The Scottsdale AZ luxury home market continued to perform well in the month of May 2011. This monthly report looks at single-family luxury homes for sale and luxury homes sales in Scottsdale over the past 12 months. It also includes pending home sales information. For the purposes of this analysis, I am defining luxury homes as those homes with list prices of $1 million or more.
– May 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: At the end of May, there were 219 homes for sale in this price segment. This number has been decreasing since October of 2010 and represents an 11.7% drop over April’s figure.
– Pending Scottsdale Home Sales: Pending sales were up again in May to 38. This was an 11.8% jump over April. This is the highest we have seen this figure in the last 12 months and the last time we saw this figure in the 30’s was May 2010. This is well ahead of the 12 month average of 24 pending sales.
– Scottsdale Homes Sold: Sales were down a little in May over April to 24. This is still a decent sales figure and it is ahead of the 12 month average of 20.
–Sales Price to Listed Price: 88.5% – This ratio dropped back down into the 80%’s after being in the low 90%’s for two months. However, this number is more or less in the ballpark with what we have been seeing over the last year.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: At month’s end, there were 143 homes on the market in this price point. This number has been solidly in the 160’s for most of the last year, so the drop to 143 represented a 12.3 decrease in inventory.
– Pending Scottsdale Home Sales: Fifteen homes were pending at the end of May. This is a little lower than April, but still ahead of the 12 month average of 13.
– Scottsdale Homes Sold: Twelve homes sold last month, double of what sold in April. This was the second best performance we have seen in the last 12 months.
– Sales Price to Listed Price: 89.9% – This is a good ratio as this number tends to run a little lower.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Only 128 homes were active in the $2 million range at the end of May. This number has been steadily decreasing since the beginning of the year and is well below the 12 month average of 153.
– Pending Scottsdale Home Sales: Only four homes were pending at the end of the month. This is the lowest we have seen this figure since June of 2010. It is much lower than the 12 month average of 7 pending sales.
– Scottsdale Homes Sold: Six homes sold in May, which is on target with the 12 month average.
– Sales Price to Listed Price: 88.4% – This is a pretty typical figure for this price point.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The inventory for homes over $3 million dipped below 100 last month to 98, a 7.5% decrease over April.
– Pending Scottsdale Home Sales: Seven homes were in pending status at month’s end. This is the highest we have seen this figure since November of 2010.
– Scottsdale Homes Sold: There were for home sales for more than $3 million in May. This is up one sale over April and is just ahead of the 12 month average of 3 home sales.
– Sales Price to Listed Price: 83.9% – This is the third month in a row that this figure has been in the 80%’s. Quite often, it will dip into the 70%’s.
Scottsdale luxury home sales enjoyed a reasonably strong May 2011. Inventory is down, in some cases quite a bit, across the board. Pending sales stayed solid, which should help June’s figures. Sales were mixed, but still put in a decent showing.
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 6/1/2011 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
