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Christie ’s international Real Estate Northeast Valley – Luxury Market Summary – September 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 a slight fall in the active listing count during the This Year 1,261 last month. On August 1st, we had 1,308 active listings over Last Year 1,919 $500,000 and by September 1st this had dropped to 1,261. However, the supply has held very steady around this level for the last five months. The latest total is the lowest we have recorded and is 34% below this time last year. The supply picture varies by price range. Homes between $500,000 and $1 million have seen supply fall 35% compared to a year ago, but the supply is now gently rising. Between $1 million and $2 million supply is down 41% and stable. Meanwhile listings over $2 million are down 26% and still falling. The top end still has better supply relative to demand than the ranges under $2 million. Almost all active listings are normal with just two pre-foreclosures and two lender-owned properties. Active Listings
DEMAND - SALES The level of closing activity across the luxury market remains This Year 697 high by historic standards, but is starting to decline, month to Last Year 662 month. August gave us 697 closed listings, up 5% from August 2020 and down from 728 in July. However, 697 is still a new record total for August. The higher up you look, the greater the annual increase in closed listings, with the range over $2 million up 37% from 60 last year to 82 in 2021. Sales
DEMAND – UNDER CONTRACT We can anticipate future sales by looking at homes under This Year 912 contract. We started September 2021 with 912 listings under Last Year 998 contract, which is down 9% from September 2020 and represents our fifth consecutive month of increasing buyer fatigue in 2021. We are likely to see closing numbers during September that are slightly lower than September 2020. The numbers get stronger as we move up the price ranges. Homes under $800,000 are down 20% but homes over $2 million are up from 143 last year to 189 in 2021. The buyer fatigue only seems to be affecting buyers with smaller budgets. Normal sales comprise 99.1% of luxury homes in escrow, with only six pre-foreclosures and two lender owned homes. # Homes Under Contract
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