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Scottsdale AZ Luxury Home Market – February 2010

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Scottsdale Luxury Homes for SaleHere are the results for February’s single-family luxury home market in Scottsdale. This analysis looks at single-family resale homes for sale in Scottsdale priced $1,000,000 and above over the last twelve months.

– February 2010 –
 
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 373 active homes in this price point on the market at the end of February. This number has been creeping up over the last two months, but is still behind the 12 month average of 402.
– Pendings: There were 32 pending home sales at the end of February, a 60% jump over January, This is the highest we have seen since August of 2009. This number also exceeds the 12 month average of 30.
– Sold: Home sales were down in February for this price range. Sales have been decreasing since September of 2009 and there were only 15 sales for February. The 12 month average is 20. However, the large increase in pending home sales indicates that March should be stronger.
– Sales Price to Listed Price: 91.0% – This is pretty standard for this price band. Typically, this figure is in the high 80%’s and low 90%’s.

 


Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Actives: 240 homes were on the market at the end of February. This figure has been hovering in this range for the last five months. It is still below the 12 month average of 251.
– Pendings: At the end of February, there were 19 pending home sales. This is the same number of pending sales at the end of January. The 12 month average is 19.
– Sold: Home sales in this price point have been decreasing since December and there were 10 home sales in February. This is on par with the 12 month average of 10.
– Sales Price to Listed Price: 85.7% – This is typical for this price range, although it is somewhat toward the lower end.

 

Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 220 homes on the market in this price point. This figure has been decreasing since November 2009. The 12 month average is 260.
– Pendings: Eight homes were pending at the end of the month. This was a drop off from December and January’s 11 and 16. However, it is on track with the 12 month average of 8.
– Sold: There were 11 home sales in February, which was the highest this figure has been since March of 2008.
– Sales Price to Listed Price: 85.7% – This is pretty much on par with where this figure tracks.

 

Scottsdale Homes Priced $3,000,000+
– Actives: At the end of February, there were 145 homes over $3 million on the market. This number has been tracking in the 140’s for the last three months and this 12 month average is 173.
– Pendings: No home sales were pending at the end of the month, which spells bad news for March sales figures. This number averages three per month. At this point, the only things that could help March sales figures are cash sales that close quickly, which we have been seeing periodically.
– Sold: Three homes sold in February which is on par with the 12 month average of 3.
– Sales Price to Listed Price: 81.1% – This figure varies from month to month. It is slightly better than January’s ratio of 79.0%.

 

As you can see, the results vary quite a bit between the price segments. We did see some bright spots with nice activity in the $1 million to $1.5 million price range and sales in the $2 million to $3 million range. The $3 million and up price range’s lack of pending sales is disappointing, but should hopefully pick up.

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 3/1/2010 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

Scottsdale AZ Single-Family Homes For Sale – February 2010

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February’s numbers for Scottsdale homes for sale were an improvement over January’s home sales’ disappointing finish. Inventory stayed level and pending home sales and completed home sales rebounded. In addition, the sales price to listing price ratio improved for the first time in three months.

Scottsdale Home Sales February 2010

February 2010 Highlights for Scottsdale Homes for Sale:

  • Active Homes for Sale:  There were 2,924 homes for sale in Scottsdale at the end of February. This was down three homes from January’s 2,927. The 12 month average for this figure is 3,043.
  • Pending Home Sales:  Pending home sales shot up 24.8% over January to 588. We have not seen pending home sales in Scottsdale this high since I started tracking this data in September of 2007. The closest we have been to this is 274 in June of 2009. The 12 month average for pending home sales is 504.
  • Homes Sold: There were 301 single-family home sales in Scottsdale in February. This was a nice improvement over January’s 267, but this still lags behind the 12 month average of 335.
  • Sales Price to List Price: 92.1% – This is pretty representative of this figure. Typically, it tracks in the low 90%’s.

Overall, February was a promising month for Scottsdale AZ real estate. Sales were up, even though they were still behind the 12 month average, and the surge in pending sales was nice to see. In addition, the abundance of pending home sales bodes well for March sales numbers. Inventory seems to be stabilizing or slightly decreasing which is also a positive sign.

