Here are November 2010’s results for the luxury home market in Scottsdale, Arizona. This report is created on a monthly basis and examines luxury homes on the market in Scottsdale with asking prices in excess of $1 million. The last 12 months of resale data are included in this analysis.
– November 2010 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Luxury Homes on the Market: Inventory in this price range dropped in November after jumping in October. At the end of the month, there were 273 homes for sale, below the 12 month average of 313.
– Pending Home Sales: Pending sales experienced another increase for the third month in a row. At the end of the month, there were 26 homes pending. This is the first time we have been ahead of the 12 month average since June.
– Homes Sold: Nineteen homes sold in November, a 58.3% increase over October. This puts the sales figure slightly ahead of the 12 month average of 18 home sales.
– Sales Price to Listed Price: 92.5% – This is the highest this figure has been in the last 12 months. It could indicate that list prices are getting closer to market prices, allowing for less of a discount.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Luxury Homes on the Market: Inventory was up slightly, 3%, over October. However, this figure is still below the 12 month average of 199.
– Pending Home Sales: We saw a nice increase in pending home sales in November to 12. However, this is still behind the 12 month average of 16 pending home sales.
– Homes Sold: Only five homes sold in November. This is the lowest we have seen in the last 12 months and it is a little more than half of the monthly average sales rate.
– Sales Price to Listed Price: 96.6% – This is a very strong figure and is the highest we have seen in the last 12 months.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Luxury Homes on the Market: The number of homes on the market in this price range was down slightly in November. This figure is also below the 12 month average.
– Pending Home Sales: The number of pending sales was up one over October, bringing it in line with the 12 month average of 8 pending sales.
– Homes Sold: Six homes sold last month, which is the highest this segment has seen since June. However, it is still slightly behind the 12 month average.
– Sales Price to Listed Price: 86.0% – This is pretty typical for this price range.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Luxury Homes on the Market: Home inventory in excess of $3M was up in November to 114. This is the third month a row where we have seen increases. The 12 month average is 125 however.
– Pending Home Sales: Seven homes were pending at the end of the month. This is the highest this figure has been in a year and is almost double the 12 month average of 4 pending sales.
– Homes Sold: Only a single home sold in this price range in November, the same as October. Three sales per month is the 12 month average.
– Sales Price to Listed Price: 64.2% – This is a very low number for this segment. It is due to the fact that the single home sale was at a significant discount.
November was a decent month for the Scottsdale AZ luxury real estate market. We saw some promising sales figures as well as some excellent pending figures. Ideally, these pending sales will close in the month of December to end the year with more strength.
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 12/1/2010 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ 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
Looks like the luxury Arizona real estate market is doing pretty well, especially in Scottsdale. I know the Tucson area has a lot of luxury properties like the residences at Ritz-Carlton Dove Mountain, I wonder if that area does as well. I’d think it would because it reminds me a lot of North Scottsdale, but with a more secluded feeling.