These are the April 2011 results for the Scottsdale AZ luxury home market. The analysis covers the last 12 months of home sales activity and includes Scottsdale luxury homes on the market, pending sales and the number of Scottsdale luxury home sales on a month-by-month basis. For the purposes of this report, I am considering the luxury home market as homes for sale with asking prices in excess of $1 million.
– April 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: There were 248 homes on the market in this price point at the end of April. This number has been decreasing monthly since October of 2010.
– Pending Scottsdale Home Sales: Thirty-four homes were pending at the end of April. This is the highest this has been since May of 2010. This is also way ahead of the 12 month average of 24 pending sales.
– Scottsdale Homes Sold: There were 29 homes sales in April in this price segment. This is the second highest this figure has been in the last 12 months. This also surpasses the 12 month average of 20 home sales per month.
–Sales Price to Listed Price: 92.7% – This is the highest this figure has been in the last several months, but is in line with what we typically see. On average, buyers received 7.3% off of list price in April.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: At the end of April, there were 163 homes on the market in this price point. This number has been hovering in the 160 range since August of 2010. However, it is still below the 12 month average of 171 homes on the market.
– Pending Scottsdale Home Sales: Seventeen homes were pending sale at the end of the month. This is the highest we have seen this figure since June of 2010. The 12 month average for this price point is 13 pending sales.
– Scottsdale Homes Sold: Only 6 homes sold in April, which is only one home sale off of the 12 month average. However, there were 13 sales in March, so April was quite a bit lower.
– Sales Price to Listed Price: 83.4% – This is the second lowest this figure has been in the last 12 months. On average, buyers enjoyed a 16.6% discount off of asking price.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: 145 homes were on the market at the end of April in the $2 to $3 million range. This is the fourth month in a row that this figure has declined and it is below the 12 month average of 157 homes.
– Pending Scottsdale Home Sales: Eight homes were pending sale at the end of the month. This is down from the 11 we saw in March, but is still on track with the 12 month average of 8.
– Scottsdale Homes Sold: Ten homes sold in the $2 million range in April. This is the highest this figure has been since June of 2010 and is double of what we saw on March. The 12 month average is 6 home sales.
– Sales Price to Listed Price: 91.9% -This is another month where we saw a smaller discount off of asking price. This figure has been in the 90%’s two months in a row now.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: There were 106 homes on the market for over $3 million at the end of April. This is up one over March, but is still below the 12 month average of 113 active homes.
– Pending Scottsdale Home Sales: Six homes were pending at the end of the month. This is the highest we have seen this figure since November of 2010. The 12 month average is 5.
– Scottsdale Homes Sold: Three homes sold in April in this price range. This is down one from March’s 4, but is still on pace with the 12 month average of 3 home sales.
– Sales Price to Listed Price: 83.8% – This is a pretty typical number for this price segment.
April 2011 was another decent month for Scottsdale luxury home sales. For the most part, inventory was down or leveled out. Pending sales were up in most cases as were home sales. Sales price to list price was holding in some segments, but we saw larger discounts in other price segments. Going off of the pending figures, we should see some good sales activity in May for many of these price segments.
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 5/1/2011 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
