Scottsdale Real Estate Market

Scottsdale AZ Luxury Home Market – January 2015

February 12, 2015 By Heather Tawes Nelson

– Scottsdale AZ Luxury Home Market Performance for January 2015 –

Scottsdale’s luxury home market had a decent month in January, even though pending sales had been lower at the end of December.

This report takes a look at the luxury home market in Scottsdale with sales activity split into several price ranges. Each price range will contain the following information:

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 2015 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up almost 11% between December and January. This is something we see annually as people list their homes in the new year. This is ahead of the 12 month average of 330 homes.
– Pending Scottsdale Home Sales: Pending sales were up to twenty by the end of January. This is an improvement over December, but still behind the 12 month average of 26 pendings.
– Scottsdale Homes Sold: Twenty-three homes sold in January in this price range. This is just ahead of the 12 month average.
– Sales Price to Listed Price: 91.4% – This is a bit lower than we have been seeing this figure.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: There was an 18.5% increase in inventory in January in this price range. However, this is still a little below the 12 month average of 189 homes.
– Pending Scottsdale Home Sales: Pending sales were up to twelve, which is an improvement over the prior month. The 12 month average for this is 14.
– Scottsdale Homes Sold: Sales dipped after the huge spike we saw in December. Seven homes sold, which is below the 12 month average of 9.
– Sales Price to Listed Price: 94.5% – This is about where this number has been trending.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: At the end of January, there were 183 homes for sale in the $2 million to $3 million range. This is up almost 11% over December.
– Pending Scottsdale Home Sales: Pending sales saw a huge jump to 14, which is well ahead of the 12 month average of 8.
– Scottsdale Homes Sold: Sales stayed level with six sales in January, the same as December. This is also the 12 month average.
– Sales Price to Listed Price: 96.4% – This is the second highest we have seen this figure in the past 12 months.

Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was up in this price point as well. At the end of January, there were 148 homes on the market.
– Pending Scottsdale Home Sales: Pending sales dropped to two. This is the lowest we have seen this in the past 12 months. The average is four.
– Scottsdale Homes Sold: Three homes sold in January in this price point. That is down from December’s spike, but on par with the 12 month average.
– Sales Price to Listed Price: 89.2% – This is pretty typical for this price point.

Starting off 2015, the luxury home market had a slower sales month. This was to be expected because of the dip in pendings at the end of December. It was nice to see the very strong pending activity in the $2-$3 million range though.

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 2/1/2015 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. Copyright © 2015 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – January 2015

February 7, 2015 By Heather Tawes Nelson

– Luxury Condo Sales in Scottsdale and Phoenix – January 2015 –

January tends to be a slow month due to people coming off of the holidays. However, for the Scottsdale and Phoenix luxury condo market, there was quite a bit of activity.

I define the luxury market as those condos for sale with list prices in excess of $1 million.

ACTIVE LISTINGS AT THE END OF JANUARY

Inventory once again was up, this time to forty units on the market by the time January wrapped. Nineteen of these condos were located in Scottsdale and the remaining twenty-one were in Phoenix.

A spacious penthouse in The Landmark remained the most expensive unit on the market. It was listed for $2,860,000 and had three bedrooms, three bathrooms and 4,480 square feet.

The least expensive luxury condo for sale at the end of January was another unit at The Landmark. Coming in with a list price of $1,000,000, this unit had three bedrooms, two and three-quarters bathrooms and 2,548 square feet.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

Pending sales at the end of January were quite impressive. There were seven pending sales on the books when the month completed. Five were in Scottsdale and the other two were in Phoenix.

Scottsdale Pending Luxury Condo Sales

Three of the pending sales were located in the Scottsdale Waterfront Residences, an elegant and popular choice among buyers. Prices at the time of contract ranged from $1,095,000 for a two bedroom, two and one-half bathroom unit with 1,659 square feet to $1,749,000 for a three bedroom, three and one-half bathroom unit with 2,503 square feet.
The visually striking Optima Camelview Village also had a pending sale. It was a three bedroom, three bathroom, 3,005 square foot condo that had been on the market for $1,250,000.
The most expensive pending sale was at The Landmark. The asking price was $2,225,000 and it came with three bedrooms, two and one-half bathrooms and 3,842 square feet.

Phoenix Pending Luxury Condo Sales

The first pending sale was at the Fairway Lodge community located at 8 Biltmore. This condo had two bedrooms, two and one-half bathrooms and 2,376 square feet. It was listed for $1,100,000.
The other pending was next door at Two Biltmore Estates. On the market for $1,878,000, this unit had 3,580 square feet, four bedrooms and four and one-half bathrooms.

