August was a quieter month for luxury homes in Scottsdale, but we did see some good results in some of the price segments.
Luxury homes in this analysis are those homes with list prices at and above $1 million. Because performance can vary greatly within different price levels, I have split the data into four price groups.
The following information is included within each of these groups:
Active – The number of homes on the market at the end of the month.
Pending – The number of pending home sales at the end of the month.
Sold – Homes that closed escrow during the month.
– August 2013 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory was up about 7% at the end of August to 170 homes. This is the first increase we have seen in several months.
– Pending Scottsdale Home Sales: Pending sales saw a nice rebound, ending the month at 30. This is 5 ahead of the 12 month average of 25.
– Scottsdale Homes Sold: Twenty-eight homes sold in August which is a strong figure. This segment seems to be performing well, even in the low season.
– Sales Price to Listed Price: 95.9% – This is the highest this figure has been in the past year.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: Inventory remained at 99 homes at the end of August. This is well below the 12 month average of 123 homes on the market.
– Pending Scottsdale Home Sales: Pending home sales stayed solid at 17, a slight decrease over the previous month. However, this is on par with the 12 month average.
– Scottsdale Homes Sold: Home sales were up by one to ten.
– Sales Price to Listed Price: 93.2% – This dropped off a little, but is still on track with what we would expect to see.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was up 6% over July to 87 homes on the market. This is the first increase we have seen in months.
– Pending Scottsdale Home Sales: Pending sales were the same at the end of August at three. This is half of the 12 month average.
– Scottsdale Homes Sold: Three homes sold in August, one of the lowest sales months we have seen this year.
– Sales Price to Listed Price: 104.6% – Even though actual sales were low, one of the homes sold for well above asking, bringing this figure to above 100% on average.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory ticked up again slightly to 88 homes. This is about where inventory was this time last year.
– Pending Scottsdale Home Sales: At the end of August, there were no pending sales. This is the first time we have seen this in the last 12 months.
– Scottsdale Homes Sold: Four homes sold in this price range in August. This is the highest we have seen all year and this is double the 12 month average of two home sales.
– Sales Price to Listed Price: 94.5% – This is the highest we have seen this figure in the last 12 months.
Luxury home sales experienced a mixed month. Activity is still very strong in the $1-$1.5 million price band. However, we are seeing pending activity taper off in the higher price ranges. While I would attribute this slowdown to seasonality, the lower pending figures will impact September’s numbers.
If you would like additional detail on home sales activity, please visit my Scottsdale Luxury Home Market Reports page and click on the downloadable “Scottsdale Market Trends” report.
Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2013 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There August 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