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 July 1st, 2019 we had 2,609 active listings over $500,000. This is a 12%
decrease from 2,955 last month and a larger decline than we saw last year.
We now have 2% fewer listings than we counted on July 1st, 2018. The price
range over $3 million is the only one with more supply than last year with
272 active listings, up from 235. 99% of active listings are normal with 25
short sales / pre-foreclosures and eleven lender-owned properties. Normally
luxury listing counts fall sharply between May and September every year and
we are following that pattern once again in 2019.
Demand - Sales
Sales have been exceptionally strong this quarter, but June saw a slight
fade in the luxury market which was not seen in the market below $500,000.
June 2019 gave us 409 closed transactions though ARMLS. This is down
2% from June 2018, when we saw 419. Although 2019 has set a record
high for both April and May sales, June was only the 4th highest, ranking
below 2005, 2018 and 2006. Sales between $600,000 and $800,000 were
the weakest by comparison with the June average. Homes over $3 million
did extremely well, with 25 closings smashing the previous high of 16.
Summer 2019
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 or 480.909.4577 for our Scottsdale office.
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/