– Scottsdale AZ Luxury Home Market Performance for February 2016 –
The month of February was another mixed performance on for the luxury home market in Scottsdale. After getting through the traditionally slow month of January, we saw sales pick up in some areas and fall off in others.
This report looks at the sales activity of single-family luxury homes in Scottsdale. To fall into this category, the home must be priced at or over $1 million. Since things can vary quite a bit in the luxury segment, I have divided the homes into four price ranges to show additional detail.
Each of the four price ranges has the following data:
Active – The number of homes on the market at the end of the month.
Pending – The number of pending sales at the end of the month.
Sold – The number of homes sold during the month.
– FEBRUARY 2016 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up yet again in February. This is quite a bit higher than the 12 month average of 295.
– Pending Scottsdale Home Sales: Pending sales saw a very nice jump in February to 28. This is ahead of the 12 month average of 24.
– Scottsdale Homes Sold: Twenty-six homes sold last month. This is the best performance we have seen since June of 2015.
– Sales Price to Listed Price: 94.7% – On average, buyers saw a discount off of list of 5.3%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was up again as it has been every month since last August. This is another segment where we are well ahead of the 12 month average.
– Pending Scottsdale Home Sales: Pending sales doubled between January and February, which is a positive. However, pendings were still trailing the 12 month average of 13.
– Scottsdale Homes Sold: Nine homes sold in February, which is down from January. However, this is quite good as only five homes were pending at the end of January.
– Sales Price to Listed Price: 93.1% – On average, buyers saw a discount off of list of 6.9%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory fell slightly at the end of the month to 206.
– Pending Scottsdale Home Sales: Pending sales saw a healthy jump in February to nine homes. This is just ahead of the 12 month average of 8.
– Scottsdale Homes Sold: Eight homes sold last month, mirroring sales performance in January.
– Sales Price to Listed Price: 99.6% – On average, buyers saw a discount off of list of 0.4%
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was up for the fourth straight month to 163.
– Pending Scottsdale Home Sales: Pending sales were off by one to 5. Five pending sales has been a trend we have been seeing more or less for the past 8 months or so.
– Scottsdale Homes Sold: Only three homes sold in this price point in February.
– Sales Price to Listed Price: 91.3% – On average, buyers saw a discount off of list of 8.7%.
February was a recovery month with some strong sales in some price points and disappointing sales in others. My concern over rising inventory remains.
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 3/2/2016 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There February 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 © 2016 Heather Tawes Nelson | Joyce Tawes
