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Greater Phoenix AZ Luxury Condo Market Performance – November 2009

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Here are the figures for the Luxury Condo Market in Scottsdale, Phoenix and Tempe, Arizona for the month of November 2009. The luxury condo market is defined as condos for sale with list prices in excess of $1 million.

Inventory has been increasing over the last few months. In September, there were 65 units for sale valleywide and in October, there were 68. By the end of November, there were 73 units on the market priced in excess of $1 million. Scottsdale had the highest number of units on the market with 37, followed closely by Phoenix with 30 and then Tempe, with 6.

November was a positive month for luxury condos. At the end of the month two units had sold and two units were pending. The two sales were in luxury developments in Scottsdale. One of them was a two bedroom, two bathroom, 2,566 square foot unit at The Landmark near Kierland for $1 million even. The second sale was at Optima Camelview and it was a brand new, three bedroom, two bathroom, 3,217 square foot penthouse for $1,610,000.

The pending sales were split between Scottsdale and Phoenix. One of the units is located at the Scottsdale Waterfront. It is a three bedroom, three and one-half bathroom, 2,500 square foot unit listed for $1,399,000. The other pending sale is at Esplanade Place in Phoenix and is a two bedroom, three bathroom, 3,000 square foot unit listed for $1,695,000.

Scottsdale Phoenix Luxury Condo Sales November 2009

Click to learn more about the various luxury condo communities in the greater Phoenix valley.Again, November was a good month for the luxury condo market in Scottsdale, Phoenix and Tempe. Ideally, the two pending sales will close escrow in December, allowing a strong ending to the year.

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2009 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 © 2009 Heather Tawes Nelson

Scottsdale AZ Single-Family Home Sales – November 2009

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Here are November’s figures for the Scottsdale AZ real estate market. This monthly analysis looks at the resale market in Scottsdale for single-family homes.

November was not the strongest month for Scottsdale real estate. We did see inventory decrease slightly, which is good, but pending sales and actual home sales continued to drop off. On a positive note though, all of the figures are tracking at a better rate than the 12 month average.

 

SCOTTSDALE AZ HOME SALE ACTIVITY – NOVEMBER 2009

Scottsdale AZ Home Sales November 09

 

November 2009 Findings
Active Homes for Sale: The number of homes on the market decreased slightly to 2,910, down from October’s 2,917. This is the first time we have seen this number go down month over month since August. The 12 month average is 3,306.
Pending Home Sales: Pending sales dropped below the 500 range for the first time since April of this year. At the end of November, there were 483 pending home sales.  The high in pending sales came in June when there were 574. The 12 month average for pending sales is 442.
Homes Sold: The number of homes sold in November was down slightly to 345, off 6 from September and October’s 351 sales respectively. The 12 month average for home sales is 308.
Sales Price to List Price: 94.0% – This is the highest this figure has been in the last twelve months, meaning homes in Scottsdale were selling for an average of 6% off of the asking price.

Overall, November was a lackluster month for Scottsdale AZ real estate. Sales dropped off slightly, but the drop in pending sales is disappointing and will definitely have an impact on December’s figures. The one positive is that the number of homes for sale did decrease slightly.

 

 

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2009 & 12/2/2009 and can change at any time. The analysis looks at single-family 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.
Copyright © 2009 Heather Tawes Nelson

Scottsdale AZ Golf Community Sales Update – Through October 2009

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Here is an overview of the sales activity for 2009 for the Scottsdale AZ Golf Communities. This list is not exhaustive, but it covers many of the major golf communities in Scottsdale, Carefree and Cave Creek.

Typically, I look at the communities on an individual basis, but in this case, I wanted to see how the different communities stack up side-by-side. As you can see, there is a wide variance in pricing and sales data depending on the community. These communities represent the top luxury private golf communities and well as some others that have more affordable homes and are built around a public or semi-public golf course.

Golf membership varies by community. Some communities require membership as a prerequisite of property ownership. For others, membership is optional or by invitation only. For example, many homes and lots at Desert Mountain with its six Jack Nicklaus courses come with Deferred Equity Golf Memberships included in the price.

The first chart looks at homes on the market in the various communities as of November 1, 2009. The second chart looks at home sales in the communities between January 1, 2009 through October 31, 2009.

