– Scottsdale AZ Luxury Home Market Performance for February 2014 –
Scottsdale luxury homes had a better month in February. After coming off the seasonally slow January, we saw an uptick in pendings and sales in many areas. However, inventory is still going up in most places.
This report covers luxury home sales activity in Scottsdale. The sales data for homes with list prices in excess of $1 million has been split into four price bands to give more granular detail. Each price band in includes the following information:
Active -The number of homes for sale at the end of the month.
Pending – The number of pending sales at the end of the month.
Sold – The number of home sales during the month.
– February 2014 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory actually went down slightly in February, which is a good thing after the large jump in January.
– Pending Scottsdale Home Sales: Pending sales had an excellent month. They were up to 30, a level we have not seen since last August.
– Scottsdale Homes Sold: Home sales doubled over January at 22. However, this is still slightly behind the 12 month average of 27.
– Sales Price to Listed Price: 93.8% – This is a little lower than we have been seeing over the last several months.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory increased again last month by 6.2% over January. This figure is also well ahead of the 12 month average.
– Pending Scottsdale Home Sales: Pending sales have been steady since around September of 2013. The month ended with 21 homes pending.
– Scottsdale Homes Sold: There were twelve home sales in February., which puts it slightly ahead of the 12 month average.
– Sales Price to Listed Price: 95.8% – This is about where this figure has been trending, discounting December’s performance.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: This price segment saw a slight drop in inventory in February, but is still well ahead of the 12 month average.
– Pending Scottsdale Home Sales: Thirteen homes were pending, which is the third month in a row of strong pending figures. The 12 month average for this price point is 8.
– Scottsdale Homes Sold: Five homes sold in February, which is on par with the 12 month average.
– Sales Price to Listed Price: 85.7% – This is a bit lower than we have been seeing.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: February was up an additional two homes by the end of the month.
– Pending Scottsdale Home Sales: Pending sales were excellent. At the end of February, there were 7 homes pending in this price point, almost double the 12 month average.
– Scottsdale Homes Sold: Only one home sold for more than $3 million last month, the lowest it has been since last June, when there were no sales.
– Sales Price to Listed Price: 98.1%- This is this highest I have seen this figure.
The Scottsdale luxury home market had an OK month, and it was certainly better than January’s performance. The increases in and large amount of inventory is going to take a lot of time to get through. However, strong pendings and sales in some price points are great to see.
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 3/1/2014 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 © 2014 Heather Tawes Nelson | Joyce Tawes
