– Scottsdale AZ Luxury Home Market Performance for October 2014 –
The luxury home market in Scottsdale had another month of mixed results. One thing that was a constant, however, was that inventory was up sharply again in all price points.
This analysis tracks the performance of luxury home sales based on their price points.
Each of the four price points tracks the following data:
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 homes sold that month.
– October 2014 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up 9.8% over September to 279. This is now above the 12 month average of 257 homes.
– Pending Scottsdale Home Sales: Pendings were down to 18, a 14.3% decrease over the previous month.
– Scottsdale Homes Sold: There were 24 home sales in October, a healthy jump of 41.2% over September.
– Sales Price to Listed Price: 95.5% – This is about where this figure has been tracking.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of homes for sale in this price range was up 19% over the prior month. It is now higher than the 12 month average.
– Pending Scottsdale Home Sales: Pending sales stayed the course at eight. This is less than half of the 12 month average.
– Scottsdale Homes Sold: Home sales were also eight. This is on par with what we saw a couple of months ago, but a big drop from September’s sales spike.
– Sales Price to Listed Price: 94.8% – This is slightly lower than we saw over the last couple of months.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: We saw a jump of over 20% in inventory in this price range between September and October. The number of homes for sale is now back to levels we saw in the spring.
– Pending Scottsdale Home Sales: The number of pending sales dropped to seven, the lowest it had been since December 2013.
– Scottsdale Homes Sold: This is the third month in a row that seven homes have sold. This is on track with the 12 month average as well.
– Sales Price to Listed Price: 91.7% – This is better than September, but still a little low.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Homes for sale over $3 million also jumped last month.
– Pending Scottsdale Home Sales: Pending sales were very strong at the end of October. After a few months of lackluster numbers, this figure is now back on par with the 12 month average.
– Scottsdale Homes Sold: Only a single home sold in this price point last month.
– Sales Price to Listed Price: 93.0% – This is better than we have been seeing over the past several months.
October was another month of so-so performance in Scottsdale’s luxury home segment. Inventory was up sharply in anticipation of the upcoming high season, but pendings and sales were for the most part slower.
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 11/1/2014 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
