– Scottsdale AZ Luxury Home Market Performance for May 2015 –
The luxury market in Scottsdale had a little bit of a slowdown as we headed into the warmer months, but still had a decent performance.
This report will look at sales activity of homes in Scottsdale with asking prices of over $1 million. The last twelve months of data are included and the activity is broken into several price bands for better analysis.
Each price segment has information on the following things:
Active – How many homes were on the market at the end of the month.
Pending – How many sales were pending at the end of the month,
Sold – How many homes sold over the course of the month.
– May 2015 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
–Active Scottsdale Homes on the Market: The number of homes on the market dropped 1.2% to 317, which is the third month in a row it has decreased.
– Pending Scottsdale Home Sales: Pending sales were solid at 25, which is one ahead of the 12 month average of 24.
– Scottsdale Homes Sold: Thirty-five homes sold in May, the third highest sales month we have seen in the past year.
– Sales Price to Listed Price: 93.9% – This is pretty standard for this price point.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was down 5.2% over April in this price segment. However, it is still ahead of the 12 month average of 157 homes.
– Pending Scottsdale Home Sales: The number of pending sales was down a little to 16, but this is still a very solid number for this price point.
– Scottsdale Homes Sold: Ten homes sold in May, which is lower than I would have expected based on April’s pending figure. However, it is still ahead of the 12 month average of 13.
– Sales Price to Listed Price: 102.6% -This is a little misleading. One of the homes in this price point was new construction. The buyers ended up adding additional features, etc. to bring the revised list price well above the base price. Since there were only ten home sales, the extremely high sales price to list price ratio skewed the figures for the entire price segment.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory fell 2.8% between the end of April and May to 176.
– Pending Scottsdale Home Sales: Pending sales saw the lowest performance of the year in May at six. This is almost half of the 12 month average.
– Scottsdale Homes Sold: Eight homes sold in May, which is right on track with the 12 month average.
– Sales Price to Listed Price: 94.7% – This is where this figure has been trending.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory dropped quite a bit over the previous month. The number of homes for sale over $3 million has not been this low since October of last year.
– Pending Scottsdale Home Sales: The number of pending sales dropped a little, but this was still the third highest it has been in the past 12 months.
– Scottsdale Homes Sold: Six homes sold in May, also the third highest this has been in the past 12 months.
– Sales Price to Listed Price: 89.4% – This is pretty standard for this price range.
May was a decent month for Scottsdale’s luxury home market. For the most part, sales were solid. We did see pendings slip across the board, but that is to be expected as we move out of the high season. Inventory was also down across the board and I expect that trend to continue into the summer months.
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 6/1/2015 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 © 2015 Heather Tawes Nelson | Joyce Tawes
