– Scottsdale AZ Luxury Home Market Performance for August 2016 –
August was a decent month for the under $2 million market, but the $2-$3 million market saw a drop in sales.
This monthly report takes a look at the real estate market activity of homes in Scottsdale priced over $1 million. To show how each segment of the market is performing, I have broken the information into four price bands:
Active – The number of homes for sale at the end of the month.
Pending – The number of pending sales at the end of the month.
Sold – The number of homes that sold during the month.
– AUGUST 2016 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was down slightly at the end of the month to 273. This is in line with seasonal trends.
– Pending Scottsdale Home Sales: Pending sales came in at 20, less than the 12 month average of 24.
– Scottsdale Homes Sold: Sales saw a nice rebound after a drop off in July. 33 homes sold in August, well ahead of the 12 month average of 26.
– Sales Price to Listed Price: 93.6% – On average, buyers saw a discount off of list price of 6.4%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory continued its seasonal decline to 153 by the end of August.
– Pending Scottsdale Home Sales: Pending sales were up over the past two months to 10.
– Scottsdale Homes Sold: Sales were up over the previous month to 10, just behind the 12 month average of 12.
– Sales Price to Listed Price: 93.3% – On average, buyers saw a discount off of list price of 6.7%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory actually increased in this price range in August. However, it is still well below the 12 month average of 175.
– Pending Scottsdale Home Sales: Pending sales were up by one to seven.
– Scottsdale Homes Sold: Sales saw a big drop in August, coming off of a very strong July. Only three homes sold, well below the 12 month average of 8.
– Sales Price to Listed Price: 89.8% – On average, buyers saw a discount off of list price of 10.2%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of homes for sale dropped slightly in August to 108.
– Pending Scottsdale Home Sales: Pending sales came in strong at 8, ahead of the 12 month average.
– Scottsdale Homes Sold: Three homes sold, which is solid for this price point.
– Sales Price to Listed Price: 91.1% – On average, buyers saw a discount off of list price of 8.9%.
August was a decent month for the luxury home segment, in lieu of the fact that this is the slower time of year for activity.
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 9/1/2016 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
