Scottsdale AZ Luxury Home Market – March 2012

Below are the March 2012 statistics for the Scottsdale luxury home market. This report looks at homes on the market with list prices of above $1 million and then breaks the data down into four distinct price segments for more detail.

In each price band, a year's worth of data and three key pieces of information are included. They are:
- Luxury homes for sale in Scottsdale
- Pending home sales
- Actual Scottsdale luxury homes sales

- March 2012 -

Scottsdale Homes Priced Between $1,000,000 - $1,499,999
- Active Scottsdale Homes on the Market: Inventory was up by 5 homes at the end of March to 205. This is above the 12 month average of 205.
- Pending Scottsdale Home Sales: We saw a healthy rebound in pending sales to 33. This is well ahead of the 12 month average of 23.
- Scottsdale Homes Sold: Home sales doubled over the month of February to 24. This is also ahead of the 12 month average.
- Sales Price to Listed Price: 90.0% - This is pretty typical for this price segment, although it is quite a bit lower than we saw in February.

Scottsdale Homes Priced Between $1,500,000 - $1,999,999
- Active Scottsdale Homes on the Market: The number of homes on the market decreased 9.4% to 135. This is just under the 12 month average.
- Pending Scottsdale Home Sales: Again, we see pending sales experience a nice jump. At the end of March, there were 14 pending home sales.
- Scottsdale Homes Sold: March home sales were pretty much on par with what we have been seeing over the last few months.
- Sales Price to Listed Price: 88.7% -  Although lower than the last couple of months, this ratio is pretty common for this price range.

Scottsdale Homes Priced Between $2,000,000 - $2,999,999
- Active Scottsdale Homes on the Market: The number of homes in this price range were up 3.6% over February to 144. This is well ahead of the 12 month average of 127.
- Pending Scottsdale Home Sales: Pending sales dropped in March to 6. Although this is still slightly ahead of the 12 month average.
- Scottsdale Homes Sold: Eleven homes sold in March. This is the highest we have seen in the last year and is more than double the 12 month average number of sales.
- Sales Price to Listed Price: 90.2% - This is lower than it has been in the last several months.

Scottsdale Homes Priced $3,000,000+
- Active Scottsdale Homes on the Market: Inventory dropped 4.9% by the end of March to 97.
- Pending Scottsdale Home Sales: Pending sales were the same as February with 3.  This is also on par with the 12 month average.
- Scottsdale Homes Sold: There were three home sales in March. which was a great improvement over the last couple of months' performances.
- Sales Price to Listed Price: 54.7% - This number is a bit misleading. There was a luxury estate that went to auction and sold for about 1/3 of the posted asking price. So, this huge discount is having an effect of this figure.

We saw another month of mixed results in the Scottsdale AZ luxury home market. One thing to continue tracking is inventory. In most cases, it went up in March. Additionally, we saw larger discounts off of asking price in all of the various price bands. Sales and pending sales for the most part were quite good or flat, which is nice to see.

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.

Originally posted on Live Better in Scottsdale

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 3/31/2012 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 © 2012 Heather Tawes Nelson