SELLING LUXURY
ARIZONA
32
This summary looks at
single-family homes over
$500,000 in all areas
of the Northeast Valley,
including Scottsdale,
Paradise Valley, Arcadia,
Biltmore, Cave Creek,
Carefree, Fountain Hills
and Rio Verde.
Supply
On September 1st, 2018 we had 2,296 active listings over $500,000.
This is a 3% decrease from last month. We have 10% fewer listings than
we saw on September 1st, 2017 and the lowest number of active
listings since September 2015. Luxury listings are still in relatively good
supply compared with the rest of market. However, we have seen
reductions over the past two years and the supply trend is now moving
clearly downwards rather than up as it was between 2014 and 2016.
This downward trend has also gained momentum over the past few
months. However, the price-range over $3 million is up 3% compared to
a year ago, in contrast to the range between $2 million and $3 million
which is down 22%. Every other luxury price range has fallen by at least
6% year-over-year. That between $500,000 and $600,000 is down 13%.
98% of active listings are normal with 29 short sales / pre-foreclosures
and thirteen lender-owned properties. Normally luxury listing counts
reach their minimum at the beginning of September and then rise until
April and we have no reason to believe this year will be any different.
Demand - Sales
August 2018 gave us 447 closed transactions though ARMLS. This is a
strong 28% rise from August 2017, when we saw 348. It is the second
highest August total in history for the Northeast Valley luxury market, but
short of the previous record of 507 in 2005. We have now experienced
nine very strong sales months in succession. Every price range saw an
annual increase over August 2017 except for homes over $3 million
which only managed seven (thirteen last year). The sector with the
highest increase over last year was that between $2 million and
$3 million, up almost 37% from 19 to 26. The range from $600,000 to
$800,000 was also strong with an increase of over 36%.
Fall 2018
Luxury Market Stats
By: Walt Danley
If you are thinking about listing your home or are
looking for a luxury property in the Northeast Valley,
please give us a call to schedule a consultation at
480.991.2050.
Although Portfolio is a quarterly publication, we
are constantly analyzing market trends and review
our findings in a monthly market report. You can
view our latest luxury market report by visiting:
www.WaltDanley.com/report/