Here are the February 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.
– FEBRUARY 2009 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 569 homes for sale in this price segment. This figure has been increasing for the last two months and is more or less on par with the 12 month average of 568.
– Pendings: Pending sales were up in February to 19. This is a nice jump (58.3%) over February. However, it is still trailing behind the 12 month average of 29 pending homes.
– Sold: There were 15 home sales in this price point, up from 8 in January. This is slightly behind the average of 18, but the higher pending sales may indicate that March will be even stronger.
– Sales Price to Listed Price: 89.1% This is the first time this figure has dropped into the 80%’s since October of 2008.
Homes Priced Between $1,500,000 – $1,999,999
– Actives: The number of homes for sale in this price range was 298. We saw a nice drop in this figure between November (303) and December (284), but the figure has been climbing since.
– Pendings: The number of pending sales in February was 8, slightly behind the 12 month, average of 9, but up over December and January.
– Sold: Only three homes sold in February, a 57.1% drop over January. This figure is well behind the average of 7.
– Sales Price to Listed Price: 92.3% This is a big improvement in this figure. The last time we saw this ratio so high was July of 2008.
Homes Priced Between $2,000,000 – $2,999,999
– Actives: The number of homes for sale dropped to 356 from 365 the month prior. This figure is tracking more or less on par with the 12 month average of 354.
– Pendings: Pending homes were up to 7, slightly behind the average of 8.
– Sold: Home sales rebounded over January’s disappointing numbers to 6. The last time sales hit this level in this price point was August of 2008.
– Sales Price to Listed Price: 87.0% This figure has been bouncing around between the high 70%’s and low 90%’s for the last year.
Homes Priced $3,000,000+
– Actives: There were 270 homes for sale in this price range, down from 279 in January. This is well below the 12 month average of 291.
– Pendings: Pending sales were 7, level with January’s figure. This is also the average over the last 12 months.
– Sold: Three homes sold in February. While this is better than the two sold in January, it is still behind the average of 5.
– Sales Price to Listed Price: 94.4% This is a huge improvement for this ratio. It has been in the 70%’s and 80%’s since last October.
As you can see, the results vary quite a bit between the price segments. Inventory is creeping up in the lower-priced ranges and decreasing in the higher-priced ranges. Pendings and solds were for the most part positive and the higher number of pendings indicates sales in March may continue to climb.
For the detailed data behind the figures above, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 2/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale 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.
Copyright © 2009 Heather Tawes Nelson