Here are the October 2011 results for the Scottsdale AZ luxury home market. For this report, I am considering the luxury home market as homes with list prices of $1 million or more. This analysis looks at single-family luxury homes for sale, pending home sales as well as luxury homes sales in Scottsdale over the previous 12 months and is divided into various price segments.
– October 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Home inventory in this price range was up another 6.3% over September to 201. The last time we were above 200 homes was in May of 2011. This is still below the 12 month average of 26 though.
– Pending Scottsdale Home Sales: At the end of October, there were 20 homes pending sale. This is the same as it has been the last three months. The 12 month average is 24.
– Scottsdale Homes Sold: Seventeen homes sold in October, which is the highest this figure has been since July of 2011. It is still behind the 12 month average of 20 though.
– Sales Price to Listed Price: 89.5% – This was down slightly over September, but is still in the typical range it usually is.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory for homes in this segment was up 9.7% over September to 136. The 12 month average is 147.
– Pending Scottsdale Home Sales: Pending sales were way down in October to 6. This is the lowest it has been in the last year and is less than half of the 12 month average.
– Scottsdale Homes Sold: There were 8 home sales in October, which is right on track with the 12 month average. I anticipate sales will drop off quite a bit in November though due to the low pending sales at the end of the month.
– Sales Price to Listed Price: 88.0% – This is a pretty typical value for this price segment.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was up quite a bit (18%) over October. The last time there were this many homes on the market in this price range was April of 2011. The 12 month average is 135.
– Pending Scottsdale Home Sales: There were three pending sales at the end of the month. This is the same it has been for the two previous months as well. However, it is only half of the 12 month average of 6 pending sales.
– Scottsdale Homes Sold: Only one home sold in this price range in October. This is the lowest it has been in the previous 12 months. The 12 month average is 6 sales, so this is very far off.
– Sales Price to Listed Price: 89.4% – This is a solid figure for this price point.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of homes for sale in excess of $3 million was up again in October to 95. The 12 month average is 101.
– Pending Scottsdale Home Sales: At the end of October, there were two pending sales. This is about where it has been for the last several months, but is still trailing the 12 month average of 4 pending sales.
– Scottsdale Homes Sold: We saw three home sales of homes over $3 million in October. This is the best it has been in many months and is on par with the 12 month average of 3 home sales.
– Sales Price to Listed Price: 86.6% – This is the highest this figure has been in the last 12 months.
In summary, the Scottsdale luxury home market had a mixed October 2011. Inventory continues to increase in all price points. As I suggested last month, this could be due to people putting their homes on the market as we enter the high season. Pending sales were decent in October, with the exception of the $1.5 million to $2 million price range. Sales were up in most cases and discounts off of asking were pretty standard or improved.
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 11/1/2011 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
