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Scottsdale Real Estate Market

Scottsdale AZ Single-Family Home Sales – September 2009

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

The results for September were encouraging for pending sales and home sales, as both were up over August. However, the number of active homes on the market increased by 2.8% over the previous month.

 

 

Scottsdale Home Sales September 2009

September 2009 Findings
Active Homes for Sale: This number increased in September to 2,829, up 2.8% over August’s 2,752. This figure had been steadily decreasing from a high of 4,007 in February of 2009. The 12 month average for this figure is 3,491.
Pending Home Sales: Pending sales continued to stay strong with 523 pending sales at the end of September. The average over the last twelve months is 402.
Homes Sold: Home sales were up over August to 351 sales, a 6.4% increase. This was good to see as we saw a dip in sales in August. The 12 month average for sales is 283.
Sales Price to List Price: 93.8% – This is the highest this figure has been since September of 2008.

Scottsdale real estate September 2009

September was a decent month for Scottsdale AZ real estate posting gains in home sales, pending sales and the list price to sales price ratio. However, we will need to keep an eye on the active number of homes for sale. In order for the market to recover, a lot of this inventory needs to be absorbed and a jump in inventory will only slow down the recovery process.

 

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 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

Whisper Rock in Scottsdale AZ – Real Estate Performance through August 2009

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Here are the sales figures for the luxury community of Whisper Rock located in North Scottsdale, Arizona. The numbers include sales activity for 2009 through August 31st.

Whisper Rock Single Family Homes 
2009 Performance – Through August
Homes for Sale  23
– Average Asking Price $2,692,739
– Average Square Feet 5,884
– Average Asking Price per Sq. Foot $463.87
– Average Days on Market* 482
Home Sales 4
– Average Sales Price $1,930,000
– Sales Price to List Price 84%
– Average Square Feet 6,358
– Average Sales Price per Sq. Foot $304.15
– Average Days on Market* 374
– Highest Sale Price $2,690,000
– Lowest Sale Price $1,270,000
* Cumulative Days on Market

About Whisper Rock in Scottsdale AZ: Whisper Rock is an elegant, guard-gated community that is all about luxury. It is spread over 800 acres in North Scottsdale. At the end of August 2009, Whisper Rock home prices ranged from around $1.79M up to $3.99M. The home sites are large, averaging two acres, which allows residents to enjoy their privacy while still maintaining a sense of community. Home designs cover many styles. You will see haciendas, villas, southwestern design and more. Whisper Rock’s amenities include a three acre park with BBQ facilities, a fitness center, tennis, basketball courts, hiking trails and other delightful amenities. Read more about Whisper Rock.

The Whisper Rock Golf Club is available via invitation only. It features two golf courses that were designed by Mickelson and Fazio. Membership is not tied to property ownership within Whisper Rock.

View Whisper Rock Homes for Sale

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information are pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson

Grayhawk in Scottsdale AZ – Real Estate Performance through August 2009

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Here is a look at the real estate performance for the Grayhawk community located in Scottsdale, Arizona for January through August of 2009.

I have broken the analysis out into single-family homes as well as townhomes/condominiums as the pricing and square footage vary greatly.

Grayhawk Single Family Homes Grayhawk Condominiums and Townhomes
Homes for Sale  73 Homes for Sale  87
– Average Asking Price $922,674 – Average Asking Price $337,278
– Average Square Feet 3,373 – Average Square Feet 1,639
– Average Asking Price per Sq. Foot $257.79 – Average Asking Price per Sq. Foot $197.45
– Average Days on Market* 170 – Average Days on Market* 152
Pending Homes  15 Pending Homes  22
– Average Asking Price $768,060 – Average Asking Price $244,504
– Average Square Feet 3,064 – Average Square Feet 1,452
– Average Asking Price per Sq. Foot $231.55 – Average Asking Price per Sq. Foot $159.07
– Average Days on Market* 138 – Average Days on Market* 133
Home Sales 67 Home Sales 102
– Average Sales Price $635,424 – Average Sales Price $211,940
– Sales Price to List Price 94% – Sales Price to List Price 92%
– Average Square Feet 2,900 – Average Square Feet 1,384
– Average Sales Price per Sq. Foot $207.94 – Average Sales Price per Sq. Foot $146.29
– Average Days on Market* 147 – Average Days on Market* 160
– Highest Sale Price $3,050,000 – Highest Sale Price $512,000
– Lowest Sale Price $257,800 – Lowest Sale Price $57,500
* Cumulative Days on Market * Cumulative Days on Market

 

About Grayhawk: Grayhawk is a wonderful community in North Scottsdale. It is located a few miles north of the 101 between Scottsdale and Pima roads. It is close to great dining, shopping, entertainment, outdoor pursuits, medical care and so much more. In addition, its two public golf courses, Talon and Raptor, are world-renowned and have hosted many professional golf events.