LISTING DATA
Community Location  Number of Homes for Sale Average Asking Price Average Asking Price/Sq. Foot Lowest Asking Price Highest Asking Price
Ancala Scottsdale – East 54 $1,821,318 $313.16 $445,900 $7,795,000
The Boulders Scottsdale/Carefree 41 $1,165,146 $330.17 $478,000 $2,995,000
DC Ranch Scottsdale – North 116 $1,175,643 $307.00 $198,900 $5,195,000
Desert Highlands Scottsdale – North 55 $1,819,345 $367.86 $729,900 $4,995,000
Desert Mountain Scottsdale – Far North 216 $2,511,450 $434.74 $495,000 $12,900,000
Dove Valley Ranch Cave Creek 29 $363,643 $150.14 $215,000 $699,000
Estancia Scottsdale – North 22 $3,770,045 $578.00 $1,395,000 $15,000,000
Grayhawk Scottsdale – North 77 $930,901 $257.75 $243,900 $2,950,000
Legend Trail Scottsdale – Far North 36 $614,325 $223.34 $305,000 $1,050,000
Mirabel Club Scottsdale – Far North 35 $1,993,371 $386.28 $450,000 $5,750,000
Rancho Manana Cave Creek 9 $837,667 $244.06 $400,000 $1,750,000
Silverleaf Scottsdale – North 59 $3,854,576 $562.27 $975,000 $10,500,000
Terravita Scottsdale – North 46 $568,935 $247.45 $274,900 $1,075,000
Troon North Scottsdale – North 76 $1,107,308 $267.87 $335,000 $3,950,000
Troon Village Scottsdale – North 59 $1,434,939 $305.76 $398,000 $6,850,000
Whisper Rock Scottsdale – North 20 $2,735,400 $462.34 $1,599,000 $4,250,000

 

SOLD DATA        
Community Location  Number of Homes Sold 2009 Average Sales Price 2009 Average Price/Sq. Foot Sold 2009
Ancala Scottsdale – East 24 $1,062,000 $228.30
The Boulders Scottsdale/Carefree 18 $907,306 $232.18
DC Ranch Scottsdale – North 120 $602,477 $213.60
Desert Highlands Scottsdale – North 14 $1,579,929 $324.31
Desert Mountain Scottsdale – Far North 51 $1,809,569 $327.17
Dove Valley Ranch Cave Creek 70 $289,524 $125.00
Estancia Scottsdale – North 9 $1,850,000 $348.71
Grayhawk Scottsdale – North 91 $638,125 $210.48
Legend Trail Scottsdale – Far North 23 $437,779 $206.26
Mirabel Scottsdale – Far North 6 $1,745,000 $321.37
Rancho Manana Cave Creek 2 $627,500 $171.00
Silverleaf Scottsdale – North 19 $2,578,453 $406.73
Terravita Scottsdale – North 50 $495,269 $213.24
Troon North Scottsdale – North 50 $801,316 $210.85
Troon Village Scottsdale – North 60 $900,983 $214.41
Whisper Rock Scottsdale – North 6 $1,905,833 $312.75

To see where these communities are located on a map or to see homes for sale in any of them, please visit my Interactive Map of Scottsdale AZ Golf Communities.

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/09 can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson

Greater Phoenix Luxury Condo Market Performance – October 2009

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October was a decent month for the Greater Phoenix luxury condo market. I define the luxury condo market as condos for sale with asking prices in excess of $1 million. While activity continues to be somewhat slow in this segment, there was one sale and one pending sale in October.

At the end of the month, there were 68 luxury condos for sale in the Greater Phoenix area. The majority of these units are in Scottsdale, with 33, and Phoenix, with 29. The remaining 6 are located in Tempe.

October’s sale was a penthouse unit at the Scottsdale Waterfront Residences for $2.7 million. This penthouse with panoramic views has four bedrooms, for and one-half bathrooms and is 4,847 square feet. The pending sale is located in Optima Camelview Village and it is a penthouse unit with three bedrooms, two bathrooms and 3,217 square feet.

Luxury Condo Market – October 2009
  All Luxury Condos      Scottsdale Phoenix  Tempe
Luxury Condo Sales
– Number of Units for Sale 68 33 29 6
– Average Asking Price $1,707,300 $1,704,436 $1,750,014 $1,516,600
– Average Asking Price Per Sq. Ft. $609.06 $689.50 $547.36 $464.79
– Average Days on Market*- Active 252 240 295 113
– Number of Units Pending 1 1 0 0
– Average Sales Price $2,700,000 $2,700,000 N/A N/A
– Sales Price to List Price 81% 81% N/A N/A
– Average Sold Sq. Feet 4,847 4,847 N/A N/A
– Average Sales Price per Sq. Ft. $557.05 $557.05 N/A N/A
– Average Days on Market* – Sold 377 377 N/A N/A
– Highest Sale Price $2,700,000 $2,700,000 N/A N/A
– Lowest Sale Price $2,700,000 $2,700,000 N/A N/A
– Percentage of Total Sales 100% 100% 0% 0%
* Cumulative Days on Market

To learn more about the luxury condo market in Scottsdale or Greater Phoenix, please feel free to contact us.

Disclaimer: Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/09 can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson

Scottsdale AZ Luxury Home Market –October 2009

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Here are October’s figures for the Scottsdale AZ luxury home market. This market analysis includes the last twelve months of activity for single-family resale homes in Scottsdale with list prices of $1,000,000 and above.

