SPECIAL REPORT $1 million and $2 million saw a small uptick while the market over $2 million was very weak, with sales down 46% between $2 million and $3 million and down 56% over $3 million. There were 7 sales of $3 million and over which is unusually low for June, usually one of the strongest months. Demand – Under Contract We can anticipate future sales by looking at homes under contract. The number of listings under contract was 504 as of July 1, which is up 4% from July 1, 2015. This is a positive sign and four out of seven price ranges are higher than last year with $500,000 to $600,000 up 17% and $2 million to $3 million up slightly. The range from $800,000 to $1 million was the worst performer, down 11% from 91 to 81. Normal sales comprise 94% of luxury homes in escrow, the same percentage as a year ago. Sales Pricing Due to relatively low volumes and a wide range of price points, the Northeast Valley luxury market can display a lot of volatility if measured on a monthly basis. We therefore prefer to measure over a longer period in order to identify trends more accurately. Over the 4 years since the market low of $219 in early 2012 we have seen the 12 month average move upwards to around $263 per sq. ft, which is an increase of 20%. However, luxury home pricing peaked in August 2015 and has been on a slow weakening trend since then. The 12 month average pricing is $6 per sq. ft, lower than it was a year ago in June 2015. The six month moving average stands at $268, down from $272 last month and $272 in June last year. The 3 month average stands at $264, down $11 from June 2015. NUMBER OF LISTINGS BY STATUS FOR THE LAST TWO YEARS Active Sold Sep-15 Oct-15 Nov-15 Mar-16 Apr -16 May-16 Jun-16 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Jun-15 May-15 Aug-15 Jul-15 Dec-15 Jan-16 Feb-16 Paradise Valley 400 300 200 100 0 Scottsdale 2500 2000 1500 1000 500 0 Sep-15 Oct-15 Nov-15 Mar-16 Apr -16 May-16 Jun-16 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Jun-15 May-15 Aug-15 Jul-15 Dec-15 Jan-16 Feb-16 120 100 80 60 40 20 0 Biltmore Sep-15 Oct-15 Nov-15 Mar-16 Apr -16 May-16 Jun-16 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Jun-15 May-15 Aug-15 Jul-15 Dec-15 Jan-16 Feb-16 Sep-15 Oct-15 Nov-15 Mar-16 Apr -16 May-16 Jun-16 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Jun-15 May-15 Aug-15 Jul-15 Dec-15 Jan-16 Feb-16 150 100 50 0 Arcadia
Danley Portfolio - Summer 2016
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