– Scottsdale AZ Luxury Home Market Performance for October 2013-
October was another mixed month for the sales of Scottsdale luxury homes. However, one thing that was consistent is that inventory jumped in all price points.
This report was compiled using homes for sale in Scottsdale with asking prices of one million and above. Because the market can behave differently as prices increase, I have segmented the information into four price bands to give you more granular detail.
Within each price range, you will find the following information:
Active – The number of homes for sale at the end of the month.
Pending – The number of homes in pending status at the end of the month.
Sold – The number of homes that sold over the course of the month.
– October 2013 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: The number of homes for sale in this price range jumped 16.2% in October. This is the highest inventory has been since March of 2013.
– Pending Scottsdale Home Sales: Pending sales dropped slighly to 22 byt the end of the month. The 12 month average for this is 26 pending sales.
– Scottsdale Homes Sold: Twenty-four homes sold in October, down two from September. This is slightly below the 12 month average of 27.
– Sales Price to Listed Price: 95.4% – This is pretty typical for this price band.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: This price range saw over a 25% jump in inventory between September and October and is back to April levels.
– Pending Scottsdale Home Sales: Twenty-one homes were pending at the end of the month, up slightly from the previous month and ahead of the 12 month average of 18.
– Scottsdale Homes Sold: Only five homes sold in October, posting the worst performance we have seen in the last year. On average, there are 11 home sales per month.
– Sales Price to Listed Price: 94.8% – This is more or less around what we have been seeing.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: This price band saw a 27.9% jump in listings over last month, bringing it well above anythign we have seen in the last year. The 12 month average is 107 homes.
– Pending Scottsdale Home Sales: Pending sales were up by one to four. However, this still trails the 12 month average of 6.
– Scottsdale Homes Sold: Home sales were also up to 3, but also trailed the 12 month average of 5.
– Sales Price to Listed Price: 89.9% – This is slightly lower than we have been seeing recently.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Again, there was another large jump (22.7%) in month over month inventory increases. We are now back to March 2013 levels of inventory.
– Pending Scottsdale Home Sales: Four homes were pending in this price range which is excellent. It is twice the 12 month average of 2.
– Scottsdale Homes Sold: Three homes sold in October, another positive. The 12 month average for homes over $3 million is two.
– Sales Price to Listed Price: 85.1% – This is lower than the last couple of months, but this figure moves around a lot.
So, October was another month with mixed performance. Sales and pending sales performed better at the higher end of the luxury market. The large increase in inventory for all of the segments is something to keep an eye on however, as home sales move more slowly at these price points and there are already quite a few homes for sale.
If you would like additional detail on home sales activity, please visit my Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.
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Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2013 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There October 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 © 2013 Heather Tawes Nelson
