– Scottsdale AZ Luxury Home Market Performance for August 2014 –
Contrary what we have been seeing elsewhere, some of the Scottsdale luxury price points had a very good August.
In this report, I am reviewing the activity of the luxury home market in Scottsdale. All of these homes have asking prices of $1 million or more. And, since there can be quite a bit of variation as prices increase, I have split the data into four price bands for further analysis.
Each price segment includes 12 months of the following
information:
Active – The number of homes for sale at the end of the month.
Pending – The number of homes under contract at the end of the month.
Sold – The number of home sales that month.
– August 2014 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was actually up in this price point, whereas it has been decreasing elsewhere. It is still under the 12 month average of 247.
– Pending Scottsdale Home Sales: Pending sales were also up at the end of the month, something we did not really see elsewhere, which is a positive sign.
– Scottsdale Homes Sold: However, only 16 homes sold in August, well under the 12 month average of 28 and the lowest we have seen since January.
– Sales Price to Listed Price: 96.2% – This is the highest we have seen this figure in many months.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory dropped to 117 at the end of the month, well under the 12 month average of 143.
– Pending Scottsdale Home Sales: Pending homes were much lower in August and the lowest we have seen in the past year.
– Scottsdale Homes Sold: Eight homes sold again in August, on par with July and lower than the 12 month average of eleven.
– Sales Price to Listed Price: 97.7% – This is a strong figure and higher than we were seeing earlier in the year.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: As we have seen virtually everywhere else, inventory was down at the end of the month.
– Pending Scottsdale Home Sales: Homes under contract stayed level with July and came in at 10.
– Scottsdale Homes Sold: Seven homes sold in August, which was more than double the sales in July and was ahead of the 12 month average of 6.
– Sales Price to Listed Price: 92.4% – This is lower than we have been seeing over the past few months.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was actually up at the end of the month and was back over the 100 mark.
– Pending Scottsdale Home Sales: Only three homes were pending, which is the lowest we have seen since last September.
– Scottsdale Homes Sold: There were five sales in August, which is really strong. The 12 month average for this price point is 3.
– Sales Price to Listed Price: 90.8% – This figure has been hovering in this range for the past few months.
The Scottsdale luxury real estate market had a mixed month. Sales activity was strong in the $1-$1.5M range and the $3M and above range. Interestingly enough, these two price bands were also the only ones to see inventory increase. Sales in the $1.5M-$3M range were level. Since pending sales were down in most price points, I anticipate September to be a little quieter.
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.
Search Scottsdale Luxury Homes for Sale
Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2014 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
