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Scottsdale Real Estate Market

Scottsdale Single-Family Home Resale Market – January 2009

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January 2009 was a mixed-performance month for single-family homes in Scottsdale. Sales in January 2009 took a dip relative to December’s sales numbers. However, pending home sales jumped back up to previous levels after falling in December. The number of active homes for sale also crept up in January, which is not surprising since many homeowners probably decided to take their homes off of the market for the holidays.

Chart for blog Jan

 

January Highlights:

  • Active Homes for Sale- The number of active homes for sale in Scottsdale jumped 4.6% in January to 3,964 after dropping 6.9% in December. However, this figure is still tracking behind the 12 month average of 4,013.
  • Pending Homes for Sale – Pending homes had a healthy rebound in January. Pending home sales were 255 at the end of the month, versus 212 in December. This represents a 20.3% jump month-over-month.
  • Home Sales – Home sales were down sharply (23.7%) to 174 in January, which is similar to the 177 we saw in November. This is not surprising since December’s pending sales number was so low. However, this is the second time this figure has fallen below the 200 mark in the last year. The 12 month average for sales is 247.

As you can see, the Scottsdale single-family resale market had some positive and negative news as it started the new year. The good news is pending home sales are up which should translate into stronger sales figures in February.

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) on February 1, 2009 and can change at any time. Data looks back at the last 12 months of activity and is for Scottsdale single-family resale homes. There may be new home inventory in these figures if the developer uses the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson

Greater Phoenix Luxury Condo Market – 2008 Recap

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As we start a new year, I wanted to take a look back to see how the luxury condo market in Greater Phoenix performed in 2008. For this analysis, I looked at resale condominiums where the listed price was over $1,000,000.

Active Listings at the End of 2008
As of January 1, 2009, there were 98 luxury condos on the market with a list price of over $1 million. Forty-six of these condos were located in Scottsdale, primarily in the Optima Camelview and Scottsdale Waterfront developments. Thirty-six of the active listings were in Phoenix and the remaining 16 were in Tempe.

2008 Sales Performance
Thirty-four luxury condos sold in 2008. Prices ranged from $920,000 for a 3 bedroom, 2 bathroom unit at Optima Camelview to $3,900,000 for a 3 bedroom, 3 bathroom penthouse at the Scottsdale Waterfront Residences.

Luxury Condo Market – 2008 Performance
  All Luxury Condos    Scottsdale         Phoenix             Tempe
Condo Sales 34 17 14 3
– Average Sales Price $1,627,780 $1,596,941 $1,781,165 $1,086,732
– Sales Price to List Price 93% 90% 97% 97%
– Average Square Feet 2,702 2,434 3,204 1,876
– Average Sales Price per Sq. Ft. $594.23 $628.18 $554.90 $579.67
– Average Days on Market* 182 257 111 92
– Highest Sale Price $3,900,000 $3,900,000 $2,980,000 $1,166,368
– Lowest Sale Price $920,000 $920,000 $1,050,000 $995,000
– Percentage of Total Sales 100% 50% 41% 9%
* Cumulative Days on Market

The units sold were at the following communities:
Scottsdale – 17 Total Sales
Optima Camelview – 4
Scottsdale Waterfront Residences – 13

Phoenix – 14 Total Sales
Arizona Biltmore Hotel VI- 1
Esplanade Place – 2
Fairway Lodge at the Biltmore – 2
Optima Biltmore Towers – 1
The Residences at 2211 Camelback – 3
Two Biltmore Estates – 5

Tempe – 3 Total Sales
Edgewater at Hayden Ferry – 1
Northshore at Tempe Town Lake – 2

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional Multiple Listing Service (ARMLS) on 1/1/2009 and can change at any time. Data is for resale condos as well as any new condos that were listed in ARMLS.
Copyright © 2009 Heather Tawes Nelson

Scottsdale Real Estate Market – 2008 Performance

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Here is a snapshot of Scottsdale’s 2008 performance for single-family resale homes. I have included total sales for 2008 as well as sales activity by price band.