LUXURY CONDO SALES FOR JANUARY 2015

There was a single sale in January and it took place in Phoenix at the The Residences at 2211 Camelback. It was a 3,904 square foot unit with three bedrooms and three and one-half bathrooms. It had been listed for $1,874,000 and sold for $1,600,000.
January was a positive month for the luxury condo market in Scottsdale and Phoenix. Although there was only a single sale, the backlog of seven pending sales is a positive sign for February’s numbers.

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 2/1/2015 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 may 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 © 2015 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Single Family Home Sales – January 2015

February 4, 2015 By Heather Tawes Nelson

– Scottsdale Homes for Sale and Home Sales in January 2015 –

January was a quiet month for home sales, which is something we see seasonally as people focus on the holidays instead of home hunting. The positive news is that pending sales were trending back up at the end of the month.

SCOTTSDALE HOME SALES ACTIVITY – JANUARY 2015

The graphic below charts the past 12 months of data for the following:
– Single-family homes for sale are the red line.*
– Pending home sales are the green line.*
– Completed Home Sales are the purple line.

JANUARY 2015 RESULTS

Active Scottsdale Homes for Sale: Inventory was up about 12% at the end of January. This is something we see annually as expired listings come back on the market or when sellers were waiting for the new year to list their homes.
Pending Homes Sales in Scottsdale: Pending sales were up at the end of the month. Again, this is a trend we see annually as activity picks up at the beginning of the year.
January Home Sales in Scottsdale: Home sales were 295, which is down over December, but ahead of November’s sales.

The charts below look at two other measures of the Scottsdale real estate market. The top chart examines how the figures changed from the previous month’s activity. So, if you look at home sales, you can see them picking up at the first part of the year, declining in the summer and fall, and so on. Sales were down 20.9% in January over December.

The bottom chart compares what homes were listed for in comparison to what they sold for. So, on average, home buyers saw a 5% discount off of asking price in January.

As expected, January was a quieter month. However, we are now moving into the high season and I expect these numbers to improve quite a bit over the next several months.

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*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 2/1/2015 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 may 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 © 2015 Heather Tawes Nelson | Joyce Tawes

Scottsdale 2014 Home Sales

January 27, 2015 By Heather Tawes Nelson

– 2014 Home Sales in Scottsdale –

Here is a look back at single family home sales activity in Scottsdale, Arizona for 2014.

I pulled quarterly data for Scottsdale as a whole as well as for three North Scottsdale zip codes, 85262, 85255 and 85266.

Scottsdale Home Sales

Sales activity was more or less level throughout the year, with an uptick in Q2, which corresponds with the end of the local high season.

The highest priced sale in Scottsdale in 2014 was a 15,000 square foot estate at Silverleaf. It had six bedrooms, eleven bathrooms and sold for $9,750,000.
The lowest priced sale was $110,250. This was for a three bedroom, one and three-quarter bathroom home with 1,242 square feet.

Home Sales in Scottsdale Zip Code 85262

In this zip code, we saw sales activity that was a little heavier during the first half of the year (57%.) Q2 had the largest percentage of sales.

The highest priced sale in 85262 in 2014 was for $6,500,000. This was an estate home in Estancia and it had five bedrooms, eleven bathrooms and 12,971 square feet.
85262’s lowest priced home sale was a three bedroom, two bathroom home in eastern Scottsdale. It had 2,118 square feet and sold for $287,000.

Home Sales in Scottsdale Zip Code 85255

The first quarter was a little slower for 85255, but things picked up in Q2, where 35% of the year’s sales took place. The last half of the year was level.

The highest priced sale in 85255 in 2014 was the home in Silverleaf mentioned above that sold for $9,750,000.
The lowest priced home sale was a two bedroom, two bathroom home in Silverado. It had 1,009 square feet and sold for $209,000.

Home Sales in Scottsdale Zip Code 85266

Home sales were pretty level throughout the year, with the exception of the increase in Q2 that we saw throughout the city.

The highest priced home sale in 85266 was at The Boulders. It had four bedrooms, three and one-half bathrooms and 4,791 square feet. The sales price was $2,675,000.
The lowest priced home sale was a two bedroom, two bathroom, 1,740 square foot home west of Scottsdale Road. It sold for $285,000.

