– Scottsdale AZ Luxury Home Market Performance 
during November 2012 –
Here are the November 2012 results for the luxury home market in Scottsdale, Arizona. This analysis looks at luxury homes with asking prices above $1 million and segments the performance into a group of price ranges.
Each price sub-segment of the luxury market contains the following information:
Active- How many homes were for sale the end of the month.
Pending – How many homes were in pending status at the end of the month.
Sold – How many homes sold during the month.
– November 2012 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory increased again in November. It was up 8.5% over October. This increase has been going on since June.
– Pending Scottsdale Home Sales:Pending home sales fell of quite a bit in November. The 12 month average number of pending sales is 21. I would attribute some of the drop to seasonality, however.
– Scottsdale Homes Sold: Sales were up slightly to 18 for the month. However, it still lags behind the 12 month average of 21.
– Sales Price to Listed Price: 89.5% – This is the lowest we have seen this figure since January 2012. This number typically hovers in the lower 90% range.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of homes in this price segment increased again to 125. It has now surpassed the 12 month average of 123 homes.
– Pending Scottsdale Home Sales: Pending home sales were down slightly to 12 at the end of the month. This is right around where it has been for the last several months.
– Scottsdale Homes Sold: Eleven homes sold in November, making this the highest sales month of 2012.
– Sales Price to Listed Price: 92.5% – Although this figure jumps around a lot for this price point, I would say this is just about what we would expect to see.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: There was a 7.9% jump in inventory between October and November. However, we are still not back to the high levels we saw in the first part of the year.
– Pending Scottsdale Home Sales: Pending sales rebounded over October and we closed the month out with 5. This is just slightly behind the 12 month average of 6.
– Scottsdale Homes Sold: Sales were very low in November. There were only two sales. However, this was to be expected due to the very low pending number we saw in October.
– Sales Price to Listed Price: 91.2% – This is more or less on par with what we would expect to see.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of homes for sale over $3 million surpassed 100 by the end of the month. This is quite a bit ahead of the 12 month average of 90.
– Pending Scottsdale Home Sales: For the second month in a row, there was a single pending sale at the end of the month.
– Scottsdale Homes Sold: For the second month in a row, there were two home sales. This is right on track with the 12 month average.
– Sales Price to Listed Price: 84.5% – This is just a little bit lower than we have been seeing.
November was an OK month for the Scottsdale luxury home market. Inventory continues to increase across the board and pending sales were lackluster in many cases. We did see some decent sales numbers in the lower price bands and the over $3 million categories though. Because of seasonality and the pending figures above, I would expect December to perform similarly.
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 12/1/2012 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
