24
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 July 1st, 2017 we have 2,767 active listings over $500,000. This is 13% fewer
than the 3,189 we saw last month. Luxury listings are still in plentiful supply
compared with the rest of market. However, this latest total represents 7%
fewer listings than we saw in July 2016 and the trend is moving in favor
of sellers. We expect the active listing numbers to decline further over
the next two months until we reach a low point on September 1st. 98%
of active listings are normal with just 32 short sales and 13 lender-owned
properties. The significant reduction in supply was consistent across all
price ranges.
Demand - Sales
There were 495 closed transactions though ARMLS during June 2017. This
is a 16% rise from June 2016, when we saw 425. It is the second highest
June total in history, beaten only by 2005 (with 640) at the height of the
housing bubble. Most of the price ranges saw higher sales than in June
2016, however the range between $500K and $600K fell 12%. There were
11 homes over $3M, down from 25 in May, but up from seven in June 2016.
Demand – Under Contract
We can anticipate future sales by looking at homes under contract. The
number of listings under contract was 511 as of July 1st, which is up 2%
Summer 2017
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/