Scottsdale AZ Real Estate & Lifestyle

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Heather Tawes Nelson

Scottsdale AZ Q1 2011 Home Sales By Type – Includes Foreclosures & Short Sales

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Here are the results for Q1 2011 for Scottsdale, Arizona home sales. I have divided the sales activity into the following three categories.
Here are the three categories of home sales and how I am defining them in general terms:
– Non-Distressed Sales – These are what you would consider “regular” or “traditional” home sales. In this scenario, the buyer works directly with the seller  for negotiations and throughout the transaction.
– Short Sales – Short sales happen when homeowners try to sell their home for less than is owed. These transactions require the approval of the lienholder(s) and typically, the main lienholder is the lender on the first mortgage.
– Foreclosures – These are homes where the  lender now owns the home. You will see them referenced as “Lender-Owned”, “REO‘”  homes or “Bank-Owned” homes.
Overall Findings for the Q1 2011 Scottsdale Single-Family Home Market – Data As of  April 1 , 2011
  • Scottsdale Homes for Sale: The vast majority (77%) of active homes for sale at the end of the quarter were regular home sales. Short sales came next with 14% of the inventory and only 9% were foreclosures.
  • Scottsdale Pending Home Sales: Pending home sales percentages shifted a bit and we saw regular sales’ share drop to 49% of the activity. Short sales and foreclosures were pretty evenly divided for the rest of the pending sales.
  • 2010 Scottsdale Home Sales: Actual home sales in Q1 2011 ticked back up for the regular home sales category to 55%. Foreclosures, which were only 9% of the active listings, made up for 27% of the home sales.
  • Home Prices: There was a clear delineation between home prices and category. As we have seen over the last several quarters, non-distressed home sales went for the highest average sales price, followed by short sales and then lender-owned homes. There was a $200K difference in average sales price between regular home sales and foreclosures.
  • Days on Market: Due to high demand, foreclosures had the shortest days on market at 129. Short sales were an average of 6 months on the market and regular sales were just under that.
  • Discounts Off of List Price: As we have seen over the last several quarters, regular sales had the largest discount. For Q1 2011,  the average discount off of asking was 8%. Short sales and foreclosures stayed where they have been for a while, at about 5% off of asking price.
Scottsdale AZ Homes for Sale Q1 2011 plus Short Sales and Foreclosures
Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and sales 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. Information deemed reliable but not guaranteed.
Copyright © 2011 Heather Tawes Nelson

Scottsdale AZ Luxury Home Market – March 2011

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Here are the figures for the Scottsdale, Arizona luxury home market for March 2011. This report takes a look at the last 12 months of data and looks at Scottsdale luxury home sales, pending sales and active Scottsdale luxury homes on the market. I am defining the luxury market as homes with asking prices of $1 million or more.

– March 2011 –
 
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: At the end of March, there were 250 homes for sale in this price point. This number was down slightly over February and is ahead of the 12 month average of 277.
– Pending Scottsdale Home Sales: There were 28 pending sales at the end of the month, which is the same as what we saw at the end of February. These pending figures have not been this high since last summer. The 12 month average is 24 pending sales.
– Scottsdale Homes Sold: Twenty-seven homes sold in March in this price range, a 68.8% increase over February. That is the highest this figure has been in the last 12 months and the last time this number was this high was June 2010. The 12 month average for home sales in this segment is 18 per month.
–  Sales Price to Listed Price:  91.0% – This is a pretty representative figure as this ratio tends to fall in the high 80%’s and low 90%’s.

Scottsdale AZ Luxury Home Sales March 2011 between 1 and 1.5 million


Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: There were 168 homes on the market at the end of last month in this price segment. This was up by one home over February, but is still below the 12 month average of 176 homes.
– Pending Scottsdale Home Sales: Thirteen homes were pending, which was down from February’s 17 pending home sales. This figure was the same as the 12 month average.
– Scottsdale Homes Sold: Thirteen homes sold in March in this category, which was excellent. The last time this figure was so high was March of 2010. The 12 month average is 8 home sales.
–  Sales Price to Listed Price: 90.2% – This is a pretty typical number for this price segment. We see this in the high 80%’s and low 90%’s.

Scottsdale AZ Luxury Homes for Sale March 2011 between 1.5 and 2 million

Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: 150 homes in the $2 million price point were on the market at the end of  the month. This is down from 157 in February and is below the 12 month average of 161.
– Pending Scottsdale Home Sales: Eleven homes were pending sale at the end of February. This was a 57% increase over the previous month and the highest number of pending sales since May of 2010. The 12 month average is 8.
– Scottsdale Homes Sold: There were five home sales in March in this price point. This is a little lower than we have been seeing over the last few months and is one home sale behind the 12 month average of 6.
– Sales Price to Listed Price: 91.6% – This is a good number for this price range. This is the first time it has been in the 90%’s since August 2010.