Disclaimer: Due to rounding issues, columns may not add up to 100%. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2014, 7/1/2014, 10/1/2014 and 1/1/2015 and can change at any time. The analysis looks at single-family resale homes for sale. Information deemed reliable but not guaranteed. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2015 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Home Sales by Type from 2011-2014

January 23, 2015 By Heather Tawes Nelson

– 2011 to 2014 Comparison of Scottsdale Homes Sales by Type – Includes Short Sales and Foreclosures –

Over the last several years, I was interested in seeing how the distressed property inventory was having an impact on the sales of Scottsdale homes. We were seeing a lot of distressed activity with large numbers of short sales and foreclosures in the local market.

I used to run this analysis quarterly, but stopped at the end of 2013 as the numbers had dwindled quite a bit and there was not much change from quarter to quarter.

At the end of 2014, I pulled an annual summary for Scottsdale as well as three prominent North Scottsdale zip codes – 85255, 85262 and 85266. From there, I pulled the year-end stats for each year from 2011 through 2014 to see how things had changed over that time period, and it is quite evident that things have changed a lot from the market we experienced in 2011.

Scottsdale Home Sales By Type – Includes all of Scottsdale

If you look at the end of 2011, only 58% of all home sales were non-distressed, or “regular” home sales. This has been steadily rising for the past three years and at the end of 2014, “regular” homes sales accounted for 96% percent.

And conversely, at the end of 2011 short sales had 19% of the market and foreclosures had 23% . Fast forward to the end of 2014, and they barely made an impact.

Scottsdale Home Sales by Type – Zip Codes 85255, 85262 and 85266

Here is the same information, but now we are looking at it at the zip code level. As you can see, the same dramatic drop in short sales and foreclosures occurred here as well.

Whereas short sales and foreclosures were about 40% of all sales in these zip codes at the end of 2011, they were a mere 3-5% as we closed out 2014.

As evidenced by the numbers above, the Scottsdale real estate market is continuing to improve and distressed inventory is now only a small fraction of the market.

Disclaimer: Due to rounding issues, not all columns will add up to 100%. Data and information were pulled from the Arizona Regional MLS (ARMLS) as of 1/1/2012, 1/1/2013, 1/1/2014 and 1/1/2015 and can change at any time. The analysis looks at single-family resale homes for sale. There may be new home inventory in these figures if the developer is using the MLS to market its homes. Information deemed reliable but not guaranteed. This post represents the opinion of the author. No warranties express or implied.
Copyright © 2015 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Luxury Home Market – December 2014

January 14, 2015 By Heather Tawes Nelson

– Scottsdale AZ Luxury Home Market Performance for December 2014 –

The luxury home market in Scottsdale had a strong sales month in December, although pending sales were down across the board.

Below, you will find December’s homes sales activity broken out by price band as well as sales status For each section you will find information on the following:

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 sales over the month.

– December 2014 –

Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory stayed level between November and December at 306 homes.
– Pending Scottsdale Home Sales: Pendings saw a 38% drop compared to where we were at the end of November. There were 13 homes pending at the end of the month, in comparison to the 12 month average of 24.
– Scottsdale Homes Sold: There were 25 home sales in this price point, a big improvement over November. The 12 month average for monthly sales is 26.
– Sales Price to Listed Price: 92.7% – This is a little lower than we have been seeing.

Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory inched up to 151 at the end of December.
– Pending Scottsdale Home Sales: Pending sales in this price point dropped 47% to 9. The 12 month average for this is 16 pendings.
– Scottsdale Homes Sold: Unlike pending sales, sales activity in December was huge for this price range. Sixteen homes sold, well ahead of the 12 month average of 11.
– Sales Price to Listed Price: 97.6% – This is a strong figure and is similar to what we were seeing a few months ago.

Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: The number of homes decreased slightly at the end of the month to 165. This is still ahead of the 12 month average of 147 homes.
– Pending Scottsdale Home Sales: Pendings were down to seven. This is quite a bit lower than the 12 month average of 12 pendings.
– Scottsdale Homes Sold: Home sales were also down in December, to six. However, this is not too far off of what we have been seeing over the last several months.
– Sales Price to Listed Price: 93.6% – This is about where this figure has been trending

Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: There was a small rise in inventory to 139 at the end of the month.
– Pending Scottsdale Home Sales: Pending sales were down to four, which is low, but not too far off of the twelve month average of six pendings.
– Scottsdale Homes Sold: Six homes sold in December for more than $3 million. This was the best performance of the year and double the 12 month average.
– Sales Price to Listed Price: 89.9% – This number swings a lot due to low sales volume.

