– Scottsdale AZ Luxury Home Market Performance for November 2013 –
Overall, sales of Scottsdale luxury homes in November were again mixed and inventory continued to creep up.
This report covers the luxury home market in Scottsdale, which I am classifying as homes on the market with asking prices of $1 million or more. Since home sale activity can vary by the price point, I have broken the sales information into four price bands.
The following information is included for each price band:
Active -How many homes were for sale at the end of the month.
Pending – How many homes were pending sale at the end of the month.
Sold – How many homes sold during the month.
– November 2013 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up another 6.3% at the end of the month to 237. This is the highest we have seen in the last year.
– Pending Scottsdale Home Sales: Pending sales were down slightly, to 21, and trailed the 12 month average of 26.
– Scottsdale Homes Sold: Twenty-two homes sold in November, which is a decent number, but still below the 12 month average.
– Sales Price to Listed Price: 94.5% – This is pretty consistent for this price point.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was up about 2% at the end of the month to 142 homes. This is high, but is still not as high as it was in the Spring of 2013.
– Pending Scottsdale Home Sales: Twenty homes were pending at the end of November. This is just ahead of the 12 month average of 19.
– Scottsdale Homes Sold: Ten homes sold last month, doubling what we saw in October. This was a nice rebound.
– Sales Price to Listed Price: 95.4% – This is a solid figure for this price point.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was up almost 13% over the prior month and has been increasing at a very fast pace over the past few months.
– Pending Scottsdale Home Sales: There were seven homes pending at the end of the month, which is an improvement over what we have been seeing for this price point.
– Scottsdale Homes Sold: Only two homes sold in November, well off of the 12 month average of five.
– Sales Price to Listed Price: 88.6% – This is a little lower than we have been seeing.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of homes for sale over $3 million was the highest we have seen in the last year. Inventory has been building each month since July.
– Pending Scottsdale Home Sales: On a positive note, seven homes were pending at the end of November, which is much higher than we have seen and more than double the 12 month average of 3.
– Scottsdale Homes Sold: Two homes closed, which is right on track with the 12 month average.
– Sales Price to Listed Price: 93.8%- This number bounces around quite a bit, but this was a good month.
November was another interesting month for luxury home sales in Scottsdale. Increasing inventory is concerning as these homes sell at a slower pace, which can lead to a glut of homes on the market. However, we did see some promising things, such as sales in the $1.5 to $2 million range and pending sales in the $2 million and above price point.
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 12/1/2013 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There 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 © 2013 Heather Tawes Nelson.