Overall, sales were off by 13% over 2007, which is not surprising given the economic challenges this market has been facing. The hardest hit price segments in 2008 were the $1,000,000-$1,499,999 segment and the $2,000,000-$2,999,999 segment which were off by 45% and 48% respectively.

The majority of the sales activity in 2008 was focused in the $999,999 or less price range, which represented 84% of sales. This is typically the largest sales segment, but in 2008, this price range really saw a lot of activity due to short-sale and bank-owned property sales as well as the ability to get funding more easily at the lower price points.

SCOTTSDALE SINGLE-FAMILY RESALE HOMES – 2008 PERFORMANCE
All Price Points <$999,999 $1,000,000-$1,499,999 $1,500,000-$1,999,999 $2,000,000-$2,999,999 $3,000,000+
2008 Home Sales 3,034 2,556 246 102 73 58
– Average Sales Price $678,499 $479,136 $1,124,112 $1,593,307 $2,244,087 $3,985,474
– Sales Price to List Price 93% 95% 92% 92% 90% 89%
– Average Square Feet  2,784 2,418 4,043 4,580 5,416 7,151
– Average Sales Price per Sq. Ft. $222.88 $197.35 $284.77 $357.81 $451.12 $564.41
– Average Days on Market* 160 149 187 196 237 355
– Highest Sale Price $8,200,000 $998,000 $1,642,552 $2,050,000** $2,933,543 $8,200,000
– Lowest Sale Price $112,525 $112,525 $715,000** $1,150,000** $1,650,000** $2,500,000**
– Percentage of Total Sales 100% 84% 8% 3% 2% 2%
2007 Home Sales 3,482 2,657 450 166 141 68
Percent Change Year-Over-Year -13% -4% -45% -39% -48% -15%
* Cumulative Days on Market
**Original list price placed the home in this price range.

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information were pulled from the Arizona Regional Multiple Listing System (ARMLS) and can change at any time. Data was pulled on 1/1/2009 and includes single-family home resales. Price bands determined by listed (asking) price of home versus final sales price.
Copyright © 2009 Heather Tawes Nelson

Scottsdale Luxury Home Market – December 2008

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Here are the December 2008 figures for the Scottsdale luxury home market. This analysis looks at single-family resale homes in Scottsdale priced $1,000,000 and above over the last twelve months.

– DECEMBER 2008 –
 
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 518 active homes for sale, which is the lowest this figure has been over the last 12 months. The 12 month average is 580 active homes. The drop can be attributed to a healthy jump in sales as well as a significant number of expired listings.
– Pendings: Pending homes for sale in this price segment were very down in December. There were 11 pending home sales, which is much lower than the 12 month average of 32.
– Sold: Sixteen homes sold in November. This was a very welcome jump over November’s two home sales. While this was a nice increase, this figure is still tracking behind the 12 month average of 20 home sales.
– Sales Price to Listed Price: 91.8%

Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 284 homes for sale in November in this price segment, a 6.3% decrease over November. This segment also saw a much higher than normal number of expired listings with 24, when the average has been tracking at 14.
– Pendings: There were seven pending home sales in December, down from 8 in November. The 12 month average for this pending figure is 11.
– Sold: Only four homes sold in December. November had seven sales, so this represents a 42.9% decline in sales.
– Sales Price to Listed Price: 84.6%. This number historically falls in the low 90%s, so 84.6% is a large drop for last month.

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 357 homes for sale at this price point in December. In November, there were 371 homes for sale so there was a decrease of almost 4%. This figure is just above the 12 month average of 354 homes for sale.
– Pendings: Only three homes were pending, a disappointing 50% decrease over November.
– Sold: Five homes sold at this price range in December, which is just behind the 12 month average of 6 and is a huge improvement over November’s two home sales.
– Sales Price to Listed Price: 86.9%. This is a nice rebound over November’s 77.3%. This puts this ratio closer to where it typically falls – in the high-80%’s and low-90%’s.

