Below is a look at November’s sales activity for the Scottsdale AZ luxury home market. This analysis looks at the sales activity for single-family resale homes in Scottsdale priced at $1,000,000 and above over the last 12 months.
– November 2009 –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: There were 358 homes in the market at the end of November in this price range. There was 8% drop in the number of homes on the market from October’s 389. The 12 month average is 449.
– Pendings: Pending sales were down in November to 24, compared to October’s 27. The twelve month average for this is 27, so we are tracking slightly behind.
– Sold: Twenty homes sold in November, down from the high of 29 we saw in June and September of this year. This figure is slightly ahead of the 12 month average of 19.
– Sales Price to Listed Price: 91.7% – This is pretty standard for this price range.
Homes Priced Between $1,500,000 – $1,999,999
– Actives: At the end of November, there were 242 homes for sale in this price point. This number has been steadily increasing since September when we saw a low of 212. The 12 month average is 265.
– Pendings: Eighteen homes were pending sale. This is the second highest this figure has been over the last 12 months. The 12 month average for this price range is 13.
– Sold: Eight homes sold in November, which is down from September’s 10 and October’s 12. However, this figure is tracking the same as the 12 month average of 8.
– Sales Price to Listed Price: 92.8% – After spending many months in the 80%’s, this ratio has been in the 90%’s for the last two months.
Homes Priced Between $2,000,000 – $2,999,999
– Actives: 247 homes were for sale in this price range at the end of the month. This number has been increasing since August, when there were 222 homes on the market. The 12 month average is 292.
– Pendings: There were eight pending sales in November, the highest this figure has been since June, when there were 12. This is slightly ahead of the 12 month average of 7.
– Sold: Four homes were sold last month. This is just behind the 12 month average of 5.
– Sales Price to Listed Price: 88.3% – This is pretty typical for this price range where buyers are averaging over 10% off the asking price.
Homes Priced $3,000,000+
– Actives: There were 155 active homes on the market in excess of $3 million. This figure dipped slightly over October’s 157. The 12 month average is 206.
– Pendings: Only one home was pending sale at the end of the month, well below the 12 month average of 4.
– Sold: Two homes sold in November, which is below the 12 month average of 3. And, based on the pending figure of 1, I anticipate December’s sales to be poor.
– Sales Price to Listed Price: 77.3% – This figure is all over the place. In August, it was 64.7% and in June it was 90.7%. Because so few homes sell monthly in this price range, this ratio will experience more volatility.
November, overall, was a disappointing month for luxury home sales in Scottsdale AZ. In most cases, inventory was up (albeit slightly) and pending sales and sales were down. And based on pending sales activity, December looks to be another lackluster month.
Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2009 & 12/2/2009 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
