Here is the sales information for the luxury home market in Scottsdale, Arizona for the month of January 2011. This snapshot covers luxury home sales activity in Scottsdale over the previous 12 months. I am defining the luxury market as homes with asking prices in excess of $1 million.
– January 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: At the end of January, there were 268 homes on the market, down one home over December. This trails behind the 12 month average of 298 homes.
– Pending Scottsdale Home Sales: Nineteen homes were pending sale at the end of the month. This was up over December when activity was slower, but is still behind the 12 month average of 24 sales.
– Scottsdale Homes Sold: Thirteen homes sold in January in this price range. Sales dropped 50% over December when we saw a surge of activity. The 12 month average is 18 sales per month.
– Sales Price to Listed Price: 93.6% – This is the highest this figure has been in the last year and home buyers averaged a little over 6% off of asking price.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: There were 164 homes for sale in this price range at the end of January. This is below the 12 month average of 188.
– Pending Scottsdale Home Sales: Nine homes sales were pending at the end of the month. This is the same number we saw in December. It is below the 12 month average of 14.
– Scottsdale Homes Sold: There were five home sales in January, making this the third month in a row with this number of sales. It is tracking behind the 12 month average of 8 sales.
– Sales Price to Listed Price: 85.6% – This number bounces around a bit, but this is on the low end of what we have been seeing for this price range. Buyers in this segment enjoyed almost a 15% discount off of asking price.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: There were 163 homes on the market in this range at the end of January. This number is up slightly over December, but still below the 12 month average of 171.
– Pending Scottsdale Home Sales: Seven homes were pending, which is the same as the 12 month average.
– Scottsdale Homes Sold: Six homes sold in January, which is a pretty decent performance coming off of lower numbers last Fall.
– Sales Price to Listed Price: 85.6% – This is a pretty typical number for this price segment.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: There were 116 homes for sale in excess of $3 million dollars at the end of the month, a 5.5% rise over December’s inventory.
– Pending Scottsdale Home Sales: Three homes were pending sale, which was up slightly over December, but still just below the 12 month average of 4.
– Scottsdale Homes Sold: Only one home sold in January. This was a huge drop from December’s impressive 7 sales. However, the single sale is in keeping with what we have been seeing over the last several months, December excluded.
– Sales Price to Listed Price: 74.4% – This is on the lower end for this price range, but not unheard of.
Overall, January was a lackluster month for the Scottsdale AZ luxury real estate market. However, given the lower number of pending sales in December and factoring in seasonality, this was not s surprise. Inventory figures were mixed with increases in some price bands and decreases in others. Pending sales indicate that February sales should be pretty similar to what we saw in January.
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 2/1/2011 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 © 2011 Heather Tawes Nelson
