– Scottsdale AZ Luxury Home Market Performance for March 2016 –
Scottsdale’s luxury home market had a pretty solid sales month in March. February had started some of the momentum and it carried over for the most part into this last month,
This analysis covers the luxury home market in Scottsdale, which is being defined as homes for sale with asking prices above $1 million. Since price points can behave differently, I have grouped the information into four price segments.
Each price segments includes the following data:
Active – How many homes were for sale at the end of the month.
Pending – How many homes were in pending status at the end of the month.
Sold – How many homes sold that month.
– MARCH 2016 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: We saw another large jump in inventory (10.1%) between February and March. The number of homes for sale in this price point (393) is well ahead of the 12 month average of 299.
– Pending Scottsdale Home Sales: Pending sales fell to 21 after the large spike we saw in February.
– Scottsdale Homes Sold: Thirty-three homes sold in March, which is the best we have seen since June 2015.
– Sales Price to Listed Price: 94.0% – On average, buyers saw a discount off of list price of 6.0%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was up in this price segment as well to 239. This also is well above the 12 month average of 176.
– Pending Scottsdale Home Sales: We saw a nice lift in pending sales in March. There were 15 at the end of the month.
– Scottsdale Homes Sold: Fourteen homes sold, which is the second highest we have seen in the past year.
– Sales Price to Listed Price: 86.3% – On average, buyers saw a discount off of list price of 13.7%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory remained level at 207, but it is still well ahead of the 12 month average.
– Pending Scottsdale Home Sales: There were ten pending sales at the end of the month, up from February.
– Scottsdale Homes Sold: Ten homes sold, which is the best we have seen in the past year. This is well ahead of the 12 month average of six.
– Sales Price to Listed Price: 95.2% – On average, buyers saw a discount off of list price of 4.8%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was level in this price point when compared to February.
– Pending Scottsdale Home Sales: Pending sales stayed at five, which is more or less where this figure has been for the past nine months.
– Scottsdale Homes Sold: Five homes sold in March, which was up from February’s three.
– Sales Price to Listed Price: 90.9% – On average, buyers saw a discount off of list price of 9.1%.
Overall, March was a solid sales month for luxury homes in Scottsdale. However, the high inventory across the board is something to monitor.
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 4/12016 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There March 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
