Here are the May 2012 statistics for the Scottsdale luxury home market. This report takes a deeper look into the luxury home segment and breaks the sales information into various price bands.
Each of the price bands has one year of monthly data broken into three sales statuses. They are as follows:
- Scottsdale luxury homes on the market
- Pending home sales
- Completed Scottsdale luxury homes sales
- May 2012 -
Scottsdale Homes Priced Between $1,000,000 - $1,499,999
- Active Scottsdale Homes on the Market: Inventory dropped 14.8% from April to May to 173. This is the lowest it has been in the last year and is well below the 12 month average of 197.
- Pending Scottsdale Home Sales: Pending home sales saw another uptick in May to 34. This also is the highest this figure has been in the last year.
- Scottsdale Homes Sold: Twenty-seven homes sold in May in this price point. This is down about 13% from April, but is still the 3rd highest sales month in the past year.
- Sales Price to Listed Price: 91.8% - This is pretty on target for what we have been seeing.
Scottsdale Homes Priced Between $1,500,000 - $1,999,999
- Active Scottsdale Homes on the Market: There was a 1.5% drop in inventory between April and May. At the end of the month, there were 119 homes for sale, the second lowest figure we have seen in the last 12 months.
- Pending Scottsdale Home Sales: Pending sales dropped to 11 in May. This is just under the 12 month average of 12 pending home sales.
- Scottsdale Homes Sold: For the third month in a row, nine homes sold. This is just ahead of the 12 month average of 8.
- Sales Price to Listed Price: 91.4% - This is the same as it was in April and is on the higher end of what we typically see.
Scottsdale Homes Priced Between $2,000,000 - $2,999,999
- Active Scottsdale Homes on the Market: We saw another month of declining inventory in this price range. There were 134 homes for sale in this price point at the end of the month, ahead of the 12 month average of 128.
- Pending Scottsdale Home Sales: Pending sales dropped back down again at the end of May to 6. This is just ahead of the 12 month average of 5.
- Scottsdale Homes Sold: Eight homes sold in May, making this the second highest sales month in the past year for this price segment.
- Sales Price to Listed Price: 91.7% - This is the highest we have seen this in the last few months.
Scottsdale Homes Priced $3,000,000+
- Active Scottsdale Homes on the Market: Inventory dropped to the lowest levels we have seen in the last 12 months in May. At the end of the month, 84 homes were for sale in excess of $3 million.
- Pending Scottsdale Home Sales: There was only a single pending home sale at the end of the month, which was a huge drop from April's 7. However, it is not far off of the 12 month average of 2.
- Scottsdale Homes Sold: Driven by the high pending numbers from April, right homes sold in this price range in May. This is almost triple the 12 month average of 3 sales per month.
- Sales Price to Listed Price: 85.5% - This is a pretty representative figure for this price range.
In summary, May 2012 was a pretty good month for the Scottsdale AZ luxury home market. The trend of declining inventory continued and sales numbers were quite strong for the most part. The $1-$1.5 million price range had a great month and looks to have another one in June. The other segments saw pending sales taper off, so sales estimates for June are not as promising.
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 6/1/2012 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
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