Million dollar homes in Scottsdale – is the market favoring buyers or sellers?
I was reading an article on the abundance of million dollar homes for sale nationally, and decided to do a little research on the Scottsdale market. Looking at the data for Scottsdale homes in the Scottsdale Unified School District, for homes in the $1-2 million dollar price range, I found that there are currently 240 homes on the market. 38 have sold in the past six months, and 68 more are currently under contract.
Looking at just the number of homes closed, the average number of sales in the past 6 months, is just over 6 per month.
However, if I look ahead a bit and add the number of homes sold in the past 4 months with those under contract, the rate of sales, jumps to 16/month.
Part of this increase is definitely due to the seasonality of our market. In Scottsdale real estate, our busiest season is in the early part of the year through spring.
Using the more recent sales rate, we find that there’s an inventory in this luxury market of 15 months, which is definitely tilted in the buyer’s favor. At the same time, home sales in the lower price ranges are rapid and definitely in the seller’s favor. Bottom line, if you are in the market for a million dollar home in Scottsdale, now may be the perfect time to buy.
For more information on the luxury real estate market nationally, read: Dreaming of a Luxury Home? Now’s the Time!