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 September 1st, 2017 we have 2,551 active listings over $500,000. This
is 1% fewer than the 2,575 we saw last month. Luxury listings are still in
good supply compared with the rest of market. However this latest total
represents 1% fewer listings than we saw in September 2016. We expect
the current reading to be the lowest point in 2017 and listings to grow
quickly in number between September and April. In fact the price ranges
from $500,000 to $600,000 and from $1.5 million to $2 million have already
started to increase during August. 98% of active listings are normal with 41
short sales and 13 lender-owned properties.
Demand - Sales
There were 347 closed transactions though ARMLS during August 2017. This
is a 23% rise from August 2016, when we saw 309. It is the second highest
August total in history, beaten only by 2005 (with 507), at the height of
the housing bubble. Most of the price ranges saw higher sales than in
August 2016, with the range over $2 million up dramatically from 12 to 32.
However sales for homes between $500,000 and $600,000 and between
$1.5 million and $2 million were slightly lower.
Fall 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/