Scottsdale AZ Luxury Homes for Sale March 2011 between 2 and 3 million


Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was down in the $3 million plus range. Active homes dropped 6.3% to 105 at the end of the month. The 12 month average is 115.
– Pending Scottsdale Home Sales: Pending home sales were up for the fourth month in a row to 5. This is on par with the 12 month average.
– Scottsdale Homes Sold: – There were four home sales in March, double that of February. This is ahead of the 12 month average of 3 sales.
Sales Price to Listed Price: 85.7% –  This is a good ratio as we have seen a couple of months in the 70%’s and March was solidly in the 80%’s.
Scottsdale AZ Luxury Homes for Sale March 2011 Over $3 million

Overall March 2011 was a good month for the Scottsdale AZ luxury home market. Sales and pending sales were more or less up across the board and for the most part, inventory decreased. Based on pending activity, we should ideally see some good home sales activity for the month of April.

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  4/1/2011 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 © 2011 Heather Tawes Nelson in

Phoenix and Scottsdale AZ Luxury Condo Sales – March 2011 and Q1 2011

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Here are the March 2011 and Q1 2011 results for Scottsdale and Phoenix luxury condo market. I consider the luxury condo market as those condos with asking prices in excess of $1 million.

There was a single pending luxury condo sale at the end of March 2011. It is the same sale that was pending at the end of February. The condo is a 3 bedroom, 3 .5 bathroom, 4,000 square foot unit at The Residences at 2211 Camelback in Phoenix. The asking price was $1,100,000.

There were three luxury condo sales in the month of March. All three sales were in Scottsdale. Two of the sales were at the Scottsdale Waterfront Residences. The first sale was 3 bedroom, 3.5 bathroom, 2,503 square foot unit that sold for $930,000. The other sale was a 2 bedroom, 2.5 bathroom, 2,227 square foot unit that sold for $1,150,000. The third sale in March was at Optima Camelview Residences and was a 3 bedroom, 2 bathroom unit with 2,848 square feet.

Luxury condo sales Scottsdale Phoenix March 2011

Scottsdale and Phoenix Luxury Condo Sales – Q1 2011
Here is a snapshot of luxury condo sales for Q1 2011 in Scottsdale and Phoenix. All six sales took place in Scottsdale. Scottsdale Waterfront Residences and Optima Camelview both had two sales in Q1 and the last two sales were at Safari Drive and The Landmark at Kierland.

Luxury condo sales Scottsdale Phoenix Q1 2011

March was a strong  month for luxury condo sales in Scottsdale and Phoenix. In fact, half of the first quarter’s sales occurred last month. The pending sale was a holdover from February so ideally it should close in April. However, to start the second quarter off on a good note, we need to see a few more units go under contract.

Learn More About Phoenix and Scottsdale Luxury Condos
Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of  4/1/2010 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix 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.
Copyright © 2011  Heather Tawes Nelson

Scottsdale AZ Single-Family Homes for Sale – March 2011

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Here are March 2011’s results for Scottsdale home sales. This analysis looks at the past 12 months of activity on a monthly basis for Scottsdale single-family homes. It is broken into Scottsdale homes for sale, pending home sales and Scottsdale homes sold in March.
Scottsdale AZ Homes Sold March 2011
Scottsdale AZ Home Sales Stats March 2011
March 2011 Highlights for Scottsdale AZ Homes for Sale:
  • Active Scottsdale Homes for Sale: Single-family home inventory continues to drop. We are now down to 2,332 homes for sale. This is below the 12 month average is 2,608.
  • Pending Homes Sales in Scottsdale:  Pending sales saw a nice jump in March to 606 over February’s 530, a 14.3% increase. The last time we saw this figure in the 600’s was in May of 2010. The 12 month average for pending sales is 516. This indicates that April home sales should be strong.
  • Scottsdale Homes Sold: Home sales saw a third month of growth in March. There were 433 home sales, a 13.4% increase over February. We saw home sales hit 400 in December 2010, but the last time sales were this high was in June of 2010. The 12 month average for monthly home sales is 374.
  • Sales Price to List Price:  93.5% – Buyers, on average, saw a 6.5% discount off of asking price in March 2011. This is a pretty representative percentage for Scottsdale homes as this ratio tends to stay around the low 90%’s.
March 2011 was another good month for Scottsdale AZ home sales. Inventory was down quite a bit and pending home sales and actual home sales saw very healthy jumps. We do tend to see seasonal sales swing up annually, so this was somewhat expected, but always nice to see. And, since pending sales were strong last month, April 2011 home sales should continue in the upswing.

 

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2011 and can change at any time. The analysis looks at single-family resale homes for sale and home sales 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.
Copyright © 2011 Heather Tawes Nelson

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