Scottsdale AZ Luxury Home Market – April 2014

– Scottsdale AZ Luxury Home Market Performance for April 2014 –

The Scottsdale luxury home market had another promising month in April. Sales and pending sales were strong for the second month in a row. And while inventories are still high, we saw decreases in the number of active listings across the board.

I am defining Scottsdale luxury homes as those homes with asking prices in excess of $1 million To show further detail, I have broken the information into four different price ranges. In each price range, you will find the following sales statistics:

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.

– April 2014 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: The number of homes for sale at the end of April was 270. This was a 4.6% decrease over March.
– Pending Scottsdale Home Sales: Pending sales were down slightly to 33, but this is still ahead of the 12 month average of 27.
– Scottsdale Homes Sold: Forty homes sold in April, which is the highest number of sales we have seen in the past year.
–  Sales Price to Listed Price: 93.5% – This is about where we have been seeing this figure for the last several months.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

– Active Scottsdale Homes on the Market: Inventory was down to 168 at the end of the month, a 2.9% decrease over the previous month. It is still ahead of the 12 month average of 135 though.
– Pending Scottsdale Home Sales: Pending sales dipped by two to 21, which is on par with the 12 month average.
– Scottsdale Homes Sold:  Fifteen homes sold in April, which is the highest we have seen in 2014 and is ahead of the 12 month average of twelve.
– Sales Price to Listed Price: 94.9% – This is where this figure came in last month, and is pretty typical for this price segment.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory dropped 6.3% over March to 148 homes.
– Pending Scottsdale Home Sales: Pending sales fell off after March’s spike. However, this segment did come in with fifteen pending sales in April, the second highest we have seen over the past year.
– Scottsdale Homes Sold:  April sales were incredible at sixteen. This is more than double the 12 month average of six sales.
– Sales Price to Listed Price: 90.9% – This is about where this figure has been trending.

Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory dropped slightly to 140 by the end of the month.
– Pending Scottsdale Home Sales: Pending sales were strong for the third month in a row and came in above the 12 month average.
– Scottsdale Homes Sold: Four homes sold in April, which is a tie for the highest monthly sales at this price range in the last year.
– Sales Price to Listed Price: 92.4% – This number varies quite a bit, but is about where we would expect to see it.

In summary, luxury home sales in Scottsdale had a solid month. The decreases in inventory were good to see and sales and pending sales posted some respectable results. Based on April’s numbers, we should also have a decent May, although with less activity.

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 5/1/2014 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