Grayhawk has two neighborhoods to choose from. The Retreat is a luxury, guard-gated neighborhood and is designed around Grayhawk’s two courses. Homes are located in either the Talon Retreat or Raptor Retreat sections. The community amenities to choose from are numerous including tennis, a community pool, greenbelts, miles of exercise trails and more. Options range from townhomes to custom single-family homes.

The second neighborhood is called The Park. The Park is a wonderful community of single-family homes and it was designed with large play areas, greenbelts and picnic areas. Grayhawk has its own elementary school and falls under the Paradise Valley School District #69.

View Grayhawk homes for sale.

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson

Estancia in Scottsdale AZ – Real Estate Performance through August 2009

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Here is a market update on the luxury community of Estancia located in North Scottsdale, Arizona. This analysis looks at home sales in 2009 through the end of August.

Estancia Single Family Homes 
2009 Performance – Through August 31st
Homes for Sale  27
– Average Asking Price  $3,327,067
– Average Square Feet  5,450
– Average Asking Price per Sq. Foot  $567.16
– Average Days on Market*  362
  
Home Sales 8
– Average Sales Price $1,893,978
– Sales Price to List Price 77%
– Average Square Feet  5,087
– Average Sales Price per Sq. Foot $462.95
– Average Days on Market* 387
– Highest Sale Price $3,500,000
– Lowest Sale Price $399,000**
* Cumulative Days on Market
** This was the sale of the former sales office.

Estancia Golf Community - Scottsdale, ArizonaAbout Estancia in Scottsdale AZ: Estancia is very tranquil, upscale community located in North Scottsdale. It stretches over 640 acres and there are 39 villas and 223 home sites. Estancia is nestled within a mountainous region and therefore the views of the surrounding vistas are spectacular.

The European-style, 32,000 square foot, Estancia Clubhouse has a private dining area or a grill where residents and guests can enjoy a good meal after a round of golf. For those who want other sporting activities, there are also tennis courts, a swimming pool with a lap lane and a fitness room.

The Estancia Club boasts an 18-hole golf course designed by Tom Fazio. The course was recently ranked number 82 in Golf Digest’s America’s 100 Greatest Golf Courses 2009-2010. 325 golf memberships are available. Click for more information about Estancia in Scottsdale AZ.

Search Estancia Homes for Sale

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information are pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 and 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 – August 2009

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August was a slow month for the Greater Phoenix luxury condo market. I define the luxury condo market as those condos with list prices in excess of $1 million in Scottsdale, Phoenix and Tempe.

At the end of August, there were 56 condos for sale with list prices of $1 million or above. Thirty-one were in Scottsdale, twenty-three were in Phoenix and the final two were in Tempe. Again, the number of luxury condos continues to decrease, but as I have said before, I would attribute this to units being taken off of the market or list prices are dropping below the $1 million threshold, versus sales activity fueling the drop.

There were no luxury condo sales in August of 2009 and no pending sales.

Here are August 2009’s numbers:

Valleywide – August 2009*         
For Sale:          56
Pending:           0
Sold:                0
Average Asking Price:    $1,786,355
Average Asking Price/Sq. Ft.:    $620.30

Scottsdale – August 2009*
For Sale:           31
Pending:           0
Sold:                0
Average Asking Price:    $1,809,306
Average Asking Price/Sq. Ft.     $675.00

Phoenix – August 2009*
For Sale:           23
Pending:           0
Sold:                 0
Average Asking Price:    $1,780,322
Average Asking Price/Sq. Ft.:    $555.58

Tempe – August 2009*
For Sale:           2
Pending:           0
Sold:                 0
Average Asking Price:    $1,500,000
Average Asking Price/Sq. Ft.     $544.06

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 9/1/2009 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

Highlights from the SRP 2010 Economic Forecast – Phoenix AZ

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Last week, I attended the annual SRP Economic Forecast at the Arizona Biltmore resort in Phoenix. There were two keynote speakers – Lee McPheters, who looked at the forecast from an Arizona perspective and Don Reynolds who came at it from a national and international perspective. There were a lot of great points made and I wanted to share some of the highlights.

Lee McPheters, among many other things, is the Director of the JPMorgan Chase Economic Outlook Center at Arizona State University. He studies the Arizona market very carefully and here are a few of the takeaways I got from his presentation:

  • Arizona mimics the national pattern of decline and recovery. So, when the nation begins to recover, Arizona can expect to see recovery.
  • However, when Arizona does start to recover, we can expect it will be very strong.
  • A majority of economists believe we are already in recovery mode. However, there is a disconnect between the economists and consumers. Consumers still believe we have another year or two until recovery begins.
  • While there have been some indicators that Arizona is getting back on its feet, he feels it still has a way to go and more bad news is coming. Arizona still faces unemployment and job creation issues as well as a new wave of foreclosures and loan resets.
  • The year 2009 is the year of bottoming out. We will see some impact as well into 2010, but to a lesser extent.
  • Mr. McPheters anticipates we will see things getting back on track in 2011 and beyond, but it will not be until 2014 when we will see low unemployment again.
  • Three things that Arizona has going for it is a strong rate of in-migration, housing is now affordable again and that once recovery starts, it should be relatively rapid.

