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 1st, 2018 we had 3,273 active listings over $500,000. This is a 4%
increase from last month. We have 6% fewer listings than we saw on March
1st, 2017. Despite this, luxury listings are still in good supply compared
with the rest of market. We expect listing counts to grow during March
and peak at the beginning of April. The price range from $500,000 to $1
million has seen supply drop by 13% compared to this time last year, while
that over $1 million has changed very little, down less than 1%. 98% of
active listings are normal with forty short sales and twelve lender-owned
properties.
Demand - Sales
February 2018 gave us 336 closed transactions though ARMLS. This is a
strong 25% rise from February 2017, when we saw 268. It is also the highest
February total since 2006 for the Northeast Valley luxury market. We have
now experienced 3 very strong sales months in a row. Not every price
range saw an increase over February 2017, with the sector between
$500,000 and $600,000 down 1% and homes over $1.5 million falling 12%.
However, the range between $600,000 and $1.5 million jumped 44% from
163 to 235.
Spring 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/