– Scottsdale AZ Luxury Home Market Performance for July 2016 –
July was a transition month for Scottsdale’s luxury home market. Some segments saw a slow down while others continued strong momentum.
This analysis covers luxury home sales activity in Scottsdale. I am defining this market as homes priced in excess of $1 million and have divided the data into four price bands. In each price band, you will see information on the following three items:
Active – How many homes were on the market the end of the month.
Pending – How many sales were pending at the end of the month.
Sold – How many homes sold during the month.
– JULY 2016 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: As anticipated, the number of homes on the market decreased as we moved further into the summer months.
– Pending Scottsdale Home Sales: Pending sales were very respectable at 27, which is ahead of the 12 month average of 24.
– Scottsdale Homes Sold: Sales were very far off of June’s, but June saw unprecedented sales numbers. Even with that, only sixteen sales in July was not very strong.
– Sales Price to Listed Price: 94.0% – On average, buyers saw a discount off of list price of 6%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: The number of homes for sale dropped again to 159. This is in line with local seasonality.
– Pending Scottsdale Home Sales: Pending sales were steady at eight. This is lower than we usually see, but this is also the slower part of the year.
– Scottsdale Homes Sold: Sales fell quite a bit from months of double-digits to eight. Again, this can be attributed to seasonality.
– Sales Price to Listed Price: 93.2% – On average, buyers saw a discount off of list price of 6.8%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory fell 7.7% to 132, well below the 12 month average of 174.
– Pending Scottsdale Home Sales: Pending sales dropped significantly after several strong months. This can be tied to the slower months.
– Scottsdale Homes Sold: Sales were excellent in July, coming in as the second highest sales month in the past year.
– Sales Price to Listed Price: 89.4% – On average, buyers saw a discount off of list price of 10.6%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of homes for sale dropped to the second lowest it has been in the past year.
– Pending Scottsdale Home Sales: Seven homes were in pending status at the end of July. This is a strong number for this time of year.
– Scottsdale Homes Sold: We saw a second month of four home sales. This is on par with the 12 month average.
– Sales Price to Listed Price: 89.7% – On average, buyers saw a discount off of list price of 10.3%.
July had a mixed performance. Inventory dipped as would be expected for this time of year. Pendings were mostly off – also a nod to seasonality. However, sales in the $2-$3 million range were quite strong.
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 8/1/2016 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
