Here are October’s figures for the Scottsdale AZ luxury home market. This market analysis includes the last twelve months of activity for single-family resale homes in Scottsdale with list prices of $1,000,000 and above.
– October 2009 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 389 homes for sale in this price point, up 5 over September This number has been increasing for the last two months from its 12 month low of 366. The 12 month average is 465 homes on the market.
– Pendings: There were 27 homes pending at the end of the month, which is on par with the 12 month average of 27 pending sales.
– Sold: There were 21 home sales in October, down from 29 in October, but ahead of the 12 month average of 18 sales.
– Sales Price to Listed Price: 89.6% -This is pretty standard for this price range.
Homes Priced Between $1,500,000 – $1,999,999
– Actives: 234 homes were for sale in this price point at the end of October. This represents a 10.4% increase over September. The 12 month average is 270 active homes.
– Pendings: Pending sales came in at 14, just one ahead of the 12 month average of 13 pending sales.
– Sold: Twelve homes in this price range sold in October. This was the second highest sales month over the last 12 months, with the average being 8 sales.
– Sales Price to Listed Price: 92.7% – This is the highest this figure has been in the last 12 months. It typically tracks in the mid to high-80%’s.
Homes Priced Between $2,000,000 – $2,999,999
– Actives: There were 241 active homes for sale. This figure has been increasing over the last two months. The lowest we saw was in August with 222 homes for sale. The 12 month average is 303 actives.
– Pendings: There were seven homes pending sale at the end of the month. This is the same as September and is on par with the 12 month average of seven pending sales.
– Sold: There were five home sales in October. This figure has been increasing for the last two months and is the same as the 12 month average of 5.
– Sales Price to Listed Price: 92.2% – This is the highest this figure has been in the last twelve months. The last time this was in the 90%’s was in January of this year. Typically, this number is in the mid to high-80%’s.
Homes Priced $3,000,000+
– Actives: 157 homes were for sale for over $3 million. As with other price points, we have seen inventory increase over the last two months. The low in August was 149. The 12 month average is 217.
– Pendings: There were only two pending sales in this price point. This is well behind the average of 5.
– Sold: Three homes sold in October, which was a nice turnaround from September, when there were no sales of homes in excess of $3 million. The 12 month average is 4 sales, so this month was slightly behind.
– Sales Price to Listed Price: 82.4% – This is pretty typical for this price point.
October was a lackluster month for the luxury home market in Scottsdale. The number of home for sales is up in all price ranges, although not dramatically. However, we need to see some of this inventory being absorbed versus being added to. Sales and pending sales were mixed, although we did see some strong sales in a few of the price bands. Looking at the pending numbers, November may be a challenging month as well.
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.
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 11/1/2009 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. This blog represents the opinion of the author. No warranties implied or expressed.
Copyright © 2009 Heather Tawes Nelson