Scottsdale AZ Luxury Home Market – June 2012

This is an overview of the June 2012 performance of the Scottsdale Arizona luxury home market. Rather than putting all of the information into a single report, I split the luxury home market into a variety of price bands.

Each price range covers a year of monthly data, which is then broken into three sales statuses. They are as follows:
– Scottsdale luxury homes on the market as of June 30, 2012
– Pending home sales as of June 30, 2012
– Completed Scottsdale luxury homes sales in June 2012

– June 2012 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market:  The number of homes on the market in this price point continues to decline. There was an 11% drop in inventory between May and June.
– Pending Scottsdale Home Sales: Pending home sales saw a pretty sharp drop in June to 19. This is below the 12 month average of 22 homes.
– Scottsdale Homes Sold: Sales were very strong in June for this price segment. Thirty homes sold, which is well above the 12 month average of 19.
– Sales Price to Listed Price: 91.3% – This is pretty representative for this price band.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory was down slightly at the end of June to 117.
– Pending Scottsdale Home Sales: Pending sales were back up last month to 14. This is just ahead of the 12 month average of 12.
– Scottsdale Homes Sold: This was the highest sales month we have seen since last summer. Ten homes sold in June, making it the first double digit month we have seen in 2012.
– Sales Price to Listed Price: 87.3%- This is lower than we have been seeing recently, but is not really out of line.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: There was almost 12% drop in inventory between May and June for this price point. At the end of the month, there were 118 homes for sale, the lowest we have seen since Fall 2011.
– Pending Scottsdale Home Sales: Pending sales stayed the same in June at 6. This is slightly ahead of the 12 month average of 5.
– Scottsdale Homes Sold: Only four homes sold in June, which is the lowest we have seen since February. This is also below the 12 month average of 5 sales per month.
– Sales Price to Listed Price: 94.4% – This is higher than we have been seeing recently.

Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory dropped into the 70’s for the first time in a year. This is well below the 12 month average of 92 homes.
– Pending Scottsdale Home Sales: At the end of June, there were no pending sales.
– Scottsdale Homes Sold:  Three homes sold in June, which is a strong performance. It was well below the eight sales seen in May, but that figure was more of an anomaly.
– Sales Price to Listed Price: 86.7% – This is pretty average for this price point.

June 2012 was a mixed month the Scottsdale AZ luxury home market. Inventory continues to decline and many of the price bands had strong sales months. With the exception of the $1.5-$2 million price range, pending sales were lower across the board. This means we can expect to see a corresponding decrease in sales for July.

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 6/30/2012 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 © 2012 Heather Tawes Nelson