May was an excellent sales month for the Scottsdale luxury home market. I am defining this market as homes with asking prices in excess of $1 million. Since the number and frequency of sales vary as home prices increase, I have segmented the information into four price bands to show more detail.
In each price band, you will see:
Active – How many homes were on the market at the end of the month.
Pending – How many homes were pending sale at the end of the month.
Sold – How many homes sold over the course of the month.
– May 2013 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: The number of homes dropped for the second month in a row, taking up to the lowest level we have seen in 2013.
– Pending Scottsdale Home Sales: Pending sales were very robust at the end of May with 34. This is well ahead of the twelve month average of 22.
– Scottsdale Homes Sold: Sales were excellent at 41. This is the highest I have seen this figure since I started tracking this data in September of 2007.
– Sales Price to Listed Price: 94.4% – This is the second highest this ratio has been in the last 12 months, indicating buyers are getting less of a discount off of asking price on average.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: We saw another large drop in inventory in May, bringing us to levels we have not seen since last October/November.
– Pending Scottsdale Home Sales: There were 28 pending sales at the end of month, which is the highest we have seen in the last year. It is almost double the 12 month average of 15.
– Scottsdale Homes Sold: This segment also had a strong sales month with seventeen homes sold. Again, this is the highest we have seen this figure in the past year.
– Sales Price to Listed Price: 93.5% – This is on par with what we have been seeing for this price point.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: There was a small decrease in inventory in May, bringing it almost to the 12 month average of 107 homes for sale.
– Pending Scottsdale Home Sales: Pending sales stayed at the same level in April and May at 10. They have been in this range for the last four months.
– Scottsdale Homes Sold: Twelve homes sold last month, which is a very strong number. This is the second highest this number has been since September of 2007. The only other month with higher sales was 13 sales in October of 2007.
– Sales Price to Listed Price: 92.2% – This is a pretty standard number for this price segment.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: As we saw with the other segments, inventory decreased in this one too. It had dropped to 105 homes at the end of the month.
– Pending Scottsdale Home Sales: Pending sales dropped in this price range to one. This is lower than we have been seeing for the past several months.
– Scottsdale Homes Sold: There were two home sales in May in the over $3 million range. This is on track with the 12 month average.
– Sales Price to Listed Price: 89.3% – This is a good figure for this price point.
Overall, May was an excellent month for sales in the Scottsdale luxury home market, particularly in the lower luxury price points. Some of the sales figures and pending sales figures were the highest we have seen in six years. The strong pending inventory, especially on the lower end, indicates June sales should be good as well.
To see more detailed data behind this report, please visit my Scottsdale Luxury Home Market reports page and click on the “Scottsdale Market Trends” downloadable report.
Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2013 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ 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 © 2013 Heather Tawes Nelson