Scottsdale Luxury Home Market - December 2008

By
Real Estate Agent with Realty ONE Group

Scottsdale real estate marketHere are the December 2008 figures for the Scottsdale luxury home market. This analysis looks at single-family resale homes in Scottsdale priced $1,000,000 and above over the last twelve months.

- DECEMBER 2008 - 
 
Homes Priced Between $1,000,000 - $1,499,999

- Actives: There were 518 active homes for sale, which is the lowest this figure has been over the last 12 months. The 12 month average is 580 active homes. The drop can be attributed to a healthy jump in sales as well as a significant number of expired listings.
- Pendings: Pending homes for sale in this price segment were very down in December. There were 11 pending home sales, which is much lower than the 12 month average of 32. 
- Sold: Sixteen homes sold in November. This was a very welcome jump over November's two home sales. While this was a nice increase, this figure is still tracking behind the 12 month average of 20 home sales.
- Sales Price to Listed Price: 91.8%

Homes Priced Between $1,500,000 - $1,999,999
- Actives: There were 284 homes for sale in November in this price segment, a 6.3% decrease over November. This segment also saw a much higher than normal number of expired listings with 24, when the average has been tracking at 14. 
- Pendings: There were seven pending home sales in December, down from 8 in November. The 12 month average for this pending figure is 11.
- Sold: Only four homes sold in December. November had seven sales, so this represents a 42.9% decline in sales.
- Sales Price to Listed Price: 84.6%. This number historically falls in the low 90%s, so 84.6% is a large drop for last month.

Homes Priced Between $2,000,000 - $2,999,999
- Actives: There were 357 homes for sale at this price point in December. In November, there were 371 homes for sale so there was a decrease of almost 4%. This figure is just above the 12 month average of 354 homes for sale.
- Pendings: Only three homes were pending, a disappointing 50% decrease over November.  
- Sold: Five homes sold at this price range in December, which is just behind the 12 month average of 6 and is a huge improvement over November's two home sales.  
- Sales Price to Listed Price: 86.9%. This is a nice rebound over November's 77.3%. This puts this ratio closer to where it typically falls - in the high-80%'s and low-90%'s.

Homes Priced $3,000,000+
- Actives: There were 283 homes for sale in this price point, just down from November's 287. However, this figure is still tracking behind the 12 month average of 301.
- Pendings: For the second month in a row, there were 5 pending home sales. This figure trails the 12 month average of 7 pending sales.  
- Sold: And also for the second month is a row, seven homes sold in this price point. This figure also surpasses the 12 month average sales number of 5.
- Sales Price to Listed Price: 86.4%

As you can see, the results vary quite a bit between the price segments. December saw the number of active listings for sale in all price points decline. However, this is more likely attributed to the large number of listings that expired rather than inventory being absorbed by the market. Pending sales were for the most part down, which means January numbers will be impacted. On a brighter note, we did see a decent recovery in home sales in almost all of the price ranges.

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. To see the original post or to learn more about the Scottsdale real estate market, please visit Scottsdale Real Estate News & Lifestyle.

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 12/1/2008 and can change at any time.
Copyright © 2009 Heather Tawes Nelson

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Heather Tawes Nelson

Associate Broker, ABR, CLHMS, CRS - Scottsdale, AZ
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