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Christie ’s international Real Estate Northeast Valley – Luxury Market Summary – October 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 rise in the active listing count during the This Year 1,261 last month. On September 1st, we had 1,261 active listings Last Year 2,019 over $500,000 and by October 1st, this had increased to 1,309. However, the supply has held very steady around this level for the last five months. The latest total is 35% below this time last year. The supply picture varies by price range. Homes between $500,000 and $1 million have seen supply fall 33% compared to a year ago, but the supply is now gently rising. Between $1 million and $2 million supply is down 45% and continuing to dwindle. Meanwhile listings over $2 million are down 28% but saw a slight rise over the last month. The top end still has better supply relative to demand than the ranges under $2 million. Almost all active listings are non-distressed with just four pre-foreclosures and one lenderowned property. Active Listings
DEMAND - SALES The level of closing activity across the luxury market remains This Year 684 high by historic standards, but is now in a slight decline, both Last Year 724 month to month and year over year. September saw 684 closed listings, down 5% from September 2020 and down from 697 in August. However, 684 is still the second highest total ever recorded for August. The higher up you look, the stronger the picture grows for closed listings, with the range over $2 million up 10% from 77 last year to 85 in 2021. Sales
DEMAND – UNDER CONTRACT We can anticipate future sales by looking at homes under This Year 918 contract. We started October 2021 with 918 listings under Last Year 1,031 contract, which is down 11% from October 2020 but a slight increase over last month. We deduce that we are likely to see closing numbers during October that are similar to September but lower than October 2020. The numbers get stronger as we move up the price ranges. Homes under $800,000 are down 29% but homes over $2 million are up 27% from 157 last year to 200 in 2021. Nondistressed sales comprise 99.5% of luxury homes in escrow, with only four pre-foreclosures and one lender owned home. # Homes Under Contract
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