 

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 3/1/2010 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.
Copyright © 2010 Heather Tawes Nelson

Desert Highlands Scottsdale AZ – 2009 Home Sales and Market Activity

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Desert Highlands Golf Community Scottsdale AZ 85255Since 1983, Scottsdale’s Desert Highlands has been a defining force in luxury golf communities. Developed by Lyle Anderson, who also developed Desert Mountain, Desert Highlands encompasses 840 acres of prime Sonoran Desert in North Scottsdale overlooking Pinnacle Peak. The community is guard-gated and the 560 homesites are nestled within the gently sloping hills.

The Desert Highlands Golf Club is a lovely private club with an 18-hole course designed by Jack Nicklaus. The centerpiece of the club is the elegant clubhouse with casual and more formal dining, a large fitness center, pools and a tennis complex. There is also a very busy social calendar for members looking for entertaining things to do. Membership to Desert Highlands Golf Club is dependent upon owning property within Desert Highlands. With Scottsdale’s excellent weather, most of these amenities can be enjoyed year-round.

Below is a look at Desert Highlands homes for sale and Desert Highlands sales activity for 2009 as well as a comparison with 2008’s sales performance. Home sales and sales volume were down in 2009 compared to 2008. We also saw a decline in average sales price and price per square foot, although the decline in price per square foot was not as dramatic as we have seen at some of the other luxury golf communities in Scottsdale. In 2009, homes sold for less of a discount than 2008 – 89% compared to 84% and average cumulative days on market decreased by over 60 days.

Desert Highlands Home Sales 2009

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2010 and can change at any time. The analysis looks at home sale activity in the golf community of Desert Highlands in Scottsdale, Arizona. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2010 Heather Tawes Nelson

Estancia Scottsdale AZ – 2009 Real Estate Sales Performance

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Estancia Golf Homes for Sale Scottsdale AZEstancia, located in North Scottsdale Arizona, is a top luxury golf community featuring some of the most elegant Scottsdale homes for sale. This private, guard-gated enclave is spread over 640 acres and is just north of the famous Pinnacle Peak.

There are 223 home sites on property and 39 villas. No home in Estancia is without a gorgeous view of Pinnacle Peak, the stunning green of the Estancia golf course or the natural splendor of Arizona. The elegant Estancia Clubhouse has more formal dining as well as a grill where residents and guests can enjoy a good meal after a round of golf. Other amenities include tennis courts, a swimming pool with a lap lane and a fitness room with well-appointed locker rooms.

The Estancia Club is capped at 325 memberships and you do not have to own property at Estancia to become a member. The award-winning 18-hole golf course was designed by Tom Fazio and was named Best New Private Course in 1996 by Golf Digest and was ranked number 82 in Golf Digest’s America’s 100 Greatest Golf Courses 2009-2010

Below is an overview of Estancia homes for sale and Estancia real estate sales activity for 2009 as well as a comparison with 2008’s sales performance. As you can see, home sales were up 25% in 2009 over 2008. However, the actual sales volume, even with the additional sales, was significantly less at over $6.7 million. The average sales price for homes dropped by over $1.2 million and the average price per square foot was down significantly. Average days on market was down by 52, which was an improvement.

Desert Highlands Home Sales 2009

 

Overall, sales were up in 2009 for Estancia, but sales volume was significantly lower and average sales price was down. Because 2009 was a difficult year for the luxury home market in Scottsdale, we saw a similar pattern for all of the luxury communities in Scottsdale. As capital markets dried up and buyer activity slowed, sellers were forced to lower their prices and negotiate, which translated into some good deals for buyers.

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2010 and can change at any time. The analysis looks at home sale activity in the golf community of Estancia in Scottsdale, Arizona. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2010 Heather Tawes Nelson

Phoenix and Scottsdale AZ Luxury Condo Market Sales- January 2010

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Here are the condo sales figures for the luxury condo market in Scottsdale, Phoenix and Tempe for January 2010. I am defining the luxury condo market as condos with asking prices in excess of $1 million.

January was a solid month for luxury condo market activity. At the end of the month, there were 74 luxury condos for sale. Scottsdale had 57% of the inventory, Phoenix had 38% of the inventory and the remaining 5% was located in Tempe.

Scottsdale Phoenix Luxury Condo Sales January 2010

There was a single sale in January and it was for a three bedroom, two and one-half bathroom, 2,593 square foot unit at the Optima Camelview in Scottsdale. The unit was new construction and sold for $1,250,000.

