– Scottsdale AZ Luxury Home Market Performance for March 2014 –
The Scottsdale luxury home market had a pretty decent month in March, building off of February’s momentum. Elevated inventory levels are still a concern, though.
This report covers the sales activities of Scottsdale luxury homes, which are being defined as homes with list prices of $1 million or more. Sales detail has been broken into four price ranges to show the differences between price points. In each section, you will find the following sales statistics:
Active – How many homes were on the market at the end of the month.
Pending – How many homes were sale pending at the end of the month.
Sold – How many homes sold over the course of the month.
– March 2014 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: We saw as small decrease (2.1%) in inventory between February and March, which is a positive. However, we are still well ahead of the 12 month average of 222 homes.
– Pending Scottsdale Home Sales: Pending sales saw a nice jump in March to 36. This is the highest we have seen that figure since June 2013.
– Scottsdale Homes Sold: Home sales were excellent in March. 37 homes sold, well ahead of the 12 month average of 28. This is also the highest this figure has been in the last 12 months.
– Sales Price to Listed Price: 94.5% – This is about where this figure usually comes in.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of homes for sale in this price point went up again in March, continuing the trend. The good news is that it was only a modest increase.
– Pending Scottsdale Home Sales: Pending sales were quite strong at 23. They have been in this range for the last several months and March exceeded the 12 month average of 21.
– Scottsdale Homes Sold: Nine homes sold in March, which is lower than we have seen in a while. Ideally, the strong pending sales will make this figure improve in April.
– Sales Price to Listed Price: 94.9% – This is about where this number has been trending.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was down 10.7% between February and March, which is great news.
– Pending Scottsdale Home Sales: An incredible 22 homes were pending at the end of March, a 69.2% jump over the previous month. This is the highest it has been in the last year and is more than double the 12 month average of 9 homes.
– Scottsdale Homes Sold: March was a great sales month as well. Nine homes sold, which is the highest we have seen since May 2013.
– Sales Price to Listed Price: 92.8% – This figure fluctuates a quite a bit month to month.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: We saw a slight increase in homes for sale in March and are still well ahead of the 12 month average of 115 homes.
– Pending Scottsdale Home Sales: We saw another excellent month for pending sales. At the end of March, eight homes were under contract, which is the highest we have seen in the last year and is double the 12 month average.
– Scottsdale Homes Sold: Three homes sold in March, which is right on the annual average.
– Sales Price to Listed Price: 93.9% – This is about where we have been seeing this figure.
Overall, the Scottsdale luxury home market had a pretty great month. There were some increases in inventory, but for the most part, pending sales were great and some segments had amazing sales months. This should give a good push to April’s results.
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 4/1/2014 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
