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Christie ’s international Real Estate Northeast Valley – Luxury Market Summary – July 2021 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 There was another slight dip in the active listing count during This Year 1,264 the last month. On June 1st we had 1,285 active listings over Last Year 2,170 $500,000 and by July 1st this had fallen to 1,264. Supply has held very steady around this level for the last three months, but it is 42% below this time last year and inventory is at the lowest level we have ever recorded. The supply picture varies by price range. Homes between $500,000 and $1 million have seen supply fall 45% compared to a year ago, but the supply is now increasing. Between $1 million and $2 million supply is down 50%, which results from a very steep decline over the past nine months. Meanwhile listings over $2 million are now down 27%, a declining trend which only started eight months ago. However, the top end still has better supply than the ranges under $2 million. Almost all active listings are normal with just seven pre-foreclosures and no lender-owned properties. Active Listings
DEMAND - SALES The level of closing activity across the luxury market remains Sales extremely high though it fell back slightly between May and This Year 886 June. June gave us 873 closed listings, up 51% from June Last Year 579 2020. Record levels for the month of June were recorded in every price range, except $500,000 to $600,000. The higher up you look, the greater the annual increase in closed listings, with the range over $3 million up 311% from 17 to 70. DEMAND – UNDER CONTRACT We can anticipate future sales by looking at homes under # Homes Under Contract contract. We started July 2021 with 960 listings under This Year 960 contract, which is down 13% from last month, and represents Last Year 944 the third sign of buyer fatigue in 2021. It is still up only 1.8% compared with July 1st, 2020. We are likely to see closing numbers during July that are only slightly higher than July 2020. The numbers get stronger as we move up the price ranges. Homes under $1 million are down 12% but homes over $2 million are up from 123 last year to 202 in 2021. Normal sales comprise 99.5% of luxury homes in escrow, up from 99.0% last year. CONTINUED ON BACK...
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