There were three pending sales as well. The first was at the Scottsdale Waterfront Residences and it was a two bedroom, two and one-half bathroom, 2,469 square foot unit listed for $1,450,000. The other pending sales were in Phoenix at Esplanade Place and Two Biltmore Estates. The Esplanade Place luxury condo was a two bedroom, three bathroom, 3,000 square foot residence listed for $1,695,000 and the Two Biltmore Estates condo was a three bedroom, three and one-half bathroom, 3,890 square foot unit listed for $2,198,000.

 

Overall, the luxury condo market in Scottsdale, Phoenix and Tempe is off to a decent start for 2010. Hopefully, this market segment will continue to improve after experiencing difficult 2009.

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2010 and can change at any time. The analysis looks at single-family resale condos in Scottsdale, Tempe 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 © 2010 Heather Tawes Nelson

Scottsdale AZ Luxury Home Market – January 2010

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Below is a look at January 2010’s home sales activity for the Scottsdale AZ luxury home market. This report covers sales activity for single-family resale homes in Scottsdale priced at $1,000,000 and above over the last 12 months.

– January 2010 –
 
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 366 active homes on the market in this price range. This was up slightly over November’s 358 and December’s 341, but is still below the 12 month average of 418.
– Pendings: At the end of the month, there were twenty pending home sales. This was an improvement over December’s 17, but is still tracking behind the 12 month average of 28.
– Sold: Only 17 homes sold in January in this price range. This is the lowest this figure has been since March of 2009. The 12 month average is 20 sales per month.
– Sales Price to Listed Price: 89.8% – This is pretty typical for this price point.

 

 

Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 239 homes for sale in this segment. Again, it was slightly up over December’s 230, but still well below the 12 month average of 256.
– Pendings: Nineteen homes were pending sale at the end of January. This is a very strong number and is ahead of the average of 15 pending sales per month.
– Sold: Home sales in January were strong again, coming off of a strong December. There were 12 home sales in this price range. The 12 month average is 9.
– Sales Price to Listed Price: 82.4% – This is the lowest this ratio has been since I started tracking the figures in September of 2007. Typically, this number hovers in the high 80%’s and low 90%’s.

 

 

Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Actives: 227 homes were for sale in this price point. This figure has been dropping since November 2009 and the 12 month average is 271.
– Pendings: We saw a huge jump (45.5% ) in pending home sales in January with a total of 16. We have not seen a number like this since May of 2008. The 12 month average for pending sales is 8.
– Sold: Nine homes sold in January, which was another great performance. The last time we saw 9 home sales in a month was July of 2009. The 12 month average is 6.
– Sales Price to Listed Price: 86.2% – This is a little low as this ratio is typically in the high 80%’s and low 90%’s.

 

 

Scottsdale Homes Priced $3,000,000+
– Actives: There were 146 active homes on the market with asking prices in excess of $3 million. This number was up slightly (2%) over December, but is still well below the 12 month average of 183.
– Pendings: Four homes were pending sale at the end of the month. This is right on par with the 12 month average of 4.
– Sold: Sales saw a nice jump in January, up to 4 over December’s single sale. This is also ahead of the 12 month average of 3.
– Sales Price to Listed Price: 79.0% – This ratio changes dramatically from month to month. Usually, it is somewhere in the 80%’s, so this was a little low.
Overall, January was a pretty strong month for the Scottsdale luxury home market. With the exception of the $1 million to $1.5 million price range, we saw nice jumps in home sales and pending home sales in the other Scottsdale luxury home price segments.  For the most part, inventory was up, but the increases were not too dramatic. Based on the pending home sales data, February should be another decent month.

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 1/1/2010 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

Scottsdale AZ Single-Family Homes For Sale – January 2010

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The new year started off a little slow for Scottsdale AZ homes for sale. Although the slowdown is to be expected due to many people trying to close on homes before the end of the year, the dip in this case was a bit more than I would have anticipated. The good news is that pending sales rebounded a bit after dropping off in December. Scottsdale resale home inventory was back up as well.

 

Scottsdale Home Sales January 2010

 

January 2010 Findings
Active Homes for Sale: At the end of January, there were 2,927 homes for sale in Scottsdale. This was a jump up from December when a lot of home listings expired. However, we are still below the 12 month average of 3,134 active homes on the market.
Pending Home Sales: Pending sales enjoyed a nice little rebound in January. They were up 7.5% over December to come in at 471. This is slightly behind the 12 month average of 479.
Homes Sold: There were only 267 home sales in January and this is the first time this number has dropped into the 200’s since March of 2009. This figure has been firmly in the 300’s since April of 2009. Clearly, December’s drop in pending sales had an impact on January’s figures. The 12 month average for monthly Scottsdale home sales is 327.
Sales Price to List Price: 90.4% – This is the lowest this figure has been since July of 2004. Typically, it tracks in the low 90%’s.

