Here are the July 2009 numbers for the Scottsdale AZ luxury home market. For this analysis, luxury homes are defined as single-family resale homes in Scottsdale priced $1,000,000 and above.
Although inventory levels are falling at all price points, there were mixed results between the segments as far as sales and pending sales.
– July 2009 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 378 homes for sale at this price point, down 4.5% over June. The 12 month average is 505.
– Pendings: Pending sales were up by one over June to 35. This is the second highest the pending number has been over the last year. The 12 month average is 26.
– Sold: Only 18 homes sold in July in this segment, down quite a bit from June’s 29. However, it is still ahead of the 12 month average of 16 sales.
– Sales Price to Listed Price: 90.6%. This is pretty typical for this price range.
Homes Priced Between $1,500,000 – $1,999,999
– Actives: 237 homes were for sale in this price range. This figure has been dropping steadily since April of this year, with the 12 month average being 283.
– Pendings: There were 11 pending sales at the end of July. While it is ahead of the 12 month average of 10, this is a lot lower than the 15 and 16’s we have seen in the past three months.
– Sold: On a more positive note, 13 homes sold in July. The last time this number was that high was March of 2008. The 12 month average for this price segment is 8.
– Sales Price to Listed Price: 85.9%. This is the lowest this figure has been since January of this year. Typically, it hovers near the high 80%’s and low 90%’s.
Homes Priced Between $2,000,000 – $2,999,999
– Actives: This figure has been decreasing each month since January and at the end of July, there were 237 homes for sale. The 12 month average is 330.
– Pendings: Six homes were pending, which is the same as the 12 month average.
– Sold: Nine homes sold in the month of July for this price segment. That is almost double the 12 month average of 5 sales.
– Sales Price to Listed Price: 85.8%. This figure swings a lot month to month. We saw 91.1% in January and then saw 77.3% in March. 85.8% is a little bit lower than average.
Homes Priced $3,000,000+
– Actives: At the end of July, there were 156 homes for sale for over $3M. This number has decreased every month from a high in November 2008 of 287 to where it is today. The 12 month average is 246.
– Pendings: Only three homes were pending at the end of the month. This is half of the 12 month average of 6.
– Sold: Only two homes sold for more than $3M in July. Again, this is only half of the 12 month average.
– Sales Price to Listed Price: 37.1%. This figure is being distorted because one of the sales has incorrect information loaded into the system. However, the other home sale sold at 55% of asking price so regardless, this figure is uncharacteristically low for July.
As you can see, the results vary quite a bit between the price segments. The good news is that the number of homes for sale has decreased across the board. We are still seeing good sales and pending sales activity. However, the month of July was a tough one for homes listed for more than $3 million.
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale over the preceding 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
