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Quick Video Update of the Scottsdale Real Estate Market in January 2016

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– January 2016 Scottsdale Housing Market Video –

January 2016 – Video

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

 

 

Active Listings

Scottsdale homes for sale January 2016This first chart looks at the inventory of homes for sale in Scottsdale compared to January 2015 as well as November 2015.

The inventory of homes for sale at the end of January 2016 was up 3% over January 2015. But when you look at December 2015 to January 2016, inventory was up 11%. This is a seasonal bump that we see at the beginning of each year.

 

 Median Listing Price

Scottsdale median home price January 2016Median price identifies the exact ‘middle’ of prices of homes for sale.Ot, in other words, 50% of the homes are priced higher and 50% are priced lower than the median.

In January, the median list price was just under $850,000. This is quite a bit higher than last January’s median list price of  just under $760,000. This increase in median price between the current and prior year is something we saw for most of 2015 as well.

Days on Market

Scottsdale Days on Market January 2016Days on market is an indication of how long it is taking for homes to sell on average. Therefore it tracks how many days it took for homes to close.

In January 2016, this metric was down to 108 days, a 10% decrease from January 2015’s 120 days.

 

 

Median Sales Price for Scottsdale Homes

Scottsdale Median Sales Price January 2016Here is another median price, but this time it is the median sales price.

January 2016’s median sale price jumped to over $512,000. This is up over $32,000 from January 2015 and December 2015.

 

 

Number of Homes Sold

Scottsdale Home Sales January 2016The final section of this report looks at Scottsdale home sales.

When compared to January 2015, sales were down 7%, coming in at 272 in comparison to 2015’s 294.

 

 

 

Scottsdale Home Sales 2015 and 2016If we take the same information, but look at it on a month-over-month basis, sales were down by 23%. However, this drop is not too concerning. We see a seasonal drop in sales in January as fewer home buyers look for and purchase homes during the holiday season.

 

 

 

 

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.

Scottsdale AZ Luxury Home Market – January 2016

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– Scottsdale AZ Luxury Home Market Performance for January 2016 –

The Scottsdale luxury home market had a mixed month in January. While we usually see a seasonal slowdown due to the holidays, some of the price points in the luxury segment had a strong month.

This report provides an overview of the luxury home market in Scottsdale, or homes priced at $1 million and above.  It tracks the past year of data and is broken down into various price segments to show additional detail.

Each price segment includes the following sales data:

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


– JANUARY 2016 –

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

– Active Scottsdale Homes on the Market: Inventory was up almost 14% by the end of the month to 339.  This is well ahead of the 12 month average of 294 homes.
– Pending Scottsdale Home Sales: Pending sales were up 28.6% too 18 homes. However, this is well below the 12 month average of 24.
– Scottsdale Homes Sold: Sixteen homes sold in January, a large drop from December’s 29. However, this can be attributed to seasonality.
– Sales Price to Listed Price: 93.9% – On average, buyers saw a discount off of list of 6.1%.

Scottsdale Home Sales Between $1 and $1.5 Million January 2016

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

– Active Scottsdale Homes on the Market: Inventory surged here as well. It was up 16.4% over the end of December.
– Pending Scottsdale Home Sales: Pending sales were the absolute lowest we have seen in the past year, at almost half of the worst performing month. This is something to keep an eye on.
– Scottsdale Homes Sold: On the other hand, the sales in January in this price point were solid at eleven.
– Sales Price to Listed Price: 94.8% –  On average, buyers saw a discount off of list of 2.1%.

Scottsdale Home Sales Between $1.5 and $2 Million January 2016

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

– Active Scottsdale Homes on the Market: Inventory was up to 212 by the end of January. This is well above the 12 month average of 169.
– Pending Scottsdale Home Sales: Pending sales were also way off in January to four. This is the lowest we have seen this figure in the past year.
– Scottsdale Homes Sold: Eight homes sold, which is a strong performance for this price point.
–  Sales Price to Listed Price: 91.1% – On average, buyers saw a discount off of list of 8.9%.

Scottsdale Home Sales Between $2 and $3 Million January 2016

 Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: Inventory was up almost 15% at the end of the month.
– Pending Scottsdale Home Sales:  Pending sales were actually up to six, after trending at five for six months straight.
– Scottsdale Homes Sold: Six homes sold in January, the best performance since June of 2015.
– Sales Price to Listed Price: 95.3% – On average, buyers saw a discount off of list of 4.7%.

Scottsdale Home Sales Over $3 Million January 2016

 

January was a month of hits and misses. One of the concerning things is the increase in inventory. While we normally see a rebound in January, all of the price points are well ahead of their 12 month averages.

