The Scottsdale AZ luxury home market had another strong month in June 2011. I am defining the luxury home market as homes for sale with asking prices in excess of $1 million. This analysis delves into single-family luxury homes for sale as well as luxury homes sales in Scottsdale over the previous 12 months. Pending home sales information is also included.
– June 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was down 16.4% over May to under 200 homes in price point. The 12 month average is 253.
– Pending Scottsdale Home Sales: Pending sales dropped back down to more normal levels after seeing two months in a row of 30+ pending homes. At the end of the month, there were 26 pending homes. This is slightly ahead of the 12 month average of 24 homes.
– Scottsdale Homes Sold: Home sales were back up to the highest levels we have seen this year at 29. This is well ahead of the 12 month average of 20 home sales.
– Sales Price to Listed Price: 91.6% – This is pretty standard for this price range. The percentage fluctuates between the mid-80%’s and low-90%’s.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: We saw an almost 10% drop in home inventory over May in this price segment. This figure has been decreasing steadily after several months of hovering in the 160’s. The 12 month average is 162 homes for sale.
– Pending Scottsdale Home Sales: Pending sales were solid in June, coming in a 16 at the end of the month. This is about where is has been in the last several months and it is ahead of the 12 month average of 13.
– Scottsdale Homes Sold: Only nine homes sold in June. This was off three from May, but it is still ahead of the 12 month average of 7.
– Sales Price to Listed Price: 87.5% – This is a pretty typical figure for this price band.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Just over 100 homes were on the market in the $2-$3 million range at the end of June. This was a 17.2% decrease over May’s figure. The 12 month average is 149.
– Pending Scottsdale Home Sales: Pending sales were up again at the end of the month to 7 after dropping off in May. This is on track with the 12 month average of 7.
– Scottsdale Homes Sold: There were only 4 home sales last month, which is where this price band started the year. This figure is actually below the 12 month average of 6.
– Sales Price to Listed Price: 85.2% – This figure is a little lower then we have been seeing in the last few months and is more on par with what we had been seeing earlier in the year.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Only 92 homes remain on the market in the $3 million and above range. This is down 6.1% over May and is below the 12 month average of 107.
– Pending Scottsdale Home Sales: Only two homes were pending sale at the end of the month. This is the lowest we have seen this figure in the last 12 months, with the exception of 2 in December 2010. This is well below the 12 month average of 5.
– Scottsdale Homes Sold: Seven homes sold in June, which is the highest we have seen in many months. This is more than double the 12 month average of 3.
– Sales Price to Listed Price: 83.8% – This is right in the range we have been seeing it come in over the last several months.
Overall, sales of Scottsdale luxury homes had a strong June 2011. Inventory continues to decline across the board. Although, it should be noted that June 30th is a very popular date for the end of listing contracts, so we may see inventory increase in July. Sales activity was excellent for most price points, except for the $2-3 million range. Pending home sales definitely trailed off across the board, so we will see that reflected in July’s sales numbers.
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 7/1/2011 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
