Here are the results for the Scottsdale AZ luxury home market for February 2012. Here you will see sales activity for homes with asking prices of $1 million or more and it is further segmented into various price bands. There are three categories covered, including Scottsdale luxury homes for sale, pending home sales and completed luxury homes sales over the previous twelve months.
– February 2012 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: We saw a small decline (-3.1%) in the number of homes on the market at the end of the month. However, it is still more than the 12 month average of 207 homes.
– Pending Scottsdale Home Sales: Pending sales in this price point saw a 58.8% jump over January. At the end of February, there were 27 homes pending, the highest this has been since the summer of 2011.
– Scottsdale Homes Sold: Home sales were not very strong, with only 12 sales. The 12 month average is 19 home sales.
– Sales Price to Listed Price: 97.0% – This is very strong and is the highest it has been in the past year. Homebuyers only enjoyed an average of 3% off of asking price.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was up in February in this price range to 149. This is now ahead of the 12 month average of 139.
– Pending Scottsdale Home Sales: Pending sales were average in February with 9 at the end of the month. The 12 month average is 12.
– Scottsdale Homes Sold: Sales in February were also so-so in this price point. Eight homes closed last month, one behind the 12 month average of 9.
– Sales Price to Listed Price: 90.7% – This is the highest this has been in the last year. It is just ahead of last March’s 90.2%
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: We saw a small (2.2%) uptick in inventory over January. We continue to be ahead of the 12 month average.
– Pending Scottsdale Home Sales: We saw a huge jump in pending sales in February to 9. This is 125% over January and almost double the 12 month average. It has not been this high since spring 2011.
– Scottsdale Homes Sold: Four homes sold in February in this price point. This is the highest it has been in several months, but still just slightly behind the 12 month average.
– Sales Price to Listed Price: 94.9% – This is a strong ratio for this price point and has now seen 3 months in the 90%’s.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of homes was up by one at the end of February to 102.
– Pending Scottsdale Home Sales: Pending sales were up to 3, which is right on target with the 12 month average.
– Scottsdale Homes Sold: There was a single sale in February in excess of $3 million. This is still well behind the 12 month average, but is an improvement over January where there were no sales.
– Sales Price to Listed Price: 81.3% – This is on the lower end of what we have been seeing, but still pretty much to be expected.
The Scottsdale luxury home market had another mixed month in February 2012. Inventory increased in the highest priced segments. We did have good news on pending sales every segment, with the exception of the $1.5 to $2 million price range. Sales overall were average, but based on the pending numbers, should be on a good path for March 2012.
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 3/1/2012 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