Pendings were a mixed bag with two of the segments performing very poorly and two doing quite well.

With the exception of the $1,000,000 to $1,500,000 price range, home sales were strong as well.

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 2/1/2016 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There January 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

Phoenix and Scottsdale AZ Luxury Condo Sales – January 2016

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

Scottsdale and Phoenix’s luxury condo markets had a solid start to the year with three sales.

This report examines the over $1 million condo market in the cities of Scottsdale and Phoenix, Arizona.

ACTIVE LISTINGS AT THE END OF JANUARY

Inventory was down by one unit at the end of January to 43. Twenty-eight of these condos were in Scottsdale and the other fifteen were in Phoenix.

For the past several months, the highest priced luxury condo for sale is a 8,500 square foot gutted space that occupies the entire top floor of a commercial building in the heart of downtown Scottsdale. It was listed for $2,950,000.

The least expensive condo on the market was another carryover from December. It was priced at $1,049,000 and was located in downtown Scottsdale’s Optima Camelview. The unit has two bedrooms, two bathrooms and 1,781 square feet.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

At the end of January, there were eight pending sales. Seven of the eight were located in Phoenix. All eight are units that are currently under construction and have been in pending status for many months.

Scottsdale Pending Sales

  • The single pending sale in Scottsdale was located in the Envy Residences community. It has two bedrooms, 1,995 square feet and was on the market for $1,075,000.

Phoenix Pending Sales

  • Six units continued to be pending in the Two Biltmore Estates community. Asking prices for these three 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 is the location of the last pending sale. It was listed for $1,031,500 and had two bedrooms, three bathrooms and 2,105 square feet.

LUXURY CONDO SALES FOR JANUARY 2016

All three sales in January took place in Scottsdale.

  • Two units in the Scottsdale Waterfront Residences closed in January. The first was a two bedroom, two and one-half bathroom unit with 2,690 square feet. It had been listed for $1,695,000 and sold for $1,400,000. The other sale was a larger unit at 2,975 square feet with three bedrooms and three and one-half bathrooms. It had been on the market for $2,100,000 and sold for $1,900,000.
  • The final sale was in The Landmark near Kierland. This unit had three bedrooms, two and one-half bathrooms and 2,690 square feet. It had been listed for $1,185,000 and sold for $1,117,500.

January was off to a good start. The one thing to note that was all of the pending activity was made up of under construction units that have been pending for months. We will need to see new pendings in February to help boost sales activity.

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 2/1/2016 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 January 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 – January 2016

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

As expected, January was a quiet month for Scottsdale real estate. This is something we see annually as buyers take a break over the holidays.

SCOTTSDALE HOME SALES ACTIVITY – JANUARY 2016

Below is a chart that covers the last year of sales of Scottsdale homes. Three things are being tracked:

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

Scottsdale Home Sales January 2016

JANUARY 2016 RESULTS

  • Scottsdale Homes for Sale: As anticipated, inventory rebounded by the end of the month as sellers put their homes back onto the market for the high season.
  • Pending Homes Sales in Scottsdale: Pending sales saw a nice jump of 23.9% to 264 at the end of January.
  • Scottsdale Home Sales: Home sales were down significantly (23.4%) in January. Again, this is a seasonal dip as a result of the holidays and end of year.

This next section has two more items that pertain to the Scottsdale real estate market.

The top section is a look at how the three items we are tracking are behaving compared to the previous month’s activity. Looking below, you can see that the number of active homes for sale was up 15.8% in January over December.

The bottom section is a measure of how much homes were selling for relative to their asking prices. Or, you could look at it as the average discount buyers saw off of list prices. In January, buyers on average paid 4% less than list price.

Scottsdale Home Sales Pace 2016

Overall, the Scottsdale real estate market had an anticipated slow start to the year. Pendings were up however, so that is better news for February.

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 2/1/2016 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 January 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

Things to Do in Scottsdale – February 2016

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– February 2016 Scottsdale Events –

Even though Scottsdale has just come off of the very exciting 2016 Barrett Jackson and Russo and Steele events, there are still lots of amazing events coming up in the greater Phoenix area.

