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 We usually see a steep decline in active listings over $500,000 during June each year. This year is no exception and on July 1 there were 2,966 homes offered for sale, down 12% from the 3,358 we saw on June 1. This was due to the sales that closed during June plus a large number of cancelled listings. It still leaves us with 17% more active inventory than we had last year at this point, which is enough to cause prolonged problems for many sellers, particularly as demand tends to slow during the third quarter. 98% of active listings are normal with 47 short sales and 10 lender-owned properties. The dip in supply was consistent across all price ranges. Demand - Sales There were 416 closed transactions though ARMLS during June 2016, up 12% compared to June 2015. This is the highest sales count for June since 2006. However, the primary driver of this increase was the segment between $500,000 and $1 million. The segment between Summer 2016 Luxury Market Stats By: Walt Danley
Danley Portfolio - Summer 2016
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