Walt Danle y
Christie ’s international Real Estate Northeast Valley – Luxury Market Summary – November 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 rise in the active listing count last This Year 1,350 month. On October 1st we had 1,309 active listings over Last Year 1,994 $500,000 and by November 1st this had risen to 1,350. However, the supply has been constrained to the range 1,250 to 1,350 for the last six months. The latest total is 32% below this time last year. The supply picture varies by price range. Homes between $500,000 and $1 million have seen supply fall 32% compared to a year ago, and the supply is now gently rising. Between $1 million and $2 million supply is down 37% and continuing to stay low. Meanwhile listings over $2 million are down 28% but saw a slight rise over the last two months. The top end still has better supply relative to demand than the ranges under $2 million. Almost all active listings are normal with just five pre-foreclosures and for the first time, no lender-owned properties. Active Listings
DEMAND - SALES The level of closing activity across the luxury market remains This Year 672 high by historic standards, but is now in decline, both month Last Year 787 to month and year over year. October saw 672 closed listings, down 15% from October 2020 and down 2% from 684 in September. However, 672 is still the second highest total ever recorded for October and third place is a lowly 432. The higher up you look, the stronger the picture grows for closed listings, with the range over $2 million up 14% from 92 last year to 105 in 2021. Sales
DEMAND – UNDER CONTRACT We can anticipate future sales by looking at homes under This Year 991 contract. We started November 2021 with 991 listings under Last Year 1,070 contract, which is down 7% from November 2020 but a slight increase over last month. We deduce that we are likely to see closing numbers during November that are similar to October but lower than November 2020. The numbers get stronger as we move up the price ranges. Homes under $800,000 are down 26% but homes over $2 million are up 23% from 159 last year to 200 in 2021. Normal sales comprise 99.4% of luxury homes in escrow, with only two pre-foreclosures and four lender # Homes Under Contract
owned homes. CONTINUED ON BACK...
Paradise Valley Office: 480.991.2050 Scottsdale Office: 480.909.4577 WaltDanley.com Information contained in this report has been prepared by The Cromford Report exclusively for Walt Danley Realty and their clients. All other use is expressly forbidden. © 2021