Homes Priced $3,000,000+
– Actives: There were 283 homes for sale in this price point, just down from November’s 287. However, this figure is still tracking behind the 12 month average of 301.
– Pendings: For the second month in a row, there were 5 pending home sales. This figure trails the 12 month average of 7 pending sales.
– Sold: And also for the second month is a row, seven homes sold in this price point. This figure also surpasses the 12 month average sales number of 5.
– Sales Price to Listed Price: 86.4%

As you can see, the results vary quite a bit between the price segments. December saw the number of active listings for sale in all price points decline. However, this is more likely attributed to the large number of listings that expired rather than inventory being absorbed by the market. Pending sales were for the most part down, which means January numbers will be impacted. On a brighter note, we did see a decent recovery in home sales in almost all of the price ranges.

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 12/1/2008 and can change at any time.
Copyright © 2009 Heather Tawes Nelson

Scottsdale Single-Family Home Resale Market – December 2008

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December 2008 was an interesting month for the Scottsdale real estate market. Sales numbers were back up as a whole, particularly in the lower-priced segments. Inventory was down significantly, due to increased sales activity as well as a very large jump in the number of expired listings.

 

 

December Highlights:
– The number of active homes for sale dropped substantially from 4,072 in November to 3,790 in December. A lot of this can be attributed to a large spike in expired listings. The average number of expired listings per month over the last 12 months has been tracking at 202. In December, that figure was 343 – a 130% increase. We also saw a 28% jump in sales from November to December which also has some impact.
– The only negative news this month is that the number of pending sales dropped in December to 212, down from November’s 259. This represents an 18.1% decrease and is far behind the 12 month average of 296 pending sales. This will likely impact January’s sales numbers.
– Home sales in December rebounded to 228, up from November’s 177. This puts us slightly behind the 12 month average of 248 sales per month.
– The average sales price to list price ratio for December was 91.9%, meaning that on average, homes sold for about 8% less than the average asking price. This percentage typically falls in the low 90%’s, but 91.9% is the second lowest is has gone over the last 12 months, with the exception of November where it came in at 91.2%.

With the exception of pending sales being down, December’s numbers were actually quite positive, especially when compared to November’s dismal results. A couple of key things going forward are to get the pending sales number back up and the hope that the large number of expired listings do not come back onto the market in January, making the active homes for sale figure jump again.

 

Disclaimer:
Data was pulled from the Arizona Regional MLS (ARMLS) and can change at any time. Data looks back at the last 12 months of activity and is for Scottsdale single-family resale homes.
Copyright © 2009 Heather Tawes Nelson

 

Scottsdale Luxury Home Real Estate Market Update – November 2008

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Here is November 2008’s update on the Scottsdale luxury home market. This analysis looks at single-family resale homes in Scottsdale.

– NOVEMBER 2008 –

Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 549 active homes for sale. This number has been increasing for the last few months, but is still less than the 12 month average 583 active homes.
– Pendings: There were 22 pending homes pending sale, which was a 46.7% jump over October where there were only 15. However, we this segment is still tracking just below the average of 39 pending sales we have seen over the last 12 months.
– Sold: Only 2 homes sold in November. This is dramatically off from the average of 21 sales per month. My impression is that the significant drop was due to the tightening of the mortgage market, particularly in the jumbo loan segment. Ideally, we will see the lag in this number ‘catch up’ in December’s figures.
– Sales Price to Listed Price: 91.0%

 Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 303 actives homes for sale in November, a 2% increase over October. This number has been climbing since July of this year, when there were 269 homes for sale in this price segment.
– Pendings: There were 8 homes pending sale in November, up from 6 in October. The 12 month average pending figure is 11.
– Sold: Seven homes sold in November, which is just behind the 12 month average of 8.
– Sales Price to Listed Price: 90.4%

Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 371 homes for sale in November at this price point. This number had been decreasing for several months, but has been increasing since September.
– Pendings: Six homes were pending, a 20% increase over October. This is the largest number of pending sales we have seen since July of this year.
– Sold: Only 2 homes sold in November. The average sales figure in this price point is 6 per month.
– Sales Price to Listed Price: 77.3%. This is a very large drop for this price segment. Typically, homes sell in the high-80%’s and low-90%’s.

