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 February 1st, 2019 we had 3,052 active listings over $500,000. This is a
hefty 17% increase from 2,619 last month but not abnormal for the time of
year and represents 3% fewer listings than we saw on February 1st, 2018. The
supply trend was moving clearly downwards during 2018 until we reached
November, but the last three months have seen supply start on a rising trend
again. All price ranges saw a substantial increase last month, but the range
over $3 million stands out as being the only one to set a new long term
high of 349. It is going to take a very long time for all 349 of those to sell at
the current sales rate. 99% of active listings are normal with 22 short sales /
pre-foreclosures and nine lender-owned properties. Normally luxury listing
counts climb fast during the first three months of each year, reaching a peak
at the beginning of April. It looks like buyers will have a great selection to
choose from by April.
Demand - Sales
January 2019 gave us 315 closed transactions though ARMLS. This is down
11% from January 2018, when we saw 354. It confirms the weakness we
saw in the under-contract listing count for the last three months, especially
in December. However, it is still the fourth highest total for January that we
have recorded. Not all price ranges saw an annual decrease compared with
January 2018. The range between $1 million and $1.5 million was up 4%
Spring 2019
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 or 480.909.4577 for our Scottsdale office.
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/