Although demand remains good under $2 million, an excess of supply is preventing prices from moving up and causing them to weaken in some of the outer areas of the Northeast Valley. Under Contract Pricing The pricing for homes under contract was at a low point of $165 per sq. ft. in September 2011. Up to the end of March 2014 it was advancing and reached a peak of $257. Between March 2014 and December 2015, it made no consistent moves in either direction, but it jumped to $270 as of January 1, 2016. This was the highest it has been since the peaks of the housing boom. However, as of June 1, the average has fallen back to $259, a similar level to 2 years ago, suggesting that sales prices will continue to move sideways in the near future. The average under contract price for normal listings is $262 per sq. ft. The average for (the very few) lender owned homes is $156 per sq. ft and short sales average $220 per sq. ft. 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. v 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 SPECIAL REPORT AVERAGE PRICE PER SQUARE FOOT BY PRICE RANGE Active listings are as of June 15, 2016. Sold listings are from January 1, 2016 to June 30, 2016 Active Sold (Last 6 Mo.) $800 $700 $600 $500 $400 $300 $200 $100 $0 Paradise Valley $298 $339 $309 $388 $365 $493 $482 $670 $513 <$1M $1-2M $2-3M $3-5M $5M+ $800 $700 $600 $500 $400 $300 $200 $100 $0 Scottsdale $227 $215 $288 $272 $331 $329 $418 $398 $627 $563 $1-1.5M $1.5-2M $2-3M $3M+ $251 $500K-$1M $800 $700 $600 $500 $400 $300 $200 $100 $0 $220 $201 $304 $283 $306 $360 $426 $456 $580 $295 $500K-1M $1-1.5M $1.5-2M $2M+ Biltmore <$500K $800 $700 $600 $500 $400 $300 $200 $100 $0 $327 $325 $750K-1.25M $366 $390 $1.25-2M $460 $481 $2M+ Arcadia $279 $238 <$750K
Danley Portfolio - Summer 2016
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