Homes Priced $3,000,000+
– Actives: There were 287 homes for sale in this price point in November. This number has been creeping up since July. However, it is still tracking behind the 12 month average of 302.
– Pendings: There were 5 pending home sales, down from 8 in October. The 12 month average is 7 pending sales.
– Sold: Seven homes sold in this price point in November, which is a huge jump from October’s single sale. This figure also surpasses the 12 month average sales number of 5.
– Sales Price to Listed Price: 88.7%

As you can see, the results vary quite a bit between the price segments. Active listings in all price points have been trending up after several months of declines. Pending sales are holding their own, but the key will be getting these sales to convert in the months to come, especially if financing is required. Sales figures were down in all segments except for the $3 million+ segment which saw a huge jump in November.

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:
Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2008 and can change at any time.

Scottsdale Single-Family Home Resale Market – November 2008

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November was another challenging month for Scottsdale home sales. The number of homes for sale increased for the second month in a row and sales were down significantly. The good news is that pending sales were up over the prior month.

 

November Highlights:

  • Active Homes for Sale – The number of homes for sale went above the 4,000 mark to 4,072, a 2.6% increase over October. This is the first time this figure has been over 4,000 since May of 2008.
  • Homes Pending Sale – Pending home sales actually increased in November from October. There were 259 pending sales in November, up 4.9%. However, this is still below the 12 month average of 294 pending sales.
  • Sold Homes – The number of homes sold dropped dramatically in November to 177, a 22.4% decrease over October. This is the fifth month in a row where sales figures have dropped. The average number of monthly sales over the last 12 months has been 245.

Overall, November was a negative month based on the large drop in sales activity and the uptick in the number of homes for sale. The bright note was that pending sales were up 4.9% and ideally, this will help with December’s numbers.

 

Desert Highlands, Scottsdale AZ – 2008 Performance

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Desert Highlands is a private, gated luxury golf community located in North Scottsdale, Arizona. Spread out over 850 acres, there are 560 homesites available. Originally developed by Lyle Anderson, Desert Highlands features an 18-hole Jack Nicklaus course and an elegant clubhouse. There is also a tennis facility, fitness center and spa and plenty of walking trails throughout the community.

Desert Highlands’ location is ideal. It is just north of the 101 Freeway and is minutes away from fabulous dining, shopping, medical care and entertainment. Homes range in price from just under $1 million for a 2 bedroom, 2 bath, 2,752 square foot home to $6,295,000 for a 4 bedroom, 6.5 bath, 7,327 square foot estate.

Here is a look at sales performance in Desert Highlands for 2008.

Homes for Sale 52
– Average Asking Price $2,351,956
– Average Square Feet 5,397
– Average Asking Price per Sq. Foot $434.35
– Average Cumulative Days on Market 221
Pending Homes 2
– Average Asking Price $2,610,000
– Average Square Feet 6,088
– Average Asking Price per Sq. Foot $364.57
– Average Cumulative Days on Market 311
Home Sales 16
– Average Sales Price $1,813,125
– Sales Price to List Price 85%
– Average Square Feet 4,917
– Average Sales Price per Sq. Foot $350.69
– Average Cumulative Days on Market 285
– Highest Sale Price $7,750,000
– Lowest Sale Price $710,000

View Desert Highlands homes for sale.

 

Disclaimer:
Information herein deemed reliable but not guaranteed. Data was pulled from the Arizona Regional MLS (ARMLS) and can change at any time. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2008 Heather Tawes Nelson

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