Scottsdale Real Estate Market

Scottsdale AZ Luxury Home Market – April 2016

May 14, 2016 By Heather Tawes Nelson

– Scottsdale AZ Luxury Home Market Performance for April 2016 –

April was another positive month for the luxury home market in Scottsdale, with some price segments seeing the best sales they have seen in the past year.

This report takes a look at home sales activity in Scottsdale for homes priced over $1 million. The analysis is broken into four price bands so that you can easily see how each segment is performing.

The following data is included in each price band:

Active – The number of homes for sale at the end of the month.
Pending – The number of pending sales at the end of the month.
Sold – The number of homes that sold that month.

– APRIL 2016 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

– Active Scottsdale Homes on the Market: Inventory finally started to taper off after several months of increases.
– Pending Scottsdale Home Sales: Pending sales were up 33.3% over March to 28. This is ahead of the 12 month average of 23.
– Scottsdale Homes Sold: Twenty-five homes sold, down from March’s 32.
– Sales Price to Listed Price: 94.2% – On average, buyers saw a discount off of list price of 5.8%.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

– Active Scottsdale Homes on the Market: Inventory also declined in this price segment to 224, a 6.3% decrease over March.
– Pending Scottsdale Home Sales: Pending sales were up to 18 by the end of the month. This is the highest we have seen this figure in the past 12 months.
– Scottsdale Homes Sold: Eighteen homes sold in April. This is the second highest sales month within the past year.
– Sales Price to Listed Price: 88.1% – On average, buyers saw a discount off of list price of 11.9%.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

– Active Scottsdale Homes on the Market: The number of homes on the market dropped over 10% to 185.
– Pending Scottsdale Home Sales: Thirteen homes were in pending status at the end of April. This is well ahead of the 12 month average of 8.
– Scottsdale Homes Sold: Eleven homes sold, which is the highest we have seen this figure in the past year.
– Sales Price to Listed Price: 91.0% – On average, buyers saw a discount off of list price of 10%.

Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: Inventory was down here as well to 159.
– Pending Scottsdale Home Sales: Pending sales more than doubled to 11 at the end of April. This is almost twice the 12 month average.
– Scottsdale Homes Sold: Only two homes sold in April, which is low. But the high number of pendings bodes well for May sales.
– Sales Price to Listed Price: 96.4% – On average, buyers saw a discount off of list price of 3.6%.

Overall, April was a solid sales month for luxury homes in Scottsdale. However, the high inventory across the board is something to monitor.

If you would like additional detail on home sales activity, please visit my Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.

Search Scottsdale Luxury Homes for Sale

Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2016 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There April 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 © 2016 Heather Tawes Nelson | Joyce Tawes

Quick Video Update of the Scottsdale Real Estate Market – April 2016

May 10, 2016 By Heather Tawes Nelson

– April 2016 Scottsdale Housing Market Video –

April 2016 – Video

Here is a one minute video overview of the Scottsdale, Arizona real estate market for the month of April.

Active Listings

This first image reflects the inventory of homes for sale in Scottsdale at the end of April 2016 as compared to the end of April 2015 and March 2016.

Looking at it from a year to year perspective, the number of homes on the market was up 4%. But when comparing March to April, inventory was down 5%.

Median Listing Price

The median price is where there are an equal amount of homes listed above that price and an equal amount of homes listed below that price. It is a good indicator to track and use in real estate to see which direction prices are moving.

In April 2016, the median list price was $824,000. This was down a little bit from the prior month (at $830,000). However, it is significantly up over April 2015’s $759,000. This year over year jump is a trend we have been seeing for a while now.

Days on Market

Days on market (DOM) tracks the amount of time it takes homes to sell from the time they were listed to the time they closed escrow. A rule of thumb is that a small DOM means a competitive market whereas high DOM means the market is moving a little slower.

You will also see a higher DOM on luxury homes as there are fewer people in the market for these types of homes.

For April 2016, the average was 100 days, which just down 1 from April 2015.

Median Sales Price for Scottsdale Homes

We looked at median asking price above and now we will look at median sales prices. Again, this is a good metric to track when looking at home price movement.

April 2016 ended at just over $491,0000. This is down from April 2015’s $500,000, but up over March 2016’s $478,000.