As we wrapped up 2014, Scottsdale’s luxury home market had a pretty strong sales month, particularly in the $2 million and above range. Pending sales were down, in some cases quite a bit. However, this is expected as many people put home buying on hold over the holiday season.

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 1/1/2015 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. Copyright © 2015 Heather Tawes Nelson | Joyce Tawes

Phoenix and Scottsdale AZ Luxury Condo Sales – December 2014

January 5, 2015 By Heather Tawes Nelson

– Luxury Condo Sales in Scottsdale and Phoenix – December 2014 –

The month of December was a decent month to close out the year for the luxury condo market in the valley.

For the purposes of this update, I am defining the luxury condo market as units for sale with an asking price of $1 million or more.

ACTIVE LISTINGS AT THE END OF DECEMBER

Inventory edged up by one to thirty-six units for sale at the end of the month. Scottsdale and Phoenix each had eighteen listings.

The highest priced listing remained the incredible penthouse in The Landmark. Located in the heart of Kierland, the penthouse had 4,480 square feet with three bedrooms and three bathrooms.

The Kierland Plaza Lofts in Scottsdale continued to have the lowest priced unit at $1,049,000. The condo had 1,664 square feet, two bedrooms and two bathrooms.

PENDING LUXURY CONDO SALES IN SCOTTSDALE AND PHOENIX

There were two pending sales as we wrapped up the year, one in each city.

In Scottsdale, the condo was in Optima Camelview Village. It had three bedrooms, three bathrooms and 3,005 square feet and was listed for $1,250,000.

In Phoenix, the other pending sale was in The Residences at 2211 Camelback. This home had three bedrooms, three and one-half bathrooms and 3,904 square feet. It had been offered for $1,874,000.

LUXURY CONDO SALES FOR DECEMBER 2014

Two sales took place in December, again, one in each city.

The first one to close was at Optima Camelview Village in Scottsdale. The 3,197 square foot condo had two bedrooms and two and one-half bathrooms.It had been listed for $1,295,000 and ultimately sold for $1,200,000.

The second condo sale occurred in the Two Biltmore Estates community in Phoenix. This expansive 4,817 square foot home with three bedrooms and three and one-half bathrooms sold for $2,650,000. It had been listed for $2,750,000.

Overall the Scottsdale and Phoenix luxury condo market had a decent final month of 2014. Inventory stayed level and two sales closed. The two pending sales should carry over to January and help sales for that month as well.

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 1/1/2015 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 may 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 © 2015 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Single Family Home Sales – December 2014

January 2, 2015 By Heather Tawes Nelson

– Scottsdale Homes for Sale and Home Sales in December 2014 –

December ended the year with a good month of sales activity for the Scottsdale real estate market, although pending sales were down at the end of the month. .

SCOTTSDALE HOME SALES ACTIVITY – DECEMBER 2014

The graphic below charts the past 12 months of data for the following:
– Single-family homes for sale are represented in red.*
– Pending home sales are represented in green.*
– Home Sales are represented in purple.

DECEMBER 2014 RESULTS

Active Scottsdale Homes for Sale: The inventory of homes for sale dropped 5.7% over the previous month. However, we do see this dip seasonally as many listings expire on December 31st. I anticipate this will go back up again in January.
Pending Homes Sales in Scottsdale: Pending sales were down over 25% to 210. Again, this is a seasonal factor as many people are focused on the holidays versus home shopping.
December Home Sales in Scottsdale: Posted home sales were strong at 373. This is the best sales performance we have seen since last summer.

The next set of figures looks at two different components of the real estate market in Scottsdale.

The numbers on top look at the rate of change when compared to the previous month. So, if you look at the ‘sold’ data, you will see home sales were up 43.5% over November.

The lower section compares the ratio of what homes were listed on the market for in comparison to the actual sales prices. In December, the average discount off of asking prices in Scottsdale was 4.7%.

Overall, sales were decent during the last month of 2014. Based on pending figures and seasonality, January should be somewhat quiet on the sales front and inventory will most likely go up over the course of the 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 1/1/2015 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 may 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 © 2015 Heather Tawes Nelson | Joyce Tawes

Scottsdale AZ Luxury Home Market – January 2015

– Scottsdale AZ Luxury Home Market Performance for January 2015 –

Phoenix and Scottsdale AZ Luxury Condo Sales – January 2015