Don Reynolds, the founder of 21st Century Forecasting, also gave an enlightening presentation. Here are a few of his takeaways:

  • We are now operating under a “new normal.” Things have changed and the impact is going to be around for a while.
  • Mr. Reynolds believes we are in a recovery mode and better off than we were a year ago. However, we can expect to see deflation in the shorter-term followed by significant inflation.
  • China, India and Brazil are poised for great growth.
  • The housing picture is a mixed bag. On one hand, homes are a lot more affordable now, but on the other hand, a significant number of homes are underwater and we have $2 trillion in ARM resets coming.
  • Economic recovery will be led by corporations, not consumers. Once corporate recovery is more widespread, consumer confidence will follow.
  • Mr. Reynolds predicts that a year from now, we will see an improvement in unemployment and economic growth.

While today’s session had a lot of food for thought and some sobering news, there were also quite a few glimmers of positive news. It should be interesting to see how the next year plays out at a local level as well as national and international levels.

 

Scottsdale AZ Luxury Home Market – August 2009

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Here are the results for August 2009 and the Scottsdale AZ luxury home market. For this analysis, luxury homes are defined as single-family resale homes in Scottsdale priced $1,000,000 and above.

August saw mixed results for the various price points. It was a particularly difficult month for homes priced over $2M. Sales and pending sales were off, although inventory continued to decrease.

– August 2009 – 
 Homes Priced Between $1,000,000 – $1,499,999
– Actives: 366 homes were for sale in this price point, a 3.2% decrease over July. This number has been decreasing steadily each month since February, when there were 539 homes for sale. The 12 month average is 491.
– Pendings: Pending sales went up to 40. This is the second highest this figure has been in the last year. The 12 month average is 26 per month.
– Sold: There were 21 home sales in August, an improvement over July’s 18 sales. The 12 month average is 16 sales per month.
– Sales Price to Listed Price: 88.1%. This is pretty typical for this price point.

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 241 homes for sale at the end of August, up 1.7% over July. This is the first time this number has increased since April. The 12 month average is 280.
– Pendings:  Seventeen homes were pending at the end of the month, a nice jump over July’s 11. The 12 month average is 11.
– Sold: Only six homes sold in August at this price point, tracking behind the 12 month average of 7.
– Sales Price to Listed Price: 86.5%.

Homes Priced Between $2,000,000 – $2,999,999
– Actives: 222 homes were for sale in this price point at the end of July. This number has been decreasing steadily since January, when there were 365 homes for sale. The 12 month average is 321.
– Pendings: There were five pending sales, which is behind the 12 month average of 6 sales.
– Sold: Only three homes sold in August, which is significantly less than we saw in July when there were nine sales. The 12 month average is 5 sales.
– Sales Price to Listed Price: 88.2%. This is about average for where this figure has been over the last 12 months.

Homes Priced $3,000,000+
– Actives:  There were 149 homes for sale in this price point at the end of August. This number continues to decrease month over month. The 12 month average is 237.
– Pendings: Two homes were pending at the end of the month, significantly off of the 12 month average of 6.
– Sold: For the second month in a row, two homes sold in this price point. As with the pending sales, this is well behind the 12 month average of 4.
– Sales Price to Listed Price: 64.7%. This indicates that the homes were sold at a significant discount off of asking price.

As you can see, the results vary quite a bit between the price segments. The good news is that the number of homes for sale is decreasing for the bulk of the price ranges. Sales and pending sales activity is mixed, with the higher price points suffering more.

 

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 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.

Scottsdale Single-Family Home Sales -August 2009

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August 2009 for Scottsdale AZ homes for sale, was another strong month in terms of pending sales (up 3.8% over July) and inventory decreases (down 1.1% over July), but sales were off for the second month in a row – off 15.8% over July.

Scottsdale home sales August 2009

 

 

August 2009 Findings
Active Homes for Sale: At the end of August, the number of homes on the market went down slightly to 2,752. It has been tracking under 3,000 for three months now. The twelve month average for this figure is 3,575.
Pending Home Sales: There were 520 pending home sales. This is up over July’s 501, but not as high as the figures we saw in May and June. The 12 month average for this figure is 383.
Homes Sold: There were 330 home sales in August, which is the second month in a row where sales have tapered off. However, this figure is still ahead of the 12 month average for this segment is 274.
Sales Price to List Price: August’s sales price to list price ratio was 92.2%.  This figure has tracked in the high 80%’s to low 90%’s over the last year.

 

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 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

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