The luxury home market in Scottsdale AZ had another mixed month in August 2011. Similar to July, some of the price segments performed well and others had mixed or less fruitful results.
In this market report, I am defining the luxury home market as homes on the market with asking prices of over of $1 million. You will see information for current Scottsdale luxury homes on the market as well as actual sales of Scottsdale luxury homes over the previous 12 months. Pending home sales information is also included.
– August 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was down slightly at the end of the month to 180. This figure has been declining since October of 2010. The 12 month average of homes on the market in this price point is 239.
– Pending Scottsdale Home Sales: Pending sales saw a nice jump over July, but they are still trailing the 12 month average of 24 pending sales.
– Scottsdale Homes Sold: Only 8 homes sold in August. This is the worst this segment has performed over the last year.
– Sales Price to Listed Price: 86.0% – This is lower than it has been typically running. You usually see this in the high 80%’s or low 90%’s.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory edged higher in this price point by the end of August to 121. It had been declining every month since March of 2011. It is still below the 12 month average of 153.
– Pending Scottsdale Home Sales: There were only 8 pending sales at the end of the month. This is the lowest it has been since October of 2010 and well below the 12 month average of 13.
– Scottsdale Homes Sold: Ten homes sold in this price range in August, which is a solid number. The 12 month average is 8.
– Sales Price to Listed Price: 85.1% – This is lower than we have seen for this price point. It is generally closer to the 90% mark.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: 103 homes were on the market at the end of August, which was down slightly over July. This number has been decreasing since January and is well below the 12 month average of 143.
– Pending Scottsdale Home Sales: Only three homes were pending at the end of the month, which is less than half of the 12 month average. This is the lowest it has been in the last 12 months.
– Scottsdale Homes Sold: Six homes sold in August, which is right on track with the 12 month average.
– Sales Price to Listed Price: 84.6% – This is lower than it has been over the last several months. We typically see this closer to the higher end of the 80%’s.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Eighty-eight homes were for sale for over $3 million at the end of August. This is the same as we saw at the end of July and is below the 12 month average of 104.
– Pending Scottsdale Home Sales: Two homes were pending, also on par with what we saw at the end of July. However, this figure is half of the 12 month average of 4 pending homes.
– Scottsdale Homes Sold: A single home sold in August, but is better than the zero sales in July, but it is still well below the 12 month average of 3 home sales.
– Sales Price to Listed Price: 80.8% – This is lower than we have seen in recent months.
Overall, the Scottsdale luxury home market had a somewhat lackluster month. We did see sales pick up in some segments and inventory continues to decrease or stay relatively flat, but the dip in pending sales and actual home sales in some of the segments was not what we had hoped to see. And, the depressed pending numbers mean that September will likely see poor sales results. Some of this can certainly be attributed to seasonality, but I am guessing economic market instability is also having an impact.
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 9/1/2011 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
