– Scottsdale AZ Luxury Home Market Performance for October 2016 –
October was an average month for the luxury home segment in Scottsdale. Although we did see a record-breaking sale for over $11 million in the Silverleaf community.
This is an in-depth look at luxury homes sales in Scottsdale for the month of October and the previous year. I have split the luxury market into four price-based segments to allow for more detail on sales activity. Each price segment includes the following data:
Active – The number of homes on the market at the end of the month.
Pending – The number of pending sales at the end of the month.
Sold – The number of homes sales for the month.
– OCTOBER 2016 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up over 7% at the end of October, just shy of the 12 month average of 323.
– Pending Scottsdale Home Sales: Pending sales were up to 23. This is a solid number and also just shy of the 12 month average.
– Scottsdale Homes Sold: Twenty-six homes sold in October. This is another solid performance.
– Sales Price to Listed Price: 95.9% – On average, buyers saw a discount off of list price of 4.1%.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: After a 20% jump between August and September, we saw another 10% increase in inventory between September and October. The 203 homes for sale in this price point is above the 12 month average of 196.
– Pending Scottsdale Home Sales: Pending sales were level at nine.
– Scottsdale Homes Sold: Sales were also level, coming in at seven for the second month in a row.
– Sales Price to Listed Price: 95.4% – On average, buyers saw a discount off of list price of 4.6%.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: There was a 22.1% jump in the number of homes for sale in the $2 million range. However, the 171 homes for sale are just under the 12 month average of 174.
– Pending Scottsdale Home Sales: Pending sales saw a nice rebound to seven.
– Scottsdale Homes Sold: Home sales saw the third worst performance of the past 12 months in October. There were only four sales, half of the 12 month average.
– Sales Price to Listed Price: 88.2% – On average, buyers saw a discount off of list price of 11.8%.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was up 11.4% over the previous month and came in at 137.
– Pending Scottsdale Home Sales: Pendings had their worst performance in the past year. Only two homes were pending at the end of October. This is one-third of the 12 month average.
– Scottsdale Homes Sold: Seven homes sold for in excess of $3 million in October. This is impressive and almost double the 12 month average. Of note was the $11+ million dollar sale that took place.
– Sales Price to Listed Price: 97.2% – On average, buyers saw a discount off of list price of 2.8%.
October was an average month for Scottsdale luxury home sales. The jumps in inventory are something to keep an eye on. Sales and pendings falling off can be attributed to seasonality. However, sales were incredibly strong in the $3+ million range.
If you would like additional detail on home sales activity, please visit our Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.
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Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2016 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.
This first image shows the number of homes for sale at the end of October as compared to the same time in 2015.
This next image portrays the median list price. The median is the exact middle of prices, so half of the homes were less expensive and half were more expensive.
Days on Market (DOM) is a measurement that tells you how quickly, or not, homes are selling in a given market.
This next image is median sales price. Just like the median asking price, half of all homes sold for more and half sold for less.
These last two charts show home sales in October.
This next image looks at home sales in September and October of 2016. Sales were down to 391 in October, a 5% decrease.
Desert Highlands 
This first section is a representation of the number of homes for sale in Scottsdale at the end of the month.
This next chart covers the median list price of homes. The median list price is a good measurement to track as it represents the exact middle of home prices, with half being priced higher and half being priced lower.
Days on Market (DOM) takes a look at how long it takes homes to sell. If the market is hot, you will see low days on market and conversely, if the market is slow, this number goes up.
Now we will take a look at the median sales prices in Scottsdale. This is the same kind of measure as above, but this time we are looking at sales prices versus asking prices.
Now we will take a look at home sales activity in Scottsdale. The top image shows this information comparing September 2015 and 2016 and the lower image shows the August to September 2016 information.
However, after a strong August, we saw sales drop by 8% in September.
