September was a mixed month for luxury home sales in Scottsdale, but inventory was up across the board.
To prepare this analysis, I used homes with asking prices of $1 million or more. Since performance can change greatly depending on the price point, I segmented the data further into four price bands to show additional detail.
Each price band includes the following information:
Active – How many homes were on the market at the end of the month.
Pending – Home many homes sales that were pending at the end of the month.
Sold – How many homes closed during the month.
– September 2013 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory jumped 12.4% to 191 at the end of the month. In September, it surpassed the 12 month average of 189.
– Pending Scottsdale Home Sales: There was a drop in pending sales coming off of a strong August. The month ended with 24 homes under contract.
– Scottsdale Homes Sold: Twenty-six homes sold in September which is the same as the 12 month average.
– Sales Price to Listed Price: 94.5% – This is on par with what we have been seeing for this price segment.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: This price range also saw a 12% increase in inventory over the course of the month. 111 homes were for sale, which is still lower than the 12 month average of 124.
– Pending Scottsdale Home Sales: There was a solid number of pending sales (20) at the end of September, which is ahead of the 12 month average of 17.
– Scottsdale Homes Sold: Home sales were slow, however, coming in with 9.
– Sales Price to Listed Price: 97.0% – This is a strong number for this price point.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: There was a marked jump (27.6%) in the number of homes for sale in this segment. The month ended with 111 on the market.
– Pending Scottsdale Home Sales: Pending sales stayed the same for the third month in a row at 3.
– Scottsdale Homes Sold: This price band had its poorest showing in the last 12 months with only a single sale in September.
– Sales Price to Listed Price: 91.4% – This is pretty normal for this price segment.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: As we saw in all of the other categories, inventory increased in September. 97 homes were for sale, which is lower than the 12 month average of 103.
– Pending Scottsdale Home Sales:After there were zero pending sales in August, it was nice to see September close out with three pending sales.
– Scottsdale Homes Sold: Two homes sold in excess of $3 million. This is on track with the 12 month average.
– Sales Price to Listed Price: 91.4% – This figure bounces around a bit, but this is about what we have been seeing.
As discussed above, inventory is on the rise. Part of this is due to sellers taking their homes off of the market during the slower summer months. We did see some promising results on the pending and sales side of things, but performances were mixed.
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 10/1/2013 and can change at any time. The analysis looks at single-family luxury resale homes in Scottsdale AZ over the last 12 months. There September 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