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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, 2018 we had 2,655 active listings over $500,000. This is an 11%
decrease from last month. We have 4% fewer listings than we saw on July
1st, 2017. Luxury listings are still in relatively good supply compared with
the rest of market. However, we have seen reductions over the past two
years and the supply trend is now moving clearly downwards rather than
up as it was between 2014 and 2016. The price-range from $1.5 million
to $2 million is up 7% and homes over $3 million are up 3%, so not every
price range is falling year-over-year. That between $600,000 and $800,000
is down the most since last year, dropping by 9%. 98% of active listings
are normal with 36 short sales and thirteen lender-owned properties.
Normally luxury listing counts peak at the beginning of April and decline
until September and 2018 looks is following the usual pattern so far.
Demand - Sales
June 2018 gave us 534 closed transactions though ARMLS. This is an 8%
rise from June 2017, when we saw 504, and June had the disadvantage
of ones less working day in 2018 than in 2017. It is the second highest
June total in history for the Northeast Valley luxury market, but well short
of the previous record of 640 in 2005. We have now experienced seven
very strong sales months in a row, though June was not quite in the same
Summer 2018
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/