Here are December 2011’s results for the Scottsdale AZ luxury home market. For the purposes of this report, I am classifying the luxury home market as homes for sale with asking prices of $1 million or above. The data in this report has been broken into three categories including Scottsdale single-family luxury homes for sale, pending home sales and Scottsdale luxury homes sales over the previous 12 months.
– December 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory dropped down again at the end of December to 190, which puts us back to September 2011 levels. This is below the 12 month average of 214.
– Pending Scottsdale Home Sales: Pending sales were up slightly over November to 13. However, this was the second worst performance in 2011 and is still well below the 12 month average of 23 sales.
– Scottsdale Homes Sold: Eighteen homes sold in December. This is the same as sales in November.
– Sales Price to Listed Price: 94.4% – This is a solid ratio for this price point. Buyers in December got an average discount off of asking of a little over 5%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory saw a slight drop over November’s numbers to 136. This is just under the 12 month average of 142.
– Pending Scottsdale Home Sales: Pending sales saw a healthy uptick in December to 13. This was the best performance since September 2011 and is on par with the 12 month average.
– Scottsdale Homes Sold: Sales were up slightly to 5 in December. This was up one over November, but was also one of the weakest performing months.
– Sales Price to Listed Price: 88.9% – This is a pretty typical figure for this price point.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: As we have seen with the other price points, inventory was down at the end of December. Here, homes were down slightly, but it was still above the 12 month average of 132.
– Pending Scottsdale Home Sales: Pending sales were up by one at the end of the month to 3. This is more or less what we have been seeing for the last several months, but is still below the 12 month average of 5.
– Scottsdale Homes Sold: Only two homes sold in this price point in December. This is the second lowest sales month of 2011 and is well behind the 12 month average of 5.
– Sales Price to Listed Price: 92.0% – This is the highest we have seen this ratio in 2011. On average, buyers were able to get an 8% discount off of asking.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory decreased to 89 at the end of December. This puts us back to August 2011 levels.
– Pending Scottsdale Home Sales: There was only one pending sale at this price point at the end of the month.
– Scottsdale Homes Sold: A total of 4 homes were sold in December, which is the highest we have seen since June 2011.
– Sales Price to Listed Price: 86.1% – This ratio bounces around a bit, but December was pretty typical.
Overall, December 2011 was a decent month for the luxury home market. Inventory was down, but that could be attributed to listing agreements that were set to expire on December 31st. Pending and actual home sales were mixed, but we did see some interesting glimmers here and there. We also saw the $3 million and above market have a great sales month.
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 1/1/2012 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 © 2012 Heather Tawes Nelson
