Heather Tawes Nelson ABR, CLHMS - Scottsdale, AZ

Here are June's results for the Greater Phoenix luxury condo market, which includes Scottsdale, Phoenix and Tempe. I am defining the luxury condo market as those condos with list prices in excess of $1 million.

At the end of June, there were 68 condos for sale throughout the valley. Thirty-nine were in Scottsdale, twenty-eight were in Phoenix, and the last one was located in Tempe. The active number of luxury units for sale has been decreasing over the last several months. However, the decrease is not all sale-related. I would venture to guess that much of the decrease can be attributed to asking prices being lowered to under $1M, units being taken off the market and possible foreclosure activity. There were no sales during the month of June.

Here is a quick overview of June 2009's numbers:

Valleywide - June 2009*
For Sale: 68
Pending: 0
Sold: 0
Average Asking Price: $1,760,851
Average Asking Price/Sq. Ft.: $630.50

Scottsdale - June 2009*
For Sale: 39
Pending: 0
Sold: 0
Average Asking Price: $1,799,885
Average Asking Price/Sq. Ft. $686.49

Phoenix - June 2009*
For Sale: 28
Pending: 0
Sold: 0
Average Asking Price: $1,730,086
Average Asking Price/Sq. Ft.: $557.25

Tempe- June 2009*
For Sale: 1
Pending: 0
Sold: 0
Average Asking Price: $1,100,000
Average Asking Price/Sq. Ft. $497.51

To see the original post or to learn more about the luxury condo market in Scottsdale or Greater Phoenix, please feel free to contact me. Please visit my website for more information on Scottsdale AZ real estate and the surrounding areas.

Disclaimer: Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2009 and can change at any time. The analysis looks at single-family resale condos in Scottsdale, Tempe and Phoenix 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.
Copyright © 2009 Heather Tawes Nelson

Here are the June results for the Scottsdale AZ luxury home market. This analysis looks at single-family resale homes in Scottsdale with list prices of $1,000,000 and above over the last twelve months.

- June 2009 -

Homes Priced Between $1,000,000 - $1,499,999
- Actives: There were 396 homes on the market in this price segment. Over the last twelve months, the average has been 519. And, in the 22 months, I have been tracking these figures, this is the first time is has gotten into the 300's. In March of 2008, there were 637 homes for sale in this price point.
- Pendings: There were 24 pending home sales at the end of June. While this was lower than May's 44, this figure is still ahead of the 12 month average of 26.
- Sold: There were 29 sales in June, the highest this figure has been in the last 22 months. The 12 month average is 17.
- Sales Price to Listed Price: 88.8%. This figure typically falls in the high 80%'s to low 90%'s.

Homes Priced Between $1,500,000 - $1,999,999
- Actives: At the end of June, there were 246 homes for sale in this price point. This number is down 13.7% from May and is lower than the 12 month average of 285.
- Pendings: There were 15 pending sales, down one from May. However, this is still well ahead of the 12 month average of 10.
- Sold: Eight homes sold in June, ahead of the 12 month average of 7, but lower than May's 11.
- Sales Price to Listed Price: 88.5%. This is pretty typical for this price segment.

Homes Priced Between $2,000,000 - $2,999,999
- Actives: 254 homes were for sale in this price point. The last time this figure was this low was in September of 2007. The 12 month average is 338.
- Pendings: There were 12 pending sales, double the 12 month average of 6. The last time pending sales were this high was June 2008.
- Sold: There were 5 sales in June, on par with the 12 month average.
- Sales Price to Listed Price: 85.4%. This figure has ranged anywhere from 77.3% to 91.7% in the last 12 months. Generally, it falls into the high 80%'s.

Homes Priced $3,000,000+
- Actives: There were 178 homes for sale for over $3 million. This is the first time this number has dipped into the 100's in the 22 months I have been tracking. The 12 month average is 256.
- Pendings: Five homes were pending at the end of June. This is just behind the 12 month average of 6.
- Sold: Only two homes sold in June, only half of the 12 month average of four.
- Sales Price to Listed Price: 90.7%. This figure has been in the lower 80%'s since March, so it is nice to see it rebound into the 90%'s.

Most of the price segments performed pretty well in June, with the exception of the $3 million and above segment. The drop in active listings, strong pending sales figures and increase in sales are promising indicators for the Scottsdale luxury home market.

To see the original post, please visit Scottsdale Real Estate News & Lifestyle. For more detailed market inforrmation, please see 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:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale 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.
Copyright © 2009 Heather Tawes Nelson

June was the strongest month so far this year for single-family resale homes in Scottsdale, Arizona. Homes for sale inventory dropped again, this time to under 3,000, when we were at over 4,000 in February this year. Pending sales were very high again and actual sales were phenomenal. The bulk of the activity is occurring in the lower price points, but we are also seeing decent activity in the luxury home segment as well.

