30 SELLING LUXURY ARIZONA 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 March 1, 2017 we have 3,500 active listings over $500,000. This is 7% more than the 3,280 we saw last month. Luxury listing counts have increased at a much faster pace than the rest of market. However this total represents 3% fewer listings than we saw in March 2016. We expect supply to continue to rise for only 1 more month, peaking during March or at the beginning of April. 99% of active listings are normal with 36 short sales and 16 lender-owned properties. The increase in supply was consistent across all price ranges, but supply for the range above $2 million is now above the level of April 2016 so is setting a new record high since the housing crash. Demand - Sales There were 276 closed transactions though ARMLS during February 2017. This is a very slightly ahead of February 2016, when we saw 273, but given that overall sales were up 12%, a 1% rise in luxury sales was weak in comparison. Nevertheless it is still the highest February total since 2007. All the ranges above $1 million were down compared to 2016 and it was the range between $500,000 and $1 million that performed well, up 12%, like the overall market. In fact sales over $1 million were down 20% compared to February 2016, which is unusual, given the strength we have seen in Spring 2017 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/
Danley Portfolio - Spring 2017
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