Here are July 2012’s figures for the luxury home market in Scottsdale Arizona. I have separated the luxury market into several price bands to give more insight into performance at each of the levels.
Each section range covers the last year divided into three sales statuses as follows:
Active- Scottsdale luxury homes for sale as of July 31, 2012
Pending- Pending home sales as of July 31, 2012
Sold – Scottsdale luxury homes sales for the month of July 2012
– July 2012 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up by a single home at the end of the month. This is still well below the 12 month average of 192 homes.
– Pending Scottsdale Home Sales: Pending sales dropped off 21.1% in July to 15. This is the lowest we have seen this figure since December 2011 and it is well below the 12 month average of 22.
– Scottsdale Homes Sold: Sales also dropped in July to 18, a 40% decrease over June. This was not surprising as there were fewer pending sales at the end of June to turn into sales in July.
– Sales Price to Listed Price: 92.8% – This is about what we have been seeing over the past several months.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: At the end of the month, 112 homes were for sale in this price point, a 4.3% decrease over June.
– Pending Scottsdale Home Sales: Pending sales dropped in July to 11, but this was right on track with the 12 month average of 11.
– Scottsdale Homes Sold: Nine homes sold in July. We have been hovering at this sales pace for pretty much all of 2012.
– Sales Price to Listed Price: 90.5% – This is more or less what we have been seeing for the last several months.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: The number of homes on the market in this price point dropped again to 106 by the end of the month.
– Pending Scottsdale Home Sales: Pending sales dropped by one to 5, which is the same as the 12 month average.
– Scottsdale Homes Sold: Four homes sold in July, the same as what we saw in June. This is just slightly behind the 12 month average of 5 sales.
– Sales Price to Listed Price: 94.5% – This is another strong month for this price segment. Buyers are seeing less of a discount off of asking prices.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: There were 79 homes for sale at the end of July, the same as it was at the end of June.
– Pending Scottsdale Home Sales: We had a second month in a row where there were no pending sales at the end of the month.
– Scottsdale Homes Sold: A single home sold in July. This was a cash sale on a short sale home.
– Sales Price to Listed Price: 85.7% – This is more or less where this figure has been trending.
July 2012 was a so-so month for the Scottsdale AZ luxury home market. The $1-$1.5 million and over $3 million segments are slowing down a bit, whereas the other two segments are staying more or less on track. However, the drop in pending sales will certainly have an impact on August’s sales numbers.
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 8/1/2012 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
