March 2008 Metro Phoenix Area Luxury Home Sales Market Report (sale prices equal to or greater than $1 million)
March 1, 2008 through March 31, 2008 Change
#of homes sold 110 (-43%)
Avg. sale price $1,863,449 (+10.7%)
Avg. days on market 200 (+ 27.4%)
Compared to March 1, 2007 through March 31, 2007
# of homes sold 193
Avg. sale price $1,683,947
Avg. days on market 157
Although luxury homes in the Metro Phoenix area are taking on average approximately 27 percent longer to sell than they were in March 2007, and the number of luxury homes sold for the month is down from 193 in March 2007 to 110 in March 2008, the average sale price has continued to increase by more than 10 percent over the same period last year. This demonstrates that the luxury home market in the Metro Phoenix area remains strong.
Number of luxury homes sold in March 2008 by city:
- Scottsdale - 62
- Phoenix - 16
- Paradise Valley - 14
- Fountain Hills - 6
- Mesa - 4
- Chandler - 2
- Tempe - 2
- Buckeye - 1
- Gold canyon - 1
- Payson - 1
- Peoria - 1
The most expensive home sold in the Metro Phoenix area in March 2008 was a custom estate located in the Silverleaf development in Northeast Scottsdale. The 12,950 sq. ft. home sold for $8,200,000 to a couple from Irvine, California. The dramatic Mediterranean style estate, built by Argue Custom Homes features 6 bedrooms & 7 bathrooms on just over 2 acres.
The prestigious Silverleaf subdivision is a private enclave of luxury custom homes and homesites, nestled up against the McDowell Mountains in Northeast Scottsdale adjacent to DC Ranch.
There are currently approximately 3999 homes for sale throughout the Metro Phoenix area with list prices of $1 million or greater. Are you looking for a luxury home in the Metro Phoenix Area? Feel free to contact me for a free list.
Interested in a market report for your specific neighborhood? How about a FREE Home Evaluation to see how much your home is worth? Contact me, I am happy to help!
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