12 month average of 3 sales.
– Sales Price to Listed Price: 77.9%- This is low for this price range. We typically see this number in the low- to mid- 80%’s.
September was another lukewarm month for the luxury home market in Scottsdale, Arizona. We are seeing small to moderate inventory increases in most of the price segments and for the most part, pending sales and actual sales were down. Pending sales being down indicates October sales will also be depressed. The key will be to see if pending sales pick up and inventory stays stable or decreases. Since we are headed into our high-season, we may see some increased activity.
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.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2010 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
