– Scottsdale AZ Luxury Home Market Performance for June 2016 –
June was another very strong month for sales, especially in the under $2 million range. Inventory continued to drop and pending sales stayed solid.
This report is an overview of the luxury home segment in Scottsdale. It tracks the past 12 months of sales activity for four different price ranges in the luxury category.
Within each price range, three things are being tracked:
Active – The number of homes on the market the end of the month.
Pending – The number of pending sales at the end of the month.
Sold – The number of homes that sold.
– JUNE 2016 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was down another 8% to 310 homes. This is on par with the 12 month average.
– Pending Scottsdale Home Sales: Although pending sales dropped sharply compared to the end of May, May’s number represented a huge jump that was not typical. At the end of June, there were 24 homes pending, a very solid number.
– Scottsdale Homes Sold: Forty-four homes sold in June, by and far away the highest we have seen in the past year. The last time we saw it that high was April of 2015.
– Sales Price to Listed Price: 94.1% – On average, buyers saw a discount off of list price of 5.9%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory dropped back down under 200 at the end of the month.
– Pending Scottsdale Home Sales: Pending sales fell off quite a bit to eight. This is the second lowest we have seen in the past year./
– Scottsdale Homes Sold: Sales were excellent at fifteen. This is well ahead of the 12 month average of eleven.
– Sales Price to Listed Price: 95.2% – On average, buyers saw a discount off of list price of 4.8%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory dropped another 15% over the course of June to 143.
– Pending Scottsdale Home Sales: Pending sales were the highest we have seen in the past year at 16.. This is almost double the 12 month average.
– Scottsdale Homes Sold: Only six homes sold in June which is surprising based on May’s pending figure.
– Sales Price to Listed Price: 93.4% – On average, buyers saw a discount off of list price of 6.6%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory fell almost 17% by the end of the month to 123.
– Pending Scottsdale Home Sales: Six homes were pending at the end of the month, which is where it was trending for many months prior to April.
– Scottsdale Homes Sold: There were four home sales in June. This is just ahead of the 12 month average of three.
– Sales Price to Listed Price: 92.9% – On average, buyers saw a discount off of list price of 0%.
June was another great month for luxury real estate in Scottsdale. Of note were the forty-four sales in the $1 to $1.5 million price range. Based on most pending figures, July should be another solid, but quieter month.
If you would like additional detail on home sales activity, please visit our 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 7/1/2016 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 © 2016 Heather Tawes Nelson | Joyce Tawes
