Scottsdale AZ Residential Lot Sales in 2012

For this post, I wanted to take a look at residential lot sales in Scottsdale, Arizona. As the inventory of available homes has been shrinking, potential buyers are having a harder time finding their dream houses. In response, many are searching for lots to build their ideal residence.This is a change from recent years where lot sales were moving slowly.

I pulled information on current Scottsdale lots for sale as well as sales activity for 2012, broken into quarters.

 Scottsdale Residential Lots for Sale
As of August 22nd, there are 599 residential lots for sale in Scottsdale. They range in size from .38 acres in central Scottsdale to a 117 acre parcel located North of Desert Mountain and Carefree Ranch that has elevations up to 4,800 feet.

The most expensive lot for sale right now is a 40 acre parcel located east of Troon Village for $15,000,000. Preliminary development has begun on this to become Tiara Estates, a 13 lot subdivision with homesites with 2 plus acres. The least expensive lot for sale is a foreclosure lot with 1.25 acres. It is located out close to Rio Verde and the Tonto National Forest and is listed for $34,900.

 Scottsdale Lot Sales in 2012 – Through August 22, 2012

Here is a snapshot of lot sales this year. As you can see, there was some nice momentum in Q1 that continued into Q2. Sales figures were higher, average sales price was higher and the sales price to list price ratio increased.

However, now that we are halfway through Q3, sales activity has dropped off quite a bit as have average sales prices. What we are seeing though is average days on market have been decreasing throughout the year and there is less discounting going on.  I am attributing the slowdown to some seasonality as most folks do not want to be out looking at lots when the temperatures are high.

As far as the most expensive lot sold, it was for a 2.1 acre parcel in prestigious Silverleaf in North Scottsdale. It sold quickly for $2,800,000 cash and for the asking price. The least expensive lot sold was a foreclosure lot with 1.11 acres. It was located on the east side and has not been developed at all. The sales price was $9,000.

Map of 2012 Scottsdale Home Sales
Here is a map showing the location of lot sales to date in 2012. As you can see, the bulk of sales took place in the less developed north and east portions of Scottsdale. Although, there was also some good representation in central and south Scottsdale. This makes sense as the more central and downtown portions of Scottsdale have been developed for a while, whereas the northern and eastern portions have been developing more recently.

 Search Scottsdale Residential Lots for Sale

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 8/22/2012 and can change at any time. The analysis looks at residential lot sales activity in Scottsdale, Arizona. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2012 Heather Tawes Nelson