Here are the February 2011 number for the luxury home market in Scottsdale, Arizona. This analysis looks at single family luxury homes sales in Scottsdale over the past 12 months. For this report, I am defining the luxury homes as homes with list prices over $1 million.
– February 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: The number of active homes in this price range dropped in February to 254 a 5.2% decrease over January. The 12 month average is 288.
– Pending Scottsdale Home Sales: Pending sales saw a very healthy jump over January to 28. This was a 47.4% increase and moved ahead of the 12 month average of 24.
– Scottsdale Homes Sold: Sixteen homes sold in February, which was better than January but still behind the 12 month average of 18.
– Sales Price to Listed Price: 87.5% – This is a pretty standard figure for this measurement. High 80%’s and low 90%’s are what we have been seeing.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: There were 167 active homes on the market at the end of February 2011. This was up three from January, but is still below the 12 month average of 182.
– Pending Scottsdale Home Sales: Pending sales saw a huge jump over January to 17 or a 88.9% increase. This is the highest this figure has been since June of 2010. The 12 month average is 14.
– Scottsdale Homes Sold: There were seven home sales in February in this price point. The last time we saw this many sales was July of 2010. However, it still trails the 12 month average of 8 sales per month.
– Sales Price to Listed Price: 85.7% – This is slightly low, but similar to January’s result. Typically, this is a little higher.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: 157 homes were for sale in this price point at the end of February. This is down 3.7% over January.
– Pending Scottsdale Home Sales: Seven home sales were pending at the end of the month. This is the same as January and is also the same as the 12 month average.
– Scottsdale Homes Sold: There were 6 home sales in the $2 to $3 million price range last month. And, like the pending sales, this was the same as last month and is the same as the 12 month average.
– Sales Price to Listed Price: 89.1% – This is the highest this ratio has been since August of 2010. Typically, we see this more in the mid-80%’s.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: There were 112 homes on the market at the end of the month with asking prices above $3 million. The 12 month average is 117.
– Pending Scottsdale Home Sales: Pending sales continued the upswing to 4. This is just below the 12 month average of 5.
– Scottsdale Homes Sold: Two homes sold in excess of $3 million in February. This was up over a single sale in January, but is still behind the 12 month average of 3.
– Sales Price to Listed Price: 79.5% – This figure bounces around a bit as the sales volume in this category is pretty low. This is not an unusual figure for this price point.
February was a solid month for Scottsdale AZ luxury home sales. For the most part, inventory is down or level, pending sales are up and actual homes sales are up. Based on some of the strong pending numbers, March should post some good sales figures.
To see the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2011 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 © 2011 Heather Tawes Nelson
