Below is a review of how the luxury home market in Scottsdale performed in the month of October 2012. The report looks at homes priced at $1 million and above and has been broken down into four different price bands for greater detail.
Each price range contains the following information:
Active- The number of homes on the market at the end of the month.
Pending – The number of homes that were pending sale at the end of the month.
Sold – Actual luxury home sales for the month.
– October 2012 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was the same at the end of October as it had been in September. This is still well below the twelve month average of 185 homes.
– Pending Scottsdale Home Sales: Pending homes sales bounced back up to 18 at the end of October.
– Scottsdale Homes Sold: Sales dropped to 17 from 20 the month prior. What is interesting to note though, is that there were only 15 pending sales at the end of September, yet 17 homes sold in October.
– Sales Price to Listed Price: 97.3% – This is the highest we have seen this figure in the last twelve months. On average, buyers only saw a 2.7% discount off of asking.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory spiked in this price segment to 121 homes, a 19.8% increase over September.
– Pending Scottsdale Home Sales: Pendings were up at the end of the month to 13. This is a continuation of a couple of months of increases in pending sales and is ahead of the twelve month average of 12.
– Scottsdale Homes Sold: There were 7 homes sales in October, which was nice to see after September’s disappointing sales figure.
– Sales Price to Listed Price: 94.1% – This is the highest this ratio has been in the past year by a large margin.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory increased in this price segment as well, putting it back over the 100 mark. However, it is still well below the 12 month average of 124 homes.
– Pending Scottsdale Home Sales: Pending sales were disappointing at 3, although we did see this kind of decreased activity around this time of year last year as well.
– Scottsdale Homes Sold: On the flip side, home sales saw a great rebound in October. There were 6 sales, which came in ahead of the twelve month average of 5.
– Sales Price to Listed Price: 90.4% – This is better than we have seen in the last few months.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: We saw another increase in inventory in October to 93 homes. This is now above the twelve month average of 89 homes.
– Pending Scottsdale Home Sales: There was a single pending sale at the end of the month.
– Scottsdale Homes Sold: Two homes sold over $3 million in October. This is on par with the twelve month average of 2.
– Sales Price to Listed Price: 83.7% – This is a bit lower then we have been seeing recently. On average, buyers in this price segment saw a discount off of list price of 16.3%.
It was another mixed month for the luxury home market in Scottsdale Arizona. Inventory was up in all of the higher price bands and stayed the same in the $1-$1.5 million price band. We saw an increase in pending sales in the two lower price ranges, but a decrease in the more expensive homes. Sales were stronger in the $1.5 million and up price points.
To see more 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 deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2012 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