  • The Waste Management Phoenix Open has just kicked off and runs through February 7th. This is one of the most exciting and entertaining golf events you can attend. Major players like Phil Mickelson and Bubba Watson are slated to play and the 16th Hole will most certainly live up to its rowdy reputation. And, after the golf is over, be sure to head over to the Birds Nest for live music, fun and drinks. Some of this year’s performers include Rascal Flatts, Tiesto and Dierks Bentley.
  • The Scottsdale Arabian Horse Show is back again from February 11th through the 21st at WestWorld in Scottsdale. Each day is jam-packed with events and exhibitions including western riding, dressage and more. There are also tons of exhibitors to shop and visit with over the course of the event.
  • Native Trails has several events planned over the course of the month. This free admission outdoor festival highlights songs and dances that celebrate Native American culture. Native American artisans will also be there with items for sale like baskets, artwork and jewelry. February events will take place on February 11, 18, 20, 25 and 27 at the Scottsdale Center for Performing Arts.
  • If you are into art, two major art exhibitions take place annually and run through the high season. There is the Arizona Fine Art Expo and the 26th Annual Celebration of Fine Art.
  • This last item technically starts March 1st, but it is almost time for Cactus League Spring Training to kick off. Fifteen major league teams, including the Arizona Diamondbacks and the San Francisco Giants, participate and the game schedule is packed.

These are just a small sample of all of the great things going on in and around Scottsdale in February. Feel free to add any others to the comment section.

Want to learn more about Scottsdale? Contact us at 480-209-7843 or drop us an email.

The Luxury Condo Market in Scottsdale and Phoenix – 2015 Sales Activity

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-2015 Results for Phoenix and Scottsdale Luxury Condo Sales –

Here is an overview of the luxury condo market in Scottsdale and Phoenix in 2015. To be included in this analysis, the asking prices of the units had to exceed $1 million.

There are four sections in this report. First, we will look at all luxury condo sales in Scottsdale and Phoenix. Then, it breaks out sales activity for each city. The final section is a look at sales and average sales price on a year-over-year basis.

2015 LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Luxury condo sales in 2015 were solid, but down one compared to 2014. There were 30 sales over the course of the year, which is about where this figure has trended since 2012.

2015 Luxury Condo Sales Scottsdale Phoenix

A large number of  luxury condo communities had sales last year. They include the Scottsdale communities of  Scottsdale Waterfront Residences, Optima Camelview and the Landmark Condominiums. In Phoenix, sales happened in the following communities: Two Biltmore Estates, Fairway Lodge, The Residences at 2211 Camelback and Esplanade Place.

The most expensive sale of the year was $2,300,000. It was for a penthouse unit at Landmark with three bedrooms, two and one-half baths, 3,842 square feet and four balconies. It had been listed for $2,350,000 and sold via a cash transaction.

The least expensive luxury condo sale of 2015 was $1,000,000 in the Scottsdale Waterfront Residences. It had two bedrooms, two bathrooms and 1,788 square feet. It had been listed for $1,075,000.

2015 SCOTTSDALE LUXURY CONDO SALES

This section covers sales activity for Scottsdale luxury condos. Of the thirty sales in 2015, seventeen of them were in Scottsdale.

Q1 and Q4 were the strongest quarters for sales, whereas we normally see Q2 as the dominant quarter.

2015 Luxury Condo Sales Scottsdale

Luxury Sales by Community:

  • Scottsdale Waterfront Residences – 7 sales
  • Optima Camelview Village – 6 sales
  • The Landmark – 4 sales

Both the highest and lowest priced sales during 2015 were in Scottsdale.

2015 PHOENIX LUXURY CONDO SALES

This next section covers Phoenix luxury condos. Thirteen of the thirty sales in 2015 were in Phoenix.

2015 Luxury Condo Sales Phoenix

Luxury Sales by Community:

  • Two Biltmore Estates- 5 sales
  • Esplanade Place – 3 sales
  • Fairway Lodge at the Biltmore Estates – 2  sales
  • The Residences at 2211 Camelback – 2 sales

Phoenix’s most expensive sale was at the Two Biltmore Estates community. It was a  three bedroom, three and one-half bathroom condo with 4,817 square feet. It had been listed for $2,275,000 and sold for cash for $2,200,000.

Phoenix’s least expensive luxury condo sale took place at the Fairway Lodge at Biltmore Estates. This three bedroom, two and one-half bathroom unit had 2,329 square feet sold for $1,035,000. It had been listed for $1,150,000 and sold for cash.


LUXURY CONDO SALES YEAR OVER YEAR – 2009-2015
Below is a chart showing sales activity and average sales price from 2009 through 2015. Sales activity has been pretty steady since 2012.

Overall, the Phoenix and Scottsdale luxury condo market had a solid year of sales and prices were up. Looking forward, many new luxury condominiums are slated to be completed in 2016 and the demand is there, so 2016 should be a good year as well.


Search Luxury Condos for Sale in Scottsdale and Phoenix

 

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 1/30/2016 and can change at any time. The analysis looks at resale luxury condos in Scottsdale and Phoenix over the past 12 months. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2016  Heather Tawes Nelson | Joyce Tawes

What Does CCBS Mean on a Scottsdale Arizona MLS Listing?