– October 2009 –  
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 389 homes for sale in this price point, up 5 over September This number has been increasing for the last two months from its 12 month low of 366. The 12 month average is 465 homes on the market.
– Pendings: There were 27 homes pending at the end of the month, which is on par with the 12 month average of 27 pending sales.
– Sold: There were 21 home sales in October, down from 29 in October, but ahead of the 12 month average of 18 sales.
– Sales Price to Listed Price: 89.6% -This is pretty standard for this price range.

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: 234 homes were for sale in this price point at the end of October. This represents a 10.4% increase over September. The 12 month average is 270 active homes.
– Pendings: Pending sales came in at 14, just one ahead of the 12 month average of 13 pending sales.
– Sold: Twelve homes in this price range sold in October. This was the second highest sales month over the last 12 months, with the average being 8 sales.
– Sales Price to Listed Price: 92.7% – This is the highest this figure has been in the last 12 months. It typically tracks in the mid to high-80%’s.

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 241 active homes for sale. This figure has been increasing over the last two months. The lowest we saw was in August with 222 homes for sale. The 12 month average is 303 actives.
– Pendings: There were seven homes pending sale at the end of the month. This is the same as September and is on par with the 12 month average of seven pending sales.
– Sold: There were five home sales in October. This figure has been increasing for the last two months and is the same as the 12 month average of 5.
– Sales Price to Listed Price: 92.2% – This is the highest this figure has been in the last twelve months. The last time this was in the 90%’s was in January of this year. Typically, this number is in the mid to high-80%’s.

Homes Priced $3,000,000+
– Actives: 157 homes were for sale for over $3 million. As with other price points, we have seen inventory increase over the last two months. The low in August was 149. The 12 month average is 217.
– Pendings: There were only two pending sales in this price point. This is well behind the average of 5.
– Sold: Three homes sold in October, which was a nice turnaround from September, when there were no sales of homes in excess of $3 million. The 12 month average is 4 sales, so this month was slightly behind.
– Sales Price to Listed Price: 82.4% – This is pretty typical for this price point.

October was a lackluster month for the luxury home market in Scottsdale. The number of home for sales is up in all price ranges, although not dramatically. However, we need to see some of this inventory being absorbed versus being added to. Sales and pending sales were mixed, although we did see some strong sales in a few of the price bands. Looking at the pending numbers, November may be a challenging month as well.

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 11/1/2009 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 © 2009 Heather Tawes Nelson

Scottsdale AZ Single-Family Home Sales – October 2009

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Here are the October 2009 results for the Scottsdale AZ real estate market. This analysis looks at the sales performance of single-family homes in Scottsdale, Arizona.

Things were more or less the same as they were in September, but a few items were slightly off. The number of active homes for sale continues to rise. Pending sales were down slightly and the number of home sales stayed the same.

Scottsdale Home Sales October 2009

 

October 2009 Findings
Active Homes for Sale: The number of homes on the market increased for the second month in a row, to 2,917, up another 3.1%. This figure had been as high as 4,007 in February of 2009. The 12 month average for this figure is 3,403, so we are still tracking well below that.
Pending Home Sales: Pending sales continue to stay in the above 500 range. At the end of October, there were 514 pending home sales, down slightly from September’s 523. The 12 month average for pending sales is 424.
Homes Sold: Home sales were even with September at 351. We saw a 12 month high of 429 in June of this year. The 12 month average for home sales is 294.
Sales Price to List Price: 93.7% – This is the just a tenth of a percentage point off of September. This is the second highest we have seen this figure in well over a year.

October was a decent month for Scottsdale AZ real estate. Sales stayed at the same pace and pending sales were down slightly. One thing to keep an eye on is the number of active homes for sale. In order to see the market improve, we want to see this number decrease, not increase, which is has been for the last two months.

 

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2009 and can change at any time. The analysis looks at single-family 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.
Copyright © 2009 Heather Tawes Nelson

Greater Phoenix Luxury Condo Market Performance – September 2009

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Here is the real estate market performance for the luxury condo market in Scottsdale, Phoenix and Tempe. This analysis looks at condos for sale in the Greater Phoenix area with list prices in excess of $1 million.

At the end of September, there were 65 luxury condos on the market. The bulk of these were in Scottsdale, with 30, and Phoenix, with 28. The remaining 7 units were located in Tempe. The number of units for sale was up over last month, after seeing many months of decline.

There was one sale in September for $1,889,000, which is the highest amount a luxury condo has sold for year to date. It was a penthouse unit at The Landmark in the Kierland section of Scottsdale and it has 3 bedrooms, 3.5 bathrooms and 3,604 square feet.

