– October 2010 Scottsdale Luxury Home Sales –
Here are the figures for the luxury home sales in Scottsdale, Arizona for October 2010. This monthly report looks at luxury homes on the market in Scottsdale that have list prices of $1 million or more. This analysis looks at the last 12 months of resale data.
– October 2010 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Luxury Homes on the Market: The number of homes for sale in this category saw its first increase since April of this year in October. The 12 month average is 320 homes on the market, so we are still below that.
– Pending Home Sales: Pending sales saw a nice 27% rebound over September to 23. This is just behind the 12 month average of 24 and is the highest we have seen since June of this year.
– Homes Sold: Home sales were up slightly to 12 in October. However, this is still well behind the 12 month average of 18 sales per month.
– Sales Price to Listed Price: 89.2%- This is pretty typical for this price range.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Luxury Homes on the Market: The number of homes on the market in this price range continues to decrease. At the end of October, there were 163 homes for sale, below the 12 month average of 205.
– Pending Home Sales: Only 8 homes were pending at the end of October. This is the lowest it has been in the last year and it is only half of the 12 month average of 12.
– Homes Sold: Six homes sold in October, which is the lowest we have seen all year. The 12 month average is 10 home sales.
– Sales Price to Listed Price: 85.2% – This is pretty standard for this price point and it was an improvement over September’s percentage.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Luxury Homes on the Market: Inventory decreased in this price segment in October after a jump in September. At the end of October, there were 163 homes for sale, behind the 12 month average of 190.
– Pending Home Sales: Pending sales at the end of the month were at 7. This is down slightly from September and is one pending sale behind the 12 month average of 8.
– Homes Sold: Homes sales moved up by one last month to 4. This is still well behind the 12 month average of 7 home sales.
– Sales Price to Listed Price: 83.9% – We typically see this number in the mid to high-80%”s.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Luxury Homes on the Market: The number of homes for sale in excess of $3 million went up in October to 109. This is the second month we have seen inventory increase. The 12 month average is 129 homes on the market.
– Pending Home Sales: Pending home sales had a nice upward movement to 6 at the end of the month. This is ahead of the 12 month average of 4.
– Homes Sold: There was only a single sale of a home in October. This is the lowest we have seen this figure since December of 2009. The 12 month average is 3 sales per month.
– Sales Price to Listed Price: 79.1% – This figure has been in the 70%’s range for the last three months. Prior to that it was in the 80%’s for many months.
October was a better month for the luxury home market in Scottsdale, Arizona, particularly after such a difficult September. However, we continue to some small inventory increases in some of the price segments. Pending sales, while recovering, were still lagging 12 month averages for the most part and sales activity was still depressed.
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 11/1/2010 and can change at any time. The analysis looks at single-family luxury 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 © 2010 Heather Tawes Nelson
