Here are the figures for the Scottsdale, Arizona luxury home market for March 2011. This report takes a look at the last 12 months of data and looks at Scottsdale luxury home sales, pending sales and active Scottsdale luxury homes on the market. I am defining the luxury market as homes with asking prices of $1 million or more.
– March 2011 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: At the end of March, there were 250 homes for sale in this price point. This number was down slightly over February and is ahead of the 12 month average of 277.
– Pending Scottsdale Home Sales: There were 28 pending sales at the end of the month, which is the same as what we saw at the end of February. These pending figures have not been this high since last summer. The 12 month average is 24 pending sales.
– Scottsdale Homes Sold: Twenty-seven homes sold in March in this price range, a 68.8% increase over February. That is the highest this figure has been in the last 12 months and the last time this number was this high was June 2010. The 12 month average for home sales in this segment is 18 per month.
– Sales Price to Listed Price: 91.0% – This is a pretty representative figure as this ratio tends to fall in the high 80%’s and low 90%’s.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: There were 168 homes on the market at the end of last month in this price segment. This was up by one home over February, but is still below the 12 month average of 176 homes.
– Pending Scottsdale Home Sales: Thirteen homes were pending, which was down from February’s 17 pending home sales. This figure was the same as the 12 month average.
– Scottsdale Homes Sold: Thirteen homes sold in March in this category, which was excellent. The last time this figure was so high was March of 2010. The 12 month average is 8 home sales.
– Sales Price to Listed Price: 90.2% – This is a pretty typical number for this price segment. We see this in the high 80%’s and low 90%’s.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: 150 homes in the $2 million price point were on the market at the end of the month. This is down from 157 in February and is below the 12 month average of 161.
– Pending Scottsdale Home Sales: Eleven homes were pending sale at the end of February. This was a 57% increase over the previous month and the highest number of pending sales since May of 2010. The 12 month average is 8.
– Scottsdale Homes Sold: There were five home sales in March in this price point. This is a little lower than we have been seeing over the last few months and is one home sale behind the 12 month average of 6.
– Sales Price to Listed Price: 91.6% – This is a good number for this price range. This is the first time it has been in the 90%’s since August 2010.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was down in the $3 million plus range. Active homes dropped 6.3% to 105 at the end of the month. The 12 month average is 115.
– Pending Scottsdale Home Sales: Pending home sales were up for the fourth month in a row to 5. This is on par with the 12 month average.
– Scottsdale Homes Sold: – There were four home sales in March, double that of February. This is ahead of the 12 month average of 3 sales.
Sales Price to Listed Price: 85.7% – This is a good ratio as we have seen a couple of months in the 70%’s and March was solidly in the 80%’s.
Overall March 2011 was a good month for the Scottsdale AZ luxury home market. Sales and pending sales were more or less up across the board and for the most part, inventory decreased. Based on pending activity, we should ideally see some good home sales activity for the month of April.
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 4/1/2011 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 in
