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Christie ’s international Real Estate Northeast Valley – Luxury Market Summary – January 2022 This summary analyzes single family homes over $500,000 in all areas of the Northeast Valley, including Scottsdale, Paradise Valley, Arcadia, Biltmore, Carefree, Cave Creek, Fountain Hills and Rio Verde. SUPPLY During December, the active listing count dropped to 926, This Year 926 down from 1,173 at the start of the month. This is down Last Year 1,439 21% in a single month and 36% below the start of 2021. It is also by far the lowest supply we have ever recorded. The supply picture varies by price range. Homes between $500,000 and $2 million have seen supply fall 38% compared to a year ago, and the supply is at the lowest level ever. It is down a massive 81% from the spring of 2016. Listings over $2 million are down 30% compared with a year ago, but this is better supply relative to demand than the ranges under $2 million. It is down 50% from the spring of 2016. Almost all active listings are normal with just two pre-foreclosures and one lender-owned home. Active Listings
DEMAND - SALES The level of closing activity remained high during December. This Year 739 We saw 739 closed listings, down 10% from December 2020 Last Year 818 but comfortably beating all earlier December totals, the prior record being 507 in 2019. Limited by very weak supply, sales between $500,000 and $600,000 dropped 42%. In contrast, the range over $3 million was up 42%. Sales
DEMAND – UNDER CONTRACT We can anticipate future sales by looking at homes under # Homes Under Contract contract. We started 2022 with 718 listings under contract, This Year 718 which is down 16% from January 2021 and down 23% from Last Year 854 930 last month. We deduce that we are likely to see closing numbers during January that are lower than both January 2021 and December 2021. The numbers get stronger as we move up the price ranges. Homes under $800,000 are down 41% but homes over $2 million are up 30% compared to a year earlier. Normal sales comprise 99.6% of luxury homes in escrow, with only two pre-foreclosures and one lender owned home.
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