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What Is the CCBS Status in ARMLS?

In December of 2015, a new sales status was added to the Arizona Regional MLS (ARMLS), which is what agents use to search for homes in the Greater Phoenix area, including Scottsdale.

Most people are familiar with the commonly seen statuses of Active (for sale), Pending (under contract) and Sold (closed).

A few years ago, another status was added called UCB, or Under Contract – Backups. This classification means that an accepted contract is in place, but that the sellers have given written instructions to keep marketing the home in an effort to secure backup offers. (This status became very popular when the market had high numbers of short sales, and it continues to be used widely used today even though short sales are a very small portion of the market.)

So What is CCBS?

CCBS MLS status

CCBS stands for Contract Contingent on Buyer Sale. In this case the home seller and buyer have entered into a contract, but the contract closing is contingent upon the buyer selling their existing home. This new addition is helpful to homebuyers as it gives them more information into the status of the sale and indicates backup offers are welcomed.

In order for a home to become CCBS, the homeowners must give written instructions and be accepting backup offers. However, if the sellers do not do this or want to do this, the home will be placed into Pending status.

If you see a home you are interested in and it is marked CCBS, your agent should investigate to see how far along the buyer of the home is in their home sale process. Some buyers already have a contract on the home they need to sell and others may only have date they are hoping to close by, but no buyer for their property yet. Once you have a better idea of the situation, you can determine whether you want to move forward with a backup offer or not.

Want to learn more about Scottsdale home sales or have questions? Simply contact Joyce via phone/text at (480) 209-7843 or email us. 

Disclaimer: This is an overview of ARMLS sales statuses. It is not meant to be legal advice. Please contact your real estate professional with questions. 

Scottsdale AZ Luxury Home Market – December 2015

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– Scottsdale AZ Luxury Home Market Performance for December 2015 –

Carefree Ranch ViewsThe luxury home market in Scottsdale finished off the year with very strong sales in the under $3 million price point. However, pending activity dropped off a bit.

This report takes a look at Scottsdale’s luxury home market and contains tracking data over the past year. Since activity can vary by price range, I separated the homes into four different price ranges. Each price range includes the following sales data:

Active – The number of  homes were for sale at the end of the month.
Pending – The number of pending sales at the end of the month.
Sold –  The number of monthly home sales.


– DECEMBER 2015 –

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

– Active Scottsdale Homes on the Market: Inventory fell slightly to 298 at the end of the year.
– Pending Scottsdale Home Sales: Pending sales fell by over 41% between November and December. We see this decrease annually as people take a break from home shopping during the holidays.
– Scottsdale Homes Sold: Sales jumped 52.6% over the previous month to 29. This is ahead of the 12 month average of 27 home sales.
– Sales Price to Listed Price: 94.4% – On average, buyers saw a discount off of list of  5.6%.

Scottsdale Home Sales Between 1 and 1.5 Million December 2015

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

– Active Scottsdale Homes on the Market: Inventory was up almost 3% in this price point.
– Pending Scottsdale Home Sales: We saw large dip in pending sales here as well.
– Scottsdale Homes Sold: Twelve homes sold in December, which ties for the second highest sales month of 2015.
– Sales Price to Listed Price: 94.8% –  On average, buyers saw a discount off of list of  5.2%.

Scottsdale Home Sales Between 1.5 and 2 Million December 2015

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

– Active Scottsdale Homes on the Market: Inventory moved up again in December, ending the month at 199.
– Pending Scottsdale Home Sales: There were nine pending sales at the end of the month, on par with the 12 month average.
– Scottsdale Homes Sold: Nine homes sold in December, tripling what we saw in the previous month. This is the highest this figure has been since March 2015.
–  Sales Price to Listed Price: 97.5 –  On average, buyers saw a discount off of list of  2.5%.

Scottsdale Home Sales Between 2 and 3 Million December 2015

 Scottsdale Homes Priced $3,000,000+

– Active Scottsdale Homes on the Market: Inventory scooted up a little higher by the end of the month.
– Pending Scottsdale Home Sales:  Pending sales were level for the sixth month in a row at 5.
– Scottsdale Homes Sold: This is the only price point where sales were lower than the previous month. However, 3 home sales is a respectable figure.
– Sales Price to Listed Price: 101.2% – There was no average discount off of list. In December 2015, the average price paid exceeded the list price.

Scottsdale Home Sale Over 3 Million December 2015

 

December was an excellent end to the Scottsdale luxury home market’s 2015. Inventory was up only slightly and sales were very strong, (especially in the lower luxury price points. Pending sales saw a seasonal trail-off, which points to a slow January.

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 1/1/2016 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There December 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

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