Here are the figures for August 2010 for the luxury home market in Scottsdale, Arizona. This report covers sales activity for single-family resale homes in Scottsdale priced at $1,000,000 and above over the past 12 months.
– August 2010 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Homes on the Market: The number of home on the market in this price point has been decreasing since March of this year. In August, it dropped 6.2% over July to 258 homes. The 12 month average for this price segment is 339.
– Pending Home Sales: Pending sales saw another down month at 16. The last time we saw a number this low was December of 2009. The 12 month average is 25 pending sales.
– Homes Sold: There were only 13 home sales in this price band last month. This is well behind the 12 month average of20.
– Sales Price to Listed Price: 89.5% – This is pretty standard for this price point.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Homes on the Market: Inventory in this price segment dropped again to 168. It has been dropping monthly since February 2010 and is well below the 12 month average of 215.
– Pending Home Sales: Twelve home sales were pending at the end of August. This is the lowest this figure has been in the last year. The 12 month average is 18 pending sales.
– Homes Sold: Seven homes sold in August, which is the same amount that sold in July. So, while we did not see any decrease in sales, it is still behind the 12 month average of 10 sales.
– Sales Price to Listed Price: 88.5% – This is pretty normal for this price range.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Homes on the Market: At the end of August, there were 141 homes priced in the $2 million to $3 million range. This figure has been decreasing since November of 2010 when there were 247 homes on the market. The 12 month average is 201.
– Pending Home Sales: Five homes were pending sale at the end of the month. This was down over July and is behind the 12 month average of 8.
– Homes Sold: Only three homes sold in August. This is the lowest this figure has been in a year. The 12 month average in this price range is 7.
– Sales Price to Listed Price: 90.1% – This is a little higher than the high 80’s% we typically see in this price segment.
Scottsdale Homes Priced $3,000,000+
– Active Homes on the Market: Inventory saw almost a 10% drop over July in the over $3 million range. 104 homes were on the market at the end of the month. The 12 month average for this is 137.
– Pending Home Sales: Pending sales doubled over July to 6. This is positive news and ahead of the average of 4 pending sales.
– Homes Sold: Two homes over $3 million sold in August, which is behind the 12 month average of 3 sales.
– Sales Price to Listed Price: 76.5% – This is a lot lower than we usually see for this price point.
August was another disappointing month for the Scottsdale AZ luxury home market. Sales were down and pending sales were also down. On a positive note, inventory continued to decrease for all of the price bands and pending sales for the $3 million and over segment were up quite a bit. However, the pending sales in the other price bands were down which indicates sales for the month of September will continue to underperform.
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 9/1/2010 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
