30
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 1st, 2017 we have 3,005 active listings over $500,000. This
is only fifteen more than the 2,990 we saw last month. This latest total
represents 3.5% fewer listings than we saw on December 1st, 2016, so
there is a slight drop from this time last year and a larger drop than we
saw last month. Luxury listings are still in good supply compared with the
rest of market. However, we expect listing counts to fall between now and
the end of December but grow quickly between January and April. The
increase in active listings was highest for the price ranges over $800,000,
while listings below this price declined. 98% of active listings are normal
with 41 short sales and ten lender-owned properties.
Demand - Sales
There were 370 closed transactions though ARMLS during November
2017. This is a very strong 32% rise from November 2016, when we saw
281. This is the second highest November total in history, beaten only by
2005 (with 384), at the height of the housing bubble. All price ranges saw
higher sales than in November 2016, with the ranges between $500,000
and $800,000 (up 40%) and over $3 million (up from 5 to 14) doing best.
Between $800,000 and $3 million the increase was 17%.
Winter 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/