Number of Homes Sold

This last part covers home sales in Scottsdale in April 2016.

This image compares April 2016’s sales with those of 2015. As you can see, they were up 1%.

This image is comparing home sales between March and April 2016. Here, sales were up 7%.

We hope that you found this video and commentary helpful as you gather more information to make smart informed real estate decisions.

For more Scottsdale real estate information or if you have any questions about the local area, feel free to contact Joyce at (480) 209-7843 or Joyce@LiveBetterinScottsdale.com.

Click to watch other videos on our Live Better in Scottsdale YouTube Channel

Disclaimer: Data deemed to be accurate, but is not guaranteed.

Phoenix and Scottsdale AZ Luxury Condo Sales – April 2016

May 7, 2016 By Heather Tawes Nelson

– Luxury Condo Sales in Scottsdale and Phoenix – April 2016 –

After a so-so sales month in March, the luxury condo market in Phoenix and Scottsdale rebounded with a great April.

In this analysis, I am looking at the sales activity of condos with list prices starting at $1 million and up.

ACTIVE LISTINGS AT THE END OF APRIL

Inventory was down six condos to 39 by the end of April. Of the 39 condos on the market, 28 were located in Scottsdale and the remaining 11 were in Phoenix.

Still coming in at the highest priced unit on the market, at $2,950,000, is a penthouse comprised of the entire top floor of a commercial building in Downtown Scottsdale.

The least expensive luxury condo for sale was priced at $1,049,000 and was located in the Optima Camelview community, also in Downtown Scottsdale.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

At the end of April, there were twelve sales pending, down one from the thirteen we had at the end of March. Of the twelve pendings, nine are currently in construction status and have been for a while now.

Scottsdale Pending Sales

Scottsdale had four pending sales at the end of the month. Of these, three were carryovers from March.
Two of these were in the Kierland Plaza Lofts community. The first had 2,054 square feet, two bedrooms and two and one-half bathrooms and was listed for $1,245,000. The second is a penthouse unit with three bedrooms, two and one-half bathrooms and 3,567 square feet. It was on the market for $3,250,000.
Th other carryover was in the Envy Residences community. This is one of the units still being built and it comes with two bedrooms and 1,995 square feet. It was listed for $1,075,000.
The final pending sale was a new one and was another unit at Envy. This one has two bedrooms and two and one-half bathrooms. The square footage is 1,764 and the list price was $1,100,000.

Phoenix Pending Sales

Eight of the twelve remaining pending sales were in Phoenix and most of them were carryovers.
Five of them are located in the Two Biltmore Estates community. Asking prices for these three and four bedroom homes range from $1,750,000 to $3,178,0100 and square footage ranges from 3,000 to 4,877.
Portland on the Park continued to have two units pending until completion of construction. The first is a two bedroom, three bathroom condo with 2,105 square feet. Its was listed for $1,031,500. The second is a three bedroom, three bathroom, 2,486 square foot unit. It was on the market for $1,235,500.
The final pending sale in Phoenix was another carryover, this time in the Fairway Lodge (8 Biltmore) community. It was listed for $1,325,000 and has three bedrooms, three and one-half bathrooms and 3,033 square feet.

LUXURY CONDO SALES FOR APRIL 2016

There were five luxury condo sales in April.

Scottsdale Sales

The first was in Scottsdale Waterfront Residences. It had two bedrooms, two and one-half bathrooms and 2,227 square feet. It had been listed for $1,695,000 and sold for $1,567,500.
The other sale in Scottsdale was in Optima Camelview. This unit had three bedrooms, three and one-half bathrooms and 2,315 square feet. It was on the market for $1,275,000 and sold for $1,200,000.

Phoenix Sales

Two of Phoenix’s three sales were in Two Biltmore Estates. These units were recently completed. Both had three bedrooms and three and one-half bathrooms. Square footage was 3,330 and 3,327 respectively and the sales prices were $1,869,285 and $1,945,850.
The final sale was in Fairway Lodge (8 Biltmore). This condo had two bedrooms, two and one-half bathrooms and 2,748 square feet. It had been listed for $1,350,000 and sold for $1,200,000.

April was an average month for the luxury condo market in Phoenix and Scottsdale. The bright spot was the addition of so many pending sales to the pipeline, even though a couple of them will not be closing for a while.

