– Scottsdale AZ Luxury Home Market Performance for December 2013 –
This is an overview of the luxury real estate market’s performance in Scottsdale. A home falls into the luxury category if is list price is in excess of $1 million. Because market activity can vary quite a bit as prices increase, I have broken the luxury home data into four price bands to show additional detail.
In each price band, you will find the following information:
Active -The number of homes on the market at the end of the month.
Pending – The number of pending sales at the end of the month.
Sold – The number of completed sales for the month.
– December 2013 –
Scottsdale Homes Priced Between $1,000,000 – $1,499,999
– Active Scottsdale Homes on the Market: Inventory increased again and has been increasing since July. The good news is that the pace seemed to slow in December.
– Pending Scottsdale Home Sales: Pending sales were down at the end of the month to fourteen. This is much lower than we have seen in the last year by quite a bit.
– Scottsdale Homes Sold: Twenty-seven homes sold in December, which was a nice way to finish out the year. Sales were the highest they have been since August.
– Sales Price to Listed Price: 94.8% – This is about where we have seen this figure coming in for a while.
Scottsdale Homes Priced Between $1,500,000 – $1,999,999
– Active Scottsdale Homes on the Market: There was a 6.3% drop in inventory at the end of the month. This is the first time this number has decreases since a run-up began in August.
– Pending Scottsdale Home Sales: There were 21 pending sales, which is around where it has been coming in over the last several months.
– Scottsdale Homes Sold: Fifteen homes sold in December, making it the third highest sales month for 2013. The 12 month average for this price range is 12.
– Sales Price to Listed Price: 92.5% – This is a little lower than we have been seeing recently, but is not alarming.
Scottsdale Homes Priced Between $2,000,000 – $2,999,999
– Active Scottsdale Homes on the Market: Inventory was down by 1 at the end of December, which was a relief to see after months of large jumps. However, the 162 homes on the market are still way over the 12 month average of 116.
– Pending Scottsdale Home Sales: Twelve homes were pending which is the highest we saw all year. It is almost double the 12 month average of 7.
– Scottsdale Homes Sold: There were six sales in December, another very strong performance.
– Sales Price to Listed Price: 96.1% – This is quite a bit higher than we have been seeing.
Scottsdale Homes Priced $3,000,000+
– Active Scottsdale Homes on the Market: Inventory was up another 3.1% in the $3 million and above category.
– Pending Scottsdale Home Sales: Pending sales were solid at five, which is ahead of the 12 month average of three.
– Scottsdale Homes Sold: There were three sales in December, which is a good number for this price point.
– Sales Price to Listed Price: 94.0%- This is a little higher than we usually see.
The month of December was a pretty decent month for luxury home sales in Scottsdale. In many cases, pending sales and sales were quite strong and it is good to see inventory levels leveling out or dropping after many months of growth. The strong pending sales figures in some of the price points bode well for a good January 2014 performance.
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 1/1/2014 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 © 2014 Heather Tawes Nelson.