The Scottsdale AZ luxury home market had a mixed month in July 2011. Some segments performed well, whereas others saw less positive results. However, a bit of this can be attributed to seasonality.
For this analysis, I define the luxury home market as single-family homes on the market with list prices over of $1 million. This report looks at Scottsdale luxury homes for sale as well as luxury homes sales in Scottsdale over the previous 12 months. Pending home sales information is also included.
– July 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Home inventory in this price point remained the same from June to July at 183 homes. This is well below the 12 month average of 245 homes.
– Pending Scottsdale Home Sales: Pending home sales dropped to 15 at the end of the month. This is the lowest this figure has been in the last 12 months and we can expect August sales in this price point to be depressed. The 12 month average is 24.
– Scottsdale Homes Sold: Twenty-two homes sold in July. This is down over June’s 29 sales, but still ahead of the 12 month average of 20.
– Sales Price to Listed Price: 89.4% – This is a pretty typical figure for this price range.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory dropped 8.5% in July to 118 homes for sale. This figure has been steadily decreasing since March of 2011. The 12 month average is 157 homes.
– Pending Scottsdale Home Sales: At the end of July, there were 17 homes pending in this price segment. This is up one over June and is ahead of the 12 month average of 13.
– Scottsdale Homes Sold: There were 12 home sales in July representing a 33.3% jump over June’s 9 sales. The 12 month average for home sales is 8.
– Sales Price to Listed Price: 89.0% – This is a pretty standard ratio for this price band.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: The inventory figure for this price segment remained the same in July as it was in June with 106 homes. This figure is well below the 12 month average of 146 homes.
– Pending Scottsdale Home Sales: Only 4 homes were pending at the end of the month. This is almost half of the 12 month average of 7. This also indicates that August sales in this price point will be lower as well.
– Scottsdale Homes Sold: Six homes sold in the $2 million range in July. This is up over June and is right on track with the 12 month average.
– Sales Price to Listed Price: 86.6% – This is a little on the low end, but is an improvement over June’s 85.2%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was down to 88 at the end of the month. This figure has been decreasing since January of 2011. The 12 month average is 105 homes.
– Pending Scottsdale Home Sales: Pending sales stayed the same at 2. This is less than half of the 12 month average of 5 pending sales. Hopefully one or both of these will close in August.
– Scottsdale Homes Sold: No homes sold last month in excess of $3 million. The highest priced sale was for $2,450,000.
– Sales Price to Listed Price: N/A
Overall, the Scottsdale luxury home market had a mixed month. Inventory is down or flat, which is a good thing. However, we saw drop-offs in pending sales and sales activity in most of the price points. A lot of this can be attributed to seasonality though. The lower pending sales figures indicates we may have a slow month in August as well.
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 8/1/2011 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
