– Scottsdale AZ Luxury Home Market Performance for June 2014 –
The luxury home market in Scottsdale continued with another strong month in June. Although sales and pendings were down a little in a couple of the price points, sales activity remained strong. Inventory also saw another dip due to sales activity and homeowners taking their homes off of the market for the summer months.
In this report, I am defining the Scottsdale luxury home market as those homes with an asking price in excess of $1 million. To show further detail, I have broken the data down into four different price ranges. Within each of the ranges, you will see the following information:
Active – The number of homes that were for sale at the end of the month.
Pending – The number of pending home sales at the end of the month.
Sold – The number of homes that sold that month.
– June 2014 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: The number of homes for sale dropped to 231 by the end of June, putting this figure under the 12 month average.
– Pending Scottsdale Home Sales: Pending sales increased to 31 at the end of the month.
– Scottsdale Homes Sold: There were 38 sales in June, making it the third highest sales month in the past year.
– Sales Price to Listed Price: 94.2% – This is pretty typical for this figure.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory dropped 16.7% between May and June to 125 homes.
– Pending Scottsdale Home Sales: Pending sales were down a bit for this price point. This is the lowest it has been in the past year.
– Scottsdale Homes Sold: Sales were phenomenal in June. This is by far the highest we have seen this figure and it is almost double the 12 month average.
– Sales Price to Listed Price: 94.5% – This is about where this figure has been trending.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was down 15.6% by the end of the month to 119.
– Pending Scottsdale Home Sales: Pending sales dropped to 11, which is lower than it has been over the past few months, but is still a strong number.
– Scottsdale Homes Sold: Sales were level at six, which is on par with the 12 month average.
– Sales Price to Listed Price: 95.3% – This is the second month in a row where this figure has been in the 95% range.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: We also saw a large drop in inventory in this price point. Levels are about back to where we were last October.
– Pending Scottsdale Home Sales: There were six homes pending sale at the end of the month, slightly ahead of the 12 month average.
– Scottsdale Homes Sold: There were four home sales in excess of $3 million in June. This also is ahead of the 12 month average.
– Sales Price to Listed Price: 87.7% – This figure has not been in the 80% range since October of 2013.
Scottsdale’s luxury home market had another decent month in June. Although we are seeing things slow down in almost all price points, we still have decent pending inventory to help with July’s sales figures. It is also nice to see inventory decrease, although many of these homes will probably be back on the market when we move into the high season again.
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 7/1/2014 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
