Here are September 2012’s results for the luxury home market in Scottsdale, Arizona. I have taken sales activity for homes priced above $1 million and divided it into four distinct price bands.
Each of these price bands will contain the following information:
Active- These were homes for sale in Scottsdale as of September 31, 2012
Pending – These were pending home sales as of September 31, 2012
Sold – The number of luxury home that sold in Scottsdale in September 2012
– September 2012 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: We saw the number of homes in this price point increase for the second month in a row. Although the figure was up 5.1% over August, it is still lower than the 12 month average of 188.
– Pending Scottsdale Home Sales: Pending sales dropped back down to 15 at the end of September. This is well below the 12 month average of 21.
– Scottsdale Homes Sold: Sales were up 11.% over August to 20. This is just behind the 12 month average of 21.
– Sales Price to Listed Price: 92.7% – This is right about where this figure has been coming i over the last several months.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory had been dropping since February, but was up 7.4% at the end of September and back into the triple digits. This is still lower than the 12 month average of 126.
– Pending Scottsdale Home Sales: Pending sales were up at the end of the month to 12.
– Scottsdale Homes Sold: Only four homes sold in the month of September. This is the lowest we have seen this figure since November of 2011 and is only half of the 12 month average for this price point.
– Sales Price to Listed Price: 86.9% – This is the lowest this ratio has been in the past year, meaning on average, buyers got over 13% off of asking prices.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: The number of homes in this price segment was down again at the end of September to 93. This figure has been decreasing monthly since March of 2012.
– Pending Scottsdale Home Sales: Pending sales stayed at six at the end of September, which is just ahead of the 12 month average of 5.
– Scottsdale Homes Sold: Only two homes sold in September. This is the lowest we have seen this figure since December of 2011.
– Sales Price to Listed Price: 76.0% – This is quite a bit lower than we have seen for this price point. On average, buyers enjoyed a 24% discount off of the asking price.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory jumped 11.8% by the end of September, taking us back to May 2012 levels.
– Pending Scottsdale Home Sales: Pending sales held their own. At the end of the month, there were two pending sales.
– Scottsdale Homes Sold: There was a single home sale in September for over $3 million.
– Sales Price to Listed Price: 89.6% – This is a little higher than we have been typically seeing in this price range.
September 2012 was a mixed month for the Scottsdale AZ luxury home market. Inventory was up in almost all of the price segments. While this would be a welcome relief on the lower end of the market, there is still a substantial amount of luxury inventory to get through. Pending sales held their own or increased in the three highest price ranges, which is positive. However, the sales figures for these same ranges were down in September. Ideally, the decent pending sales in the pipeline will help October’s figures.
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 10/1/2012 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 © 2012 Heather Tawes Nelson
