The Marta Walsh Index · week ending Aug 14, 2026

84.6

Normal — Your price decides

The luxury market is a touch cooler than its five-year norm. In this wide band, history says the asking price — not the market — determines whether a home sells.

this week
Under 60
buyers vanish — rare
60–250 · the normal band
your price decides the outcome
Over 250
frenzy — rare
Waiting off-market
1,889 homes
Tried to sell, failed, not yet returned. History expects ~221 back within 13 weeks — supply the active count can't see.
Cut their price this week
6.2%
67 of 1,077 active sellers, median cut 3.1%. 4 raised.
Sold within two weeks
27%
Share of new contracts on homes listed 14 days or less. Ran 35% in the frenzy, 21% in 2019.
Fresh vs. returning
166 / 123
New listings this month: first-timers vs. homes back after a failed campaign.

The past 12 months

Season already accounted for — a summer dip here is real cooling, not the calendar.

5075normAug 25Oct 25Dec 25Feb 26Apr 26Jun 26Aug 26

The past 5 years

The 2021–22 frenzy peaked at 701 — seven times normal. Today is ordinary by comparison.

50norm200400800Aug 21Jun 22Apr 23Feb 24Dec 24Oct 25Aug 26

What this number is

Every Friday we count two things across Arizona’s $2 million-plus market: how many homes are for sale, and how fast buyers are putting them under contract. The ratio, corrected for the season and compared to the tier’s own five-year norm, is the index. At 100, the luxury market is behaving like its usual self.

One honest caveat, learned from 25 years of data: inside the wide normal band, the index doesn’t decide whether your home sells — your asking price does. Launches at index 85 and index 160 succeed at nearly identical rates. The market takes over only at the rare extremes.

Want this reading for your city or community?

The index above covers all of Arizona’s $2M+ market. We run the same measurement for a single city or community on request — Paradise Valley, Silverleaf, DC Ranch, your neighborhood — free. It’s the first thing we’d prepare for a listing conversation anyway.

Email marta.walsh@russlyon.com with the community you have in mind.

Call or text — 480 274 5710

Based on information from the Arizona Regional Multiple Listing Service for the period January 1, 1998 through the issue date shown. Compiled and analyzed by the author; ARMLS did not produce and does not endorse this analysis. Not a prediction for any individual property.