The luxury home market in Scottsdale AZ had a marginal month in September 2011. For the purposes of this analysis, I am defining the luxury home market as homes with asking prices in excess of $1 million. This report looks at single-family luxury homes for sale, pending home sales as well as luxury homes sales in Scottsdale over the previous 12 months.
– September 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: The inventory of homes in this price point increased 5% over August to 189. This is still below the 12 month average of 233.
– Pending Scottsdale Home Sales: Pending home sales were the same as August at 20. This is an OK metric, but it still trails the 12 month average of 25.
– Scottsdale Homes Sold: Eleven homes sold in September, which was a 37.5% increase over August, but still well below the 12 month average of 20 home sales.
– Sales Price to Listed Price: 93.3% – This is a strong ratio for this price point. The last time it was this high was in January of 2011.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: At the end of September, there were 124 homes on the market in this price range. This figure was up 2.5% over August, but is still below the 12 month average.
– Pending Scottsdale Home Sales: Pending sales were up in September to 13 at the end of the month. This is a 62.5% increase over August and is on par with the 12 month average.
– Scottsdale Homes Sold: Seven homes sold last month. This was down over the last two months and just under the 12 month average of 8 sales.
– Sales Price to Listed Price: 89.1% – This is a decent number for this price segment. This tends to track in the high 80%’s.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: There were 111 homes for sale in this price point at the end of September. This was up 7.8% over August. However, it still is below the 12 month average of 138.
– Pending Scottsdale Home Sales: Pending sales stayed flat at 3 by the end of the month. The 12 month average for this is 6.
– Scottsdale Homes Sold: There were four home sales in September in the $2 million range. This is down over August and below the 12 month average of 6 sales.
– Sales Price to Listed Price: 86.0% – This is a pretty typical figure for this price range.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was up slightly in September to 91.
– Pending Scottsdale Home Sales: Home sales dropped to 1 by the end of the month. On average, we would expect to see 4 pending homes.
– Scottsdale Homes Sold: Two homes sold in September, which his better than August, but still one sale short of the 12 month average of 3.
– Sales Price to Listed Price: 77.9% – This is lower than we have been seeing for this price point.
Overall, Scottsdale luxury home sales had a lukewarm September 2011. Inventory was up slightly across the board. This could be due to homeowners putting their homes back onto the market after the summer months and prior to the high season. Pending sales and home sales were lackluster, although a few price segments saw some improvements over August. And since pending sales are down, we can anticipate that October’s sales numbers will also be down.
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 10/1/2011 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
