SELLING LUXURY
ARIZONA
32
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, 2018 we had 2,619 active listings over $500,000. This is a
4% increase from last month but 10% fewer listings than we saw on December
1st, 2017. Luxury listings are still in relatively good supply compared with the
rest of market. However, we have seen reductions over the past 2 years and
the supply trend is now moving clearly downwards rather than up as it was
between 2014 and 2016. Although this downward trend gained momentum
over the past few months, supply increased faster in November 2018 than it
did in November 2017. All price ranges except one are seeing a reduction
compared with last year, ranging from -16% for $2 million to $3 million to
-8% for $500,000 to $600,000. The exception was the range over $3 million
which increased by 5%. 99% of active listings are normal with twenty-one
short sales / pre-foreclosures and twelve lender-owned properties. Normally
luxury listing counts decline during December and then grow strongly
between January and April and we have no reason to believe 2018/19 will
be any different.
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/