– Scottsdale AZ Luxury Home Market Performance for May 2014 –
Although not as strong as April, May was another good month for the Scottsdale luxury home market.
Inventories are trending down, which is a positive thing as many homes came onto the market earlier this year, making ‘months’ supply of inventory’ figures jump. Some of this can be attributed to home sales and some can be a result of people taking their homes off of the market for the summer months.
Pending sales, although level or down from the prior month, still were healthy. Sales continued to be solid as well.
In this analysis, I am considering the Scottsdale luxury home market as homes with list prices of $1 million or more. These homes have been divided into four price bands to allow for more detail. Each price band will contain the following data:
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 over the course of the month.
– May 2014 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was down again but 6.7% over April. This is good news but we are still above the 12 month average of 231.
– Pending Scottsdale Home Sales: Pending sales dropped slightly in May, but were still trending ahead of the 12 month average.
– Scottsdale Homes Sold: For the second month in a row, forty homes sold. This is excellent for this price segment.
– Sales Price to Listed Price: 94.0% – This has been about where this has been coming in over recent months.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of for sale homes dropped over 10% to 150. This is good movement, but is still higher than the 12 month average of 138.
– Pending Scottsdale Home Sales: Pending sales stayed the same at 21. This is just ahead of the 12 month average of 20.
– Scottsdale Homes Sold: There were thirteen homes sold in May, another strong month,
– Sales Price to Listed Price: 92.4% – This is a little lower than we have seen for most of the year.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: The number of homes for sale dropped slightly to 141. This figure is approaching the 12 month average of 137.
– Pending Scottsdale Home Sales: Pending sales were down slightly in May compared to April, but they were still quite strong.
– Scottsdale Homes Sold: We saw a big drop off in sales between April and May. However, May was kind of an anomaly. This figure is on track with the 12 month average.
– Sales Price to Listed Price: 95.4% – This is much higher than we have been seeing recently.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was down again for the second month in a row, but this number is still running high.
– Pending Scottsdale Home Sales: The number of pending sales remained level at seven. This is still ahead of the 12 month average of five.
– Scottsdale Homes Sold: Five homes sold in May, making this the best sales month in this price segment over the past year.
– Sales Price to Listed Price: 92.3% – It has been trending in this range for the last couple of months.
May was a very decent month for luxury home market in Scottsdale. Although pending sales were down or level compared to April, they were still solid. Sales also saw a good month, particularly in the $3 million and above category. And, the drop in inventory in all price points is a positive.
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
