– Scottsdale AZ Luxury Home Market Performance for January 2014 –
January was a challenging month for Scottsdale luxury homes. Although we did see some decent results here and there, for the most part, inventory was up and sales were slow. Although, it should be noted that sales activity in January is usually slow due to seasonal reasons.
Below is an overview of luxury home sales activity in Scottsdale for the last twelve months. I have divided the sales data into four price bands to give better detail. In each price band, you will find the following information:
Active -How many homes were for sale at the end of the month.
Pending – How many sales were pending at the end of the month.
Sold – How many homes sold over the course of the month.
– January 2014 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory jumped 23.4% by the end of the month. We normally see this rebound as the new year starts, but now the count of homes is well above the 12 month average of 211.
– Pending Scottsdale Home Sales: Pending sales were up after a slow December, but were the second lowest we have seen in the last 12 months.
– Scottsdale Homes Sold: Based on a low pending figure for December, sales were dismal in January. They were below what we typically see by more than twice.
– Sales Price to Listed Price: 97.6% – This is higher than we usually see, meaning average sales prices were pretty close to asking prices.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Again, we saw another jump in inventory by the end of month. This time is was 21.1% greater than December.
– Pending Scottsdale Home Sales: Pending sales were solid and were just ahead of the 12 month average of 20.
– Scottsdale Homes Sold: Ten homes sold in January, which was down from December’s 15, but this was still in range for this price point.
– Sales Price to Listed Price: 95.3% – This is about where this figure has been trending.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: This price segment also saw a rise of inventory by the end of the month. 183 homes were for sale, a 13% increase over December.
– Pending Scottsdale Home Sales: Twelve homes were pending, which was what we saw in December. This is a strong number as it is almost double the 12 month average.
– Scottsdale Homes Sold: Six homes sold in January. which put it right on par with the 12 month average.
– Sales Price to Listed Price: 89.6% – This is where we were seeing this figure toward the end of last year, pre-December.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: The increase in inventory was the smallest in this price range, only 6% over the previous month. However, when you look at the average monthly sales of 3 homes, it is going to take a long time to get through this inventory.
– Pending Scottsdale Home Sales: Pending sales came in at four by the end of the month, slightly ahead of the 12 month average of 3.
– Scottsdale Homes Sold: Four homes sold in January, which is better than we have seen since late summer 2013.
– Sales Price to Listed Price: 93.4%- This is about where we have been seeing this number over the past few months.
Although we typically see inventory increase at the start of the year, the Scottsdale luxury home market saw some large increases in the number of homes for sale, particularly in the lower luxury price segments. While this is a benefit to buyers because they will have more choice, the lower monthly sales figures mean it will take a long time to get through the sheer number of homes for sale. The positive news is that pendings and sales are holding their own in the higher price segments.
If you would like additional detail on home sales activity, please visit my Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.
Search Scottsdale Luxury Homes for Sale
Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2014 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 © 2014 Heather Tawes Nelson |Joyce Tawes