While the sales figures were a big disappointment, the uptick in pending sales was an encouraging sign. We are also hearing that more and more Scottsdale short sales are now closing, so ideally, that will help down the road. Inventory was back up, which was to be expected for the beginning of the year, but the good news is that it is still at more or less the same level as October’s and November’s levels.

 

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2010 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.
Copyright © 2010 Heather Tawes Nelson

2009 Scottsdale AZ Real Estate Market Sales Activity – Includes Short Sales and Foreclosures

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At the end of the year, I compiled all of the sales data for Scottsdale AZ single-family homes and wanted to see how Scottsdale foreclosures and short sales impacted the market for 2009. I looked at the information on a quarterly as well as on an annual basis. Earlier this year, I did the same Scottsdale Foreclosure and Short Sale analysis for the first three quarters of 2009 and wanted to see how the end of the year and annual results turned out. I also looked at two specific North Scottsdale zip codes, 85255 and 85262, to see how the numbers compared. The specific charts of 2009 sales by zip code will be further down in this post.

For the purposes of this analysis, I pulled Scottsdale single-family home resale activity and then broke the information into three classifications:
– Non-Distressed Sales – These are your traditional, “regular” home sales.
– Short Sales – These are where the homeowners are trying to sell the home for less than is owed with their lender’s approval.
– Foreclosures – These are homes the lender has foreclosed upon and now owns. You will see them referenced as “Lender-Owned”.

Overall Findings for 2009 – Scottsdale Single-Family Home Market

  • Active Homes For Sale: Non-distressed sales comprise the bulk of the active homes on the market. Between Q1 2009 and Q4 2009, the percentage of non-distressed homes on the market in Scottsdale ranged from 77% to 81%. Over the course of the year, this percentage shrunk as short sales increased from 13% in Q1 to 15% by Q4. Foreclosures ranged between 6%-8%.
  • Pending Homes for Sale: 81% of the pending sales at the end of the year were non-distressed and short sales. The rest were foreclosures.
    2009 Scottsdale Home Sales: At the end of the year, 83% of closed sales were divided between non-distressed sales (52%) and foreclosures (31%.) Short sales only comprised 17% of the closed sales. So, even though inventory for foreclosures was low, demand was very high.
  • Home Prices: Non-distressed sales went for the highest average price ($643,439), short sales and foreclosure average sales prices came in quite a bit lower at $470,082 and $409,499 respectively. Average price per square foot also followed the same pattern.
  • Days on Market: Short sales have the longest days on market figure. This makes sense as short sales take a longer time to negotiate and close. Foreclosures have the lowest days on market since they often go under contract quickly and often close relatively quickly once the lender has agreed to the terms.
  • Discounts Off of List Price: The largest discount off of list price in 2009 was seen with non-distressed Scottsdale homes at 91% of asking price, or 9% off. Conversely, the discount on short sales was 7% and foreclosures was 5%. So, while asking prices for short sales and foreclosures were more aggressive, they ultimately sold for pretty close to asking price.

Scottsdale 2009 Home Sales Short Sale Foreclosure

In this next section, I looked at 2009 home sales data for North Scottsdale zip codes 85255 and 85262. It is interesting to see how the numbers vary from Scottsdale as a whole.

  • 2009 home sales in 85255 had a higher proportion of non-distressed sales at 59% versus all of Scottsdale’s 52%. However, in 85262, only 39% of the sales were non-distressed.
  • Short sales in 85255 were pretty similar to Scottsdale as a whole with 16% and 17% respectively. However, short sales in 85262 were much higher in 2009 with 22% of all sales.
  • Foreclosures in 85255 made up only 25% of all sales versus Scottsdale’s 31%. But in 85262, foreclosures accounted for almost half (40% )of all 2009 home sales.
  • Discount off of List Price: Again, we saw the biggest discounts off of asking price for non-distressed sales in both zip codes (9% in 85255 and 14% in 85262) and smaller discounts off of list price for short sales and foreclosures.

85255

85255 Home Sales 2009 Short Sale Foreclosure

85262

85262 Homes Sales 2009 Short Sale Foreclosure

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) 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.

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