Learn More About Phoenix and Scottsdale Luxury Condos

Search Phoenix and Scottsdale Luxury Condos for Sale

Disclaimer: Days on market figures are cumulative days on market. Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2016 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. Information deemed reliable, but not guaranteed. There April be new condo inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2016 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Single Family Home Sales – April 2016

May 3, 2016 By Heather Tawes Nelson

– Scottsdale Homes for Sale and Home Sales in April 2016 –

Scottsdale home sales had an excellent month in April. Sales volume was higher than we have seen in years and inventory finally decreased after several months of increases.

SCOTTSDALE HOME SALES ACTIVITY – APRIL 2016

Here is a chart that shows home sales activity over the past year. We track three items and they are:

– Single-family homes for sale are represented by the red line.*
– Pending home sales are represented by the green line.*
– Home Sales are represented by the purple line.

APRIL 2016 RESULTS

Scottsdale Homes for Sale: Inventory finally started to taper off by the end of the month. It ended the month 3.1% lower than the end of March.
Pending Homes Sales in Scottsdale: The number of pending sales was up slightly, which is a good sign for May numbers.
Scottsdale Home Sales: Home sales came in at over 500 in April. We have not broken the 500 barrier since July of 2013. So that was impressive.

This next part looks at two other sets of data including the comparison of sales activity and sales prices when compared to list prices:

The top section deals with the month-over-month changes in sales activity. So as you can see, sales were up 7.2% in April when compared to March.

The lower section compares average sales prices to average list prices. In April, this figure was 96.9%, meaning buyers on average received a 3.1% discount off of asking prices.

Scottsdale home sales were impressive in April and I hope to see this momentum continuing. It was also nice to see inventory stabilize. From all accounts, May should also be a solid sales month.

Search Scottsdale AZ Homes for Sale

*Figures for active homes for sale and pending sales are based on the numbers at the end of the month.

Disclaimer: Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2016 and can change at any time. The analysis looks at single-family resale homes for sale and home sales in Scottsdale AZ over the last 12 months. Information deemed reliable, but not guaranteed. There April be new home inventory in these figures if the developer is using the MLS to market its homes. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2016 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Luxury Home Market – March 2016

April 25, 2016 By Heather Tawes Nelson

– Scottsdale AZ Luxury Home Market Performance for March 2016 –

Scottsdale’s luxury home market had a pretty solid sales month in March. February had started some of the momentum and it carried over for the most part into this last month,

This analysis covers the luxury home market in Scottsdale, which is being defined as homes for sale with asking prices above $1 million. Since price points can behave differently, I have grouped the information into four price segments.

Each price segments includes the following data:

Active – How many homes were for sale at the end of the month.
Pending – How many homes were in pending status at the end of the month.
Sold – How many homes sold that month.

– MARCH 2016 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999

– Active Scottsdale Homes on the Market: We saw another large jump in inventory (10.1%) between February and March. The number of homes for sale in this price point (393) is well ahead of the 12 month average of 299.
– Pending Scottsdale Home Sales: Pending sales fell to 21 after the large spike we saw in February.
– Scottsdale Homes Sold: Thirty-three homes sold in March, which is the best we have seen since June 2015.
– Sales Price to Listed Price: 94.0% – On average, buyers saw a discount off of list price of 6.0%.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999

– Active Scottsdale Homes on the Market: Inventory was up in this price segment as well to 239. This also is well above the 12 month average of 176.
– Pending Scottsdale Home Sales: We saw a nice lift in pending sales in March. There were 15 at the end of the month.
– Scottsdale Homes Sold: Fourteen homes sold, which is the second highest we have seen in the past year.
– Sales Price to Listed Price: 86.3% – On average, buyers saw a discount off of list price of 13.7%.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999

– Active Scottsdale Homes on the Market: Inventory remained level at 207, but it is still well ahead of the 12 month average.
– Pending Scottsdale Home Sales: There were ten pending sales at the end of the month, up from February.
– Scottsdale Homes Sold: Ten homes sold, which is the best we have seen in the past year. This is well ahead of the 12 month average of six.
– Sales Price to Listed Price: 95.2% – On average, buyers saw a discount off of list price of 4.8%.