Here is November 2008's update on the Scottsdale luxury home market. This analysis looks at single-family resale homes in Scottsdale.
- NOVEMBER 2008 -
Homes Priced Between $1,000,000 - $1,499,999
- Actives: There were 549 active homes for sale. This number has been increasing for the last few months, but is still less than the 12 month average 583 active homes.
- Pendings: There were 22 pending homes pending sale, which was a 46.7% jump over October where there were only 15. However, we this segment is still tracking just below the average of 39 pending sales we have seen over the last 12 months.
- Sold: Only 2 homes sold in November. This is dramatically off from the average of 21 sales per month. My impression is that the significant drop was due to the tightening of the mortgage market, particularly in the jumbo loan segment. Ideally, we will see the lag in this number 'catch up' in December's figures.
- Sales Price to Listed Price: 91.0%
Homes Priced Between $1,500,000 - $1,999,999
- Actives: There were 303 actives homes for sale in November, a 2% increase over October. This number has been climbing since July of this year, when there were 269 homes for sale in this price segment.
- Pendings: There were 8 homes pending sale in November, up from 6 in October. The 12 month average pending figure is 11.
- Sold: Seven homes sold in November, which is just behind the 12 month average of 8.
- Sales Price to Listed Price: 90.4%
Homes Priced Between $2,000,000 - $2,999,999
- Actives: There were 371 homes for sale in November at this price point. This number had been decreasing for several months, but has been increasing since September.
- Pendings: Six homes were pending, a 20% increase over October. This is the largest number of pending sales we have seen since July of this year.
- Sold: Only 2 homes sold in November. The average sales figure in this price point is 6 per month.
- Sales Price to Listed Price: 77.3%. This is a very large drop for this price segment. Typically, homes sell in the high-80%'s and low-90%'s.
Homes Priced $3,000,000+
- Actives: There were 287 homes for sale in this price point in November. This number has been creeping up since July. However, it is still tracking behind the 12 month average of 302.
- Pendings: There were 5 pending home sales, down from 8 in October. The 12 month average is 7 pending sales.
- Sold: Seven homes sold in this price point in November, which is a huge jump from October's single sale. This figure also surpasses the 12 month average sales number of 5.
- Sales Price to Listed Price: 88.7%
As you can see, the results vary quite a bit between the price segments. Active listings in all price points have been trending up after several months of declines. Pending sales are holding their own, but the key will be getting these sales to convert in the months to come, especially if financing is required. Sales figures were down in all segments except for the $3 million+ segment which saw a huge jump in November.
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. For other information on the Scottsdale real estate market and the surrounding areas, please visit Scottsdale Real Estate News & Lifestyle.
Disclaimer:
Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2008 and can change at any time.
Comments(0)