– Scottsdale AZ Luxury Home Market Performance for November 2016 –
With the exception of the over $3 million price point, the luxury home market in Scottdale had a very strong November.
This report takes a look at Scottsdale’s luxury home sales over the past year. Since different price points behave in different ways, I segmented the information into four price bands.
The following information is compiled for each price band:
Active – How many were for sale at the end of the month.
Pending – How many sales were pending at the end of the month.
Sold – How many homes sold that month.
– NOVEMBER 2016 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: The number of homes on the market was up 2.8% to 331. This is above the 12 month average. We usually see this figure exceed the 12 month average at the beginning of the year, not at the end.
– Pending Scottsdale Home Sales: Pending sales fell slightly to 21. This is below the 12 month average, but still is a decent performance.
– Scottsdale Homes Sold: There were 28 homes sold, which is a strong performance for this seasonally-slower time of year.
– Sales Price to Listed Price: 95.8% – On average, buyers saw a discount off of list price of 4.2%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was up again for this price point. At the end of the month, there were 208 homes on the market, ahead of the 12 month average of 199.
– Pending Scottsdale Home Sales: Pending sales ended the month with an impressive 12. This is ahead of the 12 month average and surprising to see at this time of year.
– Scottsdale Homes Sold: Sales were amazing at 14 in November. This is one of the best performances of the year and again, it came at a typically slower time of year.
– Sales Price to Listed Price: 94.8% – On average, buyers saw a discount off of list price of 5.2%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was up 2.3% to 175 by the end of November.
– Pending Scottsdale Home Sales: Pending sales were level at seven. This is a decent performance for this month.
– Scottsdale Homes Sold: Sales more than doubled between October and November to 9. This is also on par with the 12 month average of 9.
– Sales Price to Listed Price: 94.6% – On average, buyers saw a discount off of list price of 5.4%
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The number of homes for sale was up 7.3% at the end of the month, putting it ahead of the 12 month average of 139.
– Pending Scottsdale Home Sales: Pending sales were up by one to three. However, this is half of the 12 month average of six.
– Scottsdale Homes Sold: Only two homes sold for over $3 million in November. This is on par with the seasonality, but is a big drop from October’s impressive seven sales.
– Sales Price to Listed Price: 94.0% – On average, buyers saw a discount off of list price of 6.0%.
November was a surprisingly strong sales month for the luxury home market in Scottsdale. For homes under $3 million, pendings and sales were decent or strong. The over $3 million market was slower, but this was coming off an incredibly strong October. The high inventory across the board is something to watch though.
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 were pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2016 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.
