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Scottsdale Luxury Home Market - April 2009

By
Real Estate Agent with Live Better in Arizona

Scottsdale luxury homeApril was a very good month for Scottsdale single-family home sales. The bulk of the activity is occurring at the lower end of the price spectrum, but we a re also seeing some promising signs in the luxury home market as well. This analysis looks at single-family resale homes in Scottsdale priced $1,000,000 and above over the last twelve months.

- APRIL 2009 - 
 
Homes Priced Between $1,000,000 - $1,499,999
- Actives: There were 497 homes for sale in this price range. This is the first time this number has dipped under 500 in the last year. The 12 month average for this is 549.
- Pendings: At the end of April, there were 30 homes pending, a 7.1% increase over March's 28. The 12 month average for pendings is 26, so this is positive.
- Sold: April was a great month for home sales in this price point. There were 24 sales, double what we saw in March. The last time we saw sales volume like this was July of 2008. The 12 month average is 17.
- Sales Price to Listed Price: 88.4%

 Homes Priced Between $1,500,000 - $1,999,999
- Actives: There were 303 active homes. This number has been hovering around 300 for the last several months and the 12 month average is 290.
- Pendings: Sixteen homes were pending at the end of April, twice as many as in March. The last time there were this many homes pending was June of 2008. The 12 average is 10.
- Sold: Only 4 homes sold in April, which was disappointing. On average, there are 7 sales per month in this price range.
- Sales Price to Listed Price: 89.9% This is about where it has been over the last 12 months

Homes Priced Between $2,000,000 - $2,999,999
- Actives: There were 336 homes for sale in this price segment, down from 350 in March. This is below the 12 month average of 349.
- Pendings: Eight homes were pending, which is just ahead of the 12 month average of 7 and a 60% increase over March's five pending homes.
- Sold: Only five homes sold in April which ended a three month run of increasing sales. On average, six homes in this price point sell per month.
- Sales Price to Listed Price: 88.8%. This is back to a more normal level. March had a very low 77.3%.

Homes Priced $3,000,000+
- Actives: There were 231 homes for sale. This figure has been steadily decreasing month-over-month since November of 2008. The 12 month average is 276.
- Pendings: Five homes were pending at the end of April. This is the first time this number has gone down since January. The 12 month average is 6.
- Sold: Five homes sold in April, ahead of the average of 4. However, it was down slightly from March's six sales.
- Sales Price to Listed Price: 84.7%. This is a little lower than is usual, but is an improvement over March's 83.3%.

As you can see, some of the price segments preformed better in April than others. We are seeing a lot of declines in inventory levels and pending sales are looking good for the most part. Sales were somewhat varied.  

To see the original post or 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 my Real Estate Market Reports page.

Disclaimer:
Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 5/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale over the last 12 months. Any references to 'average' figures implies the average of the  last 12 months of data. There may be new home inventory in these figures if the developer is using the MLS to market its homes.
Copyright © 2009 Heather Tawes Nelson

Comments (2)

B.G. Davison
EquityLock Financial - Phoenix, AZ

Why do you think the $1,500,000 to 1,999,999 range was so sluggish this past month?  Do you think buyers are worried about property devaluation?

May 20, 2009 06:14 AM
Heather Tawes Nelson
Live Better in Arizona - Scottsdale, AZ
Associate Broker, ABR, CLHMS, CRS - Scottsdale, AZ

Hi B.G. -
I think there are a lot of factors that play into it - one of them could certainly be property devaluation.

This price point sees a lot of change in sales figures from month-to-month - e.g. November = 7, December = 4, January = 7, February = 3, March = 9 and April = 4. But, based on the pending sales number of 16 at the end of April, I have a feeling May will be a great month for this price segment.

I think the main factors that play into the activity levels of this price point and some of the other luxury price points are the availability of super jumbo financing, the sheer abundance of inventory and the smaller percentage of folks who can purchase homes at these prices. And, as you alluded to, market uncertainty.

 

May 20, 2009 02:38 PM