Here are the results for August 2009 and 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.
August saw mixed results for the various price points. It was a particularly difficult month for homes priced over $2M. Sales and pending sales were off, although inventory continued to decrease.
– August 2009 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: 366 homes were for sale in this price point, a 3.2% decrease over July. This number has been decreasing steadily each month since February, when there were 539 homes for sale. The 12 month average is 491.
– Pendings: Pending sales went up to 40. This is the second highest this figure has been in the last year. The 12 month average is 26 per month.
– Sold: There were 21 home sales in August, an improvement over July’s 18 sales. The 12 month average is 16 sales per month.
– Sales Price to Listed Price: 88.1%. This is pretty typical for this price point.
Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 241 homes for sale at the end of August, up 1.7% over July. This is the first time this number has increased since April. The 12 month average is 280.
– Pendings: Seventeen homes were pending at the end of the month, a nice jump over July’s 11. The 12 month average is 11.
– Sold: Only six homes sold in August at this price point, tracking behind the 12 month average of 7.
– Sales Price to Listed Price: 86.5%.
Homes Priced Between $2,000,000 – $2,999,999
– Actives: 222 homes were for sale in this price point at the end of July. This number has been decreasing steadily since January, when there were 365 homes for sale. The 12 month average is 321.
– Pendings: There were five pending sales, which is behind the 12 month average of 6 sales.
– Sold: Only three homes sold in August, which is significantly less than we saw in July when there were nine sales. The 12 month average is 5 sales.
– Sales Price to Listed Price: 88.2%. This is about average for where this figure has been over the last 12 months.
Homes Priced $3,000,000+
– Actives: There were 149 homes for sale in this price point at the end of August. This number continues to decrease month over month. The 12 month average is 237.
– Pendings: Two homes were pending at the end of the month, significantly off of the 12 month average of 6.
– Sold: For the second month in a row, two homes sold in this price point. As with the pending sales, this is well behind the 12 month average of 4.
– Sales Price to Listed Price: 64.7%. This indicates that the homes were sold at a significant discount off of asking price.
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 is decreasing for the bulk of the price ranges. Sales and pending sales activity is mixed, with the higher price points suffering more.
Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 9/1/2009 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.
