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Danley Portfolio - Winter 2017

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 December 1, 2016 we had 3,113 active listings over $500,000. This was 4% more than the 3,007 we saw last month and 6% more than last year at the same time. We can expect supply to fall during December but then grow substantially between January and April 2017. Distressed properties represent a tiny fraction of the inventory. Over 98% of active listings are normal with 48 short sales and 12 lender-owned properties, coincidentally exactly the same numbers as the previous month. The increase in supply was fairly consistent across all price ranges, although the range between $600K and $800K declined slightly. Demand - Sales There were 282 closed transactions though ARMLS during November 2016. This is another strong number, the highest November total since 2006. It is up 34% from the same time period in 2015. However, it is important to note that November 2015 was a particularly weak month due to the introduction new restrictions placed on lenders, which delayed closings on a significant number of properties. 2016’s increase was focused primarily on lower price points and did not apply to the range over $3 million where we only saw five closings. This is much lower than November 2015 and 2014. Winter 2016 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/


Danley Portfolio - Winter 2017
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