– Scottsdale AZ Luxury Home Market Performance for July 2015 –
The luxury home market in Scottsdale saw a slowdown in July after a very strong June.
This analysis covers single family homes in Scottsdale that are priced at $1 million or above. From there, the information was split into four price bands to show additional detail.
Each of the price segments includes the following data:
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 sales took place during the month.
– July 2015 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: This was the fifth month of inventory decreases in this price point.
– Pending Scottsdale Home Sales: Pending sales were still decent at the end of the month, coming in on par with the 12 month average. Many of these are holdovers from the end of June.
– Scottsdale Homes Sold: Only 12 homes sold in July, which is surprising based on the pending figure of 26 at the end of June. This is less than half of the 12 month average.
– Sales Price to Listed Price: 97.0% – This is a bit a higher than we usually see for this price point.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory for this price point has been decreasing since March.
– Pending Scottsdale Home Sales: Pendings were off slightly to 14. This is still just ahead of the 12 month average of 13.
– Scottsdale Homes Sold: Only eight homes sold in July. Much like the price range above, this was surprising given pending figuresat the end of the previous month.
– Sales Price to Listed Price: 90.7% – This is a bit lower than we have been seeing.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory dropped quite a bit to 124, below the 12 month average of 158.
– Pending Scottsdale Home Sales: Pending sales moved down to 5, below the 12 month average of 9.
– Scottsdale Homes Sold: Only 3 homes sold in this price range in July. This is the lowest we have seen in the past 12 months and is less than half of the 12 month average of 8 homes.
– Sales Price to Listed Price: 93.4% – This is about where we would expect this figure.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of homes for sale dropped to just above 100 by the end of the month.
– Pending Scottsdale Home Sales: Pending sales fell to 5, which is just below the 12 month average of 6.
– Scottsdale Homes Sold: Only a single home sold in July, the lowest we have seen since October of 2014.
– Sales Price to Listed Price: 81.3% – This is quite a bit lower than we have seen in the past year.
The luxury home market in Scottsdale had a marginal month in July. Sales were way down, even with decent pending inventory on the books at the end of June. Inventory was also down, but this is to be expected due to the time of year.
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 8/1/2015 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There July 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
