Here are the January figures for the Scottsdale luxury home market. This analysis looks at single-family resale homes in Scottsdale priced $1,000,000 and above over the last twelve months.
– JANUARY 2009 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 555 active homes for sale, a 7.1% jump over December. However, this figure is still tracking behind the 12 month average of 573.
– Pendings: Pending homes for sale in this price segment are still depressed at 12. The 12 month average is 30. This low number does not bode well for February sales in this price segment.
– Sold: Only eight homes sold in January. This is the second lowest this figure has been in the last 12 months, with the exception of November’s two sales. This number is well below the 12 month average of 19.
– Sales Price to Listed Price: 90.5%
Homes Priced Between $1,500,000 – $1,999,999
– Actives: 293 homes in this price range were on the market at the end of January. This is up 3.2% over December and just under the 12 month average of 294.
– Pendings: Pending sales stayed flat at 7 in January. This figure has been hovering around 7-8 a month for the last six months or so, and still lags behind the average of 10 per month.
– Sold: Home sales rebounded to 7 after a dismal 4 sales in December. This represents a 75% increase month-over-month for this price segment.
– Sales Price to Listed Price: 83.8% – This is the lowest this figure has been in the last 12 months. It dropped into the 80%’s in October and December, but typically is in the low 90%’s.
Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 365 homes for sale in the $2 million to $3 million price range in January. This is up from 357 in December and is higher than the 12 month average of 355.
– Pendings: Six homes were pending in January, twice what was pending in December. Also, six pendings is the best performance this price segment has seen in the last seven months.
– Sold: There were only two home sales last month, which is not s surprise because of December’s very low pending sales figure. The average for this price range is 6 sales per month.
– Sales Price to Listed Price: 91.1% – This is the best ratio we have seen for this segment since July and before that April. In November, sales to list price went as low as 77.3%.
Homes Priced $3,000,000+
– Actives: There were 279 homes priced above $3 million on the market in January. This figure has been dropping since September and is tracking behind the 12 month average of 297.
– Pendings: There were seven pending homes for sale at the end of January, which is right on track with the 12 month average of 7.
– Sold: Only two homes sold over $3 million in January, a very large drop from December’s seven. Ideally, we will see this figure rebound in February based on the pending sales figure.
– Sales Price to Listed Price: 81.3% – This is the third lowest this figure has been in the last 12 months. Only two months, July and October, were lower.
As you can see, the results vary quite a bit between the price segments. Active homes for sale were on the way back up everywhere, except in the $3M+ range. Pending sales were promising, increasing or staying the same in every price point. However, home sales were down more or less in every category, except for the $1.5-$1.99M range where we saw a nice jump.
To see the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.
Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale 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.
Copyright © 2009 Heather Tawes Nelson
