- Scottsdale AZ Luxury Home Market Performance for July 2014 -
Sales activity in Scottsdale's luxury home market tapered off in July as the low season continued on. We also saw another drop in inventory. On a positive note, there was a decent pending inventory at the end of the month, which could translate into better sales in August.
For this analysis, I am looking at single-family homes with price points in excess of $1 million. This data has been split into four different price bands to show additional detail.
Each price band contains the following information for the past 12 months:
Active - How many homes were for on the market at the end of the month.
Pending - How many homes were pending sale at the end of the month.
Sold - How many homes sold over the course of the month.
- July 2014 -
Scottsdale Homes Priced Between $1,000,000 - $1,499,999
- Active Scottsdale Homes on the Market: Inventory dropped another 3.9% between June and July from 231 to 222 homes.
- Pending Scottsdale Home Sales: Pending sales dropped quite a bit after five months of strong numbers. This is below the 12 month average of 26.
- Scottsdale Homes Sold: Twenty-seven homes sold in July, a 28.9% decrease over June, but it is not too far off of the 12 month average of 29.
- Sales Price to Listed Price: 95.3% -This is the highest this figure has been since January.
Scottsdale Homes Priced Between $1,500,000 - $1,999,999
- Active Scottsdale Homes on the Market: At the end of July, 120 homes were on the market in this price range, which takes us back to levels we have not seen since September 2013.
- Pending Scottsdale Home Sales: Pending sales stayed level at 16. This figure is a combination of new contracts and holdovers from the month prior.
- Scottsdale Homes Sold: Only eight homes sold in July, the lowest we have seen all year. The 12 month average is eleven home sales.
- Sales Price to Listed Price: 98.6% - This is the highest this figure has been in the past year.
Scottsdale Homes Priced Between $2,000,000 - $2,999,999
- Active Scottsdale Homes on the Market: Inventory fell again in July to 113 homes. This is well below the 12 month average of 142 homes.
- Pending Scottsdale Home Sales: Pending sales dropped slightly to 10. This is on par with the 12 month average.
- Scottsdale Homes Sold: Only three homes sold last month. This is the lowest we have seen sales this year.
- Sales Price to Listed Price: 99.2% - This is much higher than we usually see, but there were also a small number of sales.
Scottsdale Homes Priced $3,000,000+
- Active Scottsdale Homes on the Market: Inventory dropped to under 100 by the end of the month. This is the lowest we have seen in since September 2013.
- Pending Scottsdale Home Sales: Six homes were under contract. This figure has been pretty level over the last several months.
- Scottsdale Homes Sold: Only a single home sold in July, well off recent sales figures. However, there are still quite a few homes pending, so I would anticipate August's sales to be stronger.
- Sales Price to Listed Price: 89.5% - This is the second month in a row where this number dipped to under 90%.
Overall, July was a so so month for the Scottsdale luxury real estate market as sales were off. However, the solid pending inventory makes me hopeful that August will be a better sales month.
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. Search Scottsdale Luxury Homes for Sale
Originally posted on Live Better in Scottsdale
Disclaimer: Information deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 8/1/2014 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 | Joyce Tawes
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