Here are July 2010’s results for the Scottsdale AZ luxury home market. For the purposes of this report, I define the Scottsdale luxury home market as homes with asking prices over $1 million. This analysis reviews the sales activity of single-family, resale homes in Scottsdale over the last 12 months.
– July 2010 –
Homes Priced Between $1,000,000 – $1,499,999
– Active Homes for Sale: At the end of the month, there were 275 active homes in this price range in Scottsdale. This number was down slightly from June’s 279, continuing a four month trend of decreasing inventory. The 12 month average is 348.
– Pending Home Sales: Pendings saw another very large decline (35%) month-over-month. This is the second month in a row where there has been a significant decline. At the end of the month, there were 18 pending sales, well below the 12 month average of 27.
– Homes Sold: Nineteen homes sold in July, a large decline from June’s sales of 30 homes, but June was a spectacular month for this price range. The 19 sales were more in line with the 12 month average of 21 home sales per month.
– Sales Price to Listed Price: 88.3% – This is more or less a typical ratio for this price range, which is usually in the high 80%’s and low 90%’s.
Homes Priced Between $1,500,000 – $1,999,999
– Active Homes for Sale: At July’s end, there were 177 homes on the market in this price range. Inventory for this price segment has been decreasing since February of this year. The 12 month average is 221 homes for sale.
– Pending Home Sales: There were 13 pending sales at the end of the month. The last time we saw this figure so low was in October of 2009 when there were 14 pending sales. This is well below the average of 18 pending sales.
– Homes Sold: Seven homes sold in July, a 36% decrease over June. This figure is also behind the 12 month average which is 10 home sales.
– Sales Price to Listed Price: 90.6% – This is the first time this figure has been in the 90%s since November of 2009. So while sales were down, the homes sold for less of a discount off of the asking price.
Homes Priced Between $2,000,000 – $2,999,999
Active Homes for Sale: The number of homes on the market at this price point by the end of July was 147. This figure has been steadily decreasing since November of 2009. The 12 month average is 208.
– Pending Home Sales: Pending home sales were actually up over June to 6. This is positive news, however, this figure still trails the 12 month average of 8 pending sales.
– Homes Sold: Only 5 homes sold in July in this price segment, a 50% decrease over June, putting this figure below the 12 month average of 7 sales. The last time this number was so low was November and December of 2009.
– Sales Price to Listed Price: 85.3% – This is a little lower than is usually seen. For the last few months, this has been in the high-80%’s and even was at 90.1% one month.
Homes Priced $3,000,000+
– Active Homes for Sale: The number of homes for sale in Scottsdale over $3 million at the end of June dropped to 115. This is the lowest this figure has been since I started tracking this data in September of 2007. The 12 month average is 141.
– Pending Home Sales: There were three pending home sales at the end of the month. This is one less pending sale than June, but it is on track with the 12 month average of 3.
– Homes Sold: Three homes sold in July. Again this was off by one over June, but is also the same as the 12 month average of 3 home sales per month.
– Sales Price to Listed Price: 82.2% – This figure varies widely month to month. It is not uncommon to see the low 80%s one month and high 80%s the following.
July was a challenging month for the luxury home market in Scottsdale AZ. On a positive note, inventory continues to decrease month over month for all of the price points. However, the lackluster results for home sales and more importantly, the low pending sales figures mean that August is going to be another challenging month.
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 8/1/2010 and can change at any time. The analysis looks at single-family resale homes in Scottsdale 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 © 2010 Heather Tawes Nelson
