Here are April 2010’s sales results for luxury home sales in Scottsdale AZ. I am defining the luxury home market as single-family resale homes in Scottsdale priced at $1,000,000 and above. The time period for this analysis looks back over the last 12 months.
– April 2010 Scottsdale AZ Luxury Home Sales –
Homes Priced Between $1,000,000 – $1,499,999
– Actives: At the end of April, there were 350 active homes for sale in Scottsdale in this price point. Inventory was down 8.9% over March’s 384. However, my guess is the bulk of the decrease inventory was due to price reductions bringing the home’s prices to under $1M. The 12 month average is 376.
– Pendings: There were 32 pending home sales at the end of the month, which is a good performance. It is ahead of the 12 month average of 29.
– Sold: Only 11 homes sold in April. This is the worst sales performance in 12 months and the last time it was this low was March of 2009. The 12 month average is 20 home sales.
– Sales Price to Listed Price: 87.6% – This is pretty average for this figure.
Homes Priced Between $1,500,000 – $1,999,999
– Actives: There were 220 homes on the market at the end of April in this price range. This figure has been decreasing over the last couple of months and is trailing the 12 month average of 239.
– Pendings: Seventeen home sales were pending. This is the same as it was at the end of March and is equal to the 12 month average for pending home sales.
– Sold: Only 8 homes sold in April. The last time this figure was this low was November of 2009. This is below the 12 month average of 11 home sales per month.
– Sales Price to Listed Price: 86.2% – This is pretty typical in this price range.
Homes Priced Between $2,000,000 – $2,999,999
– Actives: 186 homes were in the market priced in the $2-$3 million range. This is the first time this figure has dropped below 200 since I started tracking this data in September of 2007. The twelve month average is 235 active homes.
– Pendings: Nine homes were pending sale at the end of the month, which is on track with the 12 month average of 9.
– Sold: There were seven home sales in April. This the lowest this figure has been since December of 2009, but is on target with the 12 month average of 7 home sales.
– Sales Price to Listed Price: 89.2% – This is the highest this ratio has been since October of 2009.
Homes Priced $3,000,000+
– Actives: Homes on the market in the $3 million and above range continue to decrease. At the end of April, there were 130 homes for sale, the lowest it has been since I started tracking in September of 2007. The 12 month average is 154.
– Pendings: Six homes were pending at the end of the month, which is the highest this figure has been since March of 2009. This is twice the 12 month average of 3.
– Sold: There were four home sales in April, which was a strong performance. This is twice the 12 month average of 2 home sales.
– Sales Price to Listed Price: 81.4% – This is pretty standard for this price segment, which tends to have quite a bit of volatility.
As you can see, the results vary quite a bit between the price segments. Inventory continues to decline among all of the price segments. But as I mentioned previously, I believe price reductions are playing a factor in the decrease in the number of homes. In April, the $3 million and up price segment was the best performing as far as pending and actual sales. The other price segments saw a disappointing decrease in sales, and mixed results on pending sales.
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 5/1/2010 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 © 2010 Heather Tawes Nelson