June 2009 Findings
Active Homes for Sale: The number of homes for sale dropped to 2,907, a 9.8% decrease over May. In February, this figure was 4,007. The twelve month average for this figure is 3,756.
Pending Home Sales: There were 574 homes pending at the end of June, a 2.1% increase over May. This is significantly higher than the 12 month average of 350.
Homes Sold: There were 429 home sales in June. This is the first time this figure has broken 400 since I started tracking this information in September of 2007.

Overall, June was a great month for Scottsdale AZ single family home sales, continuing the trends we have been seeing since January of this year. Based on the large number of pending sales, July's sales figures should continue to be strong.

To see the original post, please visit Scottsdale Real Estate News & Lifestyle. For more detailed figures on the Scottsdale real estate market, please visit my Scottsdale Market Reports page.

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 7/1/2009 and can change at any time. The analysis looks at single-family 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.
Copyright © 2009 Heather Tawes Nelson

Here are May's results for the Phoenix area luxury condo market. I define luxury condos as those with list prices in excess of $1 million.

At the end of May, there were 69 luxury condos for sale throughout the valley. Forty-three condos were located in Scottsdale, twenty-four were in Phoenix, and two were located in Tempe. Only one luxury condo sold in May. It was a penthouse unit at Esplanade Place in the Biltmore area of Phoenix. The three bedroom, three bathroom, 3,350 square foot unit sold for $1,725,000. There was also one pending sale at the Scottsdale Waterfront for a three bedroom, three and-one-half bathroom, 2,975 square foot unit.

Here is a quick overview of May 2009's numbers:

To see the original post or to learn more about Scottsdale AZ real estate and the surrounding areas, please visit my website.

Disclaimer: Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 4/1/2009 and can change at any time. The analysis looks at single-family resale condos in Scottsdale, Tempe and Phoenix 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.
Copyright © 2009 Heather Tawes Nelson

Here are the May figures for the Scottsdale luxury home market. This analysis looks at the last 12 months of activity for single-family resale homes in Scottsdale with list prices of $1,000,000 and above.

- Scottsdale Single-Family Homes: May 2009 -

Homes Priced Between $1,000,000 - $1,499,999
- Actives: Continuing the downward trend we have been seeing over the last four months, actives fell 13.7% over April to 429. This is well below the 12 month average of 534.
- Pendings: Pending sales jumped to 44, a 46.7% increase over April. The 12 month average for this price segment is 26.
- Sold: Twenty homes sold in May. This was down from the 24 sales in April, but still ahead of the 12 month average of 17.
- Sales Price to Listed Price: 91.0% This number is back up into the 90%'s for the first time since January.

Homes Priced Between $1,500,000 - $1,999,999
- Actives: This number decreased to 285 after two months of being in excess of 300 homes for sale. This is the first time we have dropped under the 12 month average of 28 since December of 2008.
- Pendings: There were 16 homes pending sale at the end of the month, the same as April. This is well ahead of the 12 month average of 10 pending sales.
- Sold: There were 11 home sales in this price segment in May, the highest it has been in the last year and well ahead of the average of 7.
- Sales Price to Listed Price: 80.9% This is a very low ratio meaning there were significant price discounts on some of the homes that sold. Typically, this number is in the high-80%'s or low 90%'s

Homes Priced Between $2,000,000 - $2,999,999
- Actives: This price segment had 317 active homes for sale at the end of the month. This is the lowest it has been in 12 months and has been steadily decreasing since January. The 12 month average is 345.
- Pendings: There were 8 pending sales, the same as April. This is ahead of the 12 month average of 6.
- Sold: Six homes sold in May, up one over April. The average is five.
- Sales Price to Listed Price: 87.4%

Homes Priced $3,000,000+
- Actives: 203 homes were for sale in this price segment at the end of May. This number has been steadily decreasing since November of 2008. The 12 month average is 266.
- Pendings: There were five pending homes, the same as April. This is slightly behind the 12 month average of 6.
- Sold: There were four home sales, which is the same as the average, but lower than March and April.
- Sales Price to Listed Price: 83.2% This number is about where it has been over the last three months, suggesting large discounts on some of these Scottsdale luxury homes.

The results for May are almost universally positive. The number of active homes for sale continues to decline. Pending sales are up or holding steady and sales activity is strong. Based on the number of pending homes in the $1,000,000 - $1,499,999 segment at the end of May, I anticipate a very strong June for this price segment.

To see the original post or detailed data behind this report in spreadsheet form, please visit my Scottsdale luxury real estate market reports page and click on the "Scottsdale Market Trends" report. For other information on the Scottsdale AZ real estate market and the surrounding areas, please visit my Scottsdale Real Estate Market Reports page.

Disclaimer:
Information herein deemed reliable but not guaranteed. Data and information was pulled from the Arizona Regional MLS (ARMLS) as of 6/1/2009 and can change at any time. The analysis looks at single-family resale homes in Scottsdale 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.
Copyright © 2009 Heather Tawes Nelson