Luxury Condo Market – September 2009
  All Luxury Condos Scottsdale Phoenix  Tempe
Luxury Condo Sales
– Number of Units for Sale 65 30 28 7
– Average Asking Price $1,730,269 $1,781,683 $1,773,836 $1,335,657
– Average Asking Price Per Sq. Ft. $596.93 $665.19 $558.21 $459.28
– Average Days on Market*- Active 270 280 292 140
– Number of Units Pending 0 0 0 0
– Average Sales Price $1,899,000 $1,899,000 N/A N/A
– Sales Price to List Price 82% 82% N/A N/A
– Average Square Feet 3,604 3,604 N/A N/A
– Average Sales Price per Sq. Ft. $524.14 $524.14 N/A N/A
– Average Days on Market* – Sold 258 258 N/A N/A
– Highest Sale Price $1,889,000 $1,889,000 N/A N/A
– Lowest Sale Price $1,889,000 $1,889,000 N/A N/A
– Percentage of Total Sales 100% 100% 0% 0%
* Cumulative Days on Market

I also looked at the 3rd quarter performance and year-to-date performance through Q3 for this luxury condo market in Scottsdale, Phoenix and Tempe and the results are below.

Luxury Condo Market – 3rd Quarter 2009
All Luxury Condos
Luxury Condo Sales 2
– Average Sales Price $1,605,750
– Sales Price to List Price 86%
– Average Square Feet 2,916
– Average Sales Price per Sq. Ft. $558.99
– Average Days on Market* – Sold 184
– Highest Sale Price $1,889,000
– Lowest Sale Price $1,322,500
* Cumulative Days on Market

 

Luxury Condo Market – YTD Through Q3 2009
All Luxury Condos
Luxury Condo Sales 6
– Average Sales Price $1,491,083
– Sales Price to List Price 88%
– Average Square Feet 3,148
– Average Sales Price per Sq. Ft. $481.17
– Average Days on Market* – Sold 314
– Highest Sale Price $1,889,000
– Lowest Sale Price $1,150,000
* Cumulative Days on Market

Three of the six condos that sold were in Esplanade Place, one was in the Scottsdale Waterfront Residences, one was in The Residences at 2211 Camelback and the final sale referenced above was in The Landmark.

To learn more about the luxury condo market in Scottsdale or Greater Phoenix, please feel free to contact me.


Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2009 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 © 2009 Heather Tawes Nelson

Scottsdale AZ Luxury Home Market – September 2009

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Here are the performance numbers for the Scottsdale AZ luxury home market for September 2009. This analysis looks at single-family resale homes in Scottsdale with list prices of $1,000,000 or more.

September saw mixed results for the various price points. Inventory has been going up slightly for some of the price points, which is not something we want to see. However, some of the price segments had great months in terms of pending sales and sales.

-September 2009 – 
 Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 384 active homes for sale at the end of September. This is up 4.9% over August, ending a month over month decline that started in February of this year. 12 Month Average: 478
– Pendings: Pending sales dropped significantly over August’s 40 to 23. This represents a 42.5% drop. 12 Month Average: 26 per month.
– Sold: On a more positive note, there were 29 home sales in September, up 38.1% over August. 12 Month Average: 17 sales per month.
– Sales Price to Listed Price: 93.9% – This is the highest this ratio has been over the last 12 months.

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: At the end of September, there were 212 homes for sale, down from August’s 241. 12 Month Average: 275
– Pendings:  Twenty three homes were pending at the end of the month. This is up 35.3% over August’s 17. 12 Month Average: 12 per month.
– Sold: September was a good month for home sales in this price point, with 10 sales. 12 Month Average: 8 sales per month.
– Sales Price to Listed Price: 86.9% – This is a pretty typical number for this ratio.

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 227 homes for sale in this price point at the end of September, up from 222 at the end of August. This is the first time this number has increased since February of this year.  12 Month Average: 312
– Pendings: Pending sales were right on par with the average of 7. 12 Month Average: 7 per month.
– Sold: Only four homes sold in this price point in September, which is behind the 12 month average of 5. 12 Month Average: 5 per month.
– Sales Price to Listed Price: 87.3% – This is pretty typical for this price range.

Homes Priced $3,000,000+
– Actives: The number of homes for sale over $3,000,000 went up in September to 155. This is the first time this number has increased since November of 2008. 12 Month Average: 227
– Pendings: There were three homes were pending at the end of the month, far off of the 12 month average of 5. 12 Month Average: 5 per month.
– Sold: There were no sales for over $3,000,000 in the month of September. This is the first time that has happened since I started tracking this information in September of 2007. 12 Month Average: 3 per month.
– Sales Price to Listed Price: Not applicable.

As you can see, the results vary quite a bit between the price points. The $1.5M -$2M price point performed the best, while the others had mixed results. The poor performers in September were the $1M-$1.5M price range and the $3M+ price range.

 


Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 10/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale over the preceding 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.

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