Here are the March 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. This was a very strong month for Scottsdale in general, but there were a couple of mixed results in some of the luxury price points.
– MARCH 2009 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 548 homes for sale at this price point, down from 569 in February. This number is now lower than the 12 month average of 560.
– Pendings: At the end of March, there were 28 pending sales – a 47% increase over February. We have not seen a pending number this high since August and September of 2008.
– Sold: Twelve homes sold in March. This was down from February’s 15, or a 20% decline. The 12 month average for sales in this price range is 17.
– Sales Price to Listed Price: 89.4% – This is the second month this number has been in the 80%’s. Typically, it is in the low 90%’s.
Homes Priced Between $1,500,000 – $1,999,999
– Actives: Active homes for sale crept up last month to 302. The last time this figure was in the 300’s was November of 2008. The 12 month average is 291.
– Pendings: There were 8 sales pending at the end of March. This is just behind the average of 9.
– Sold: Homes sales in this price segment were very string in March at 9, particularly when contrasted with February’s 3 sales. The 12 month average is 7.
– Sales Price to Listed Price: 90.8% – This is down slightly from the 92.3% seen in February, but more or less on par with where it has been tracking for the last year.
Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 350 homes for sale in this price range. This is just under the 12 month average is 352.
– Pendings: Pendings fell to 5 in March as compared to February’s 7. The average is 7 pending sales.
– Sold: There were 9 home sales in March – a 50% jump over February. We have not seen a sales figure this high since August 2008, when there were 8 sales. The average for this price range is 6.
– Sales Price to Listed Price: 77.3% – This was almost a 10% decrease over the prior month. This figure jumps around quite a bit from the high 70%’s to the low 90%’s.
Homes Priced $3,000,000+
– Actives: This figure has been dropping every month since November of 2008. Currently, there are 252 homes on the market, with the 12 month average being 284.
– Pendings: There are 7 pending sales of homes over $3,000,000. This figure has been holding at 7 for three months now, slightly ahead of the average of 6.
– Sold: Six homes sold in this price point in March. This is a great improvement over January and February where there were only 2 and 3 sales respectively. The 12 month average is 5 home sales.
– Sales Price to Listed Price: 83.3% – There is a lot of volatility in this ratio. It swings anywhere from the high 70%’s to the low 90%’s.
March was a really strong month for the Scottsdale AZ real estate market. For the most part the news is great, inventory is down and sales and pending sales are up. And, because pending activity is doing well, this should translate into strong sales numbers for the months to come.
To see the detailed data behind this report, please visit my Scottsdale luxury real estate market reports page and click on the “Scottsdale Market Trends” report.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2009 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
