By David Baker Real Estate Agent
Realtor with HomeSmart Realty
Luxury Housing Market in Phoenix Update Month Ending August 2015
Defining the Luxury Housing Market for this article?
For purposes of this article let us assume a luxury home is anything listed for sale over $1,000,000. While you may find a lot of homes in the Phoenix area that offer an array of luxurious items at under the Million dollar mark, we need a cutoff, and for no particular reason beyond a place to start the $1,000,000 is the lower end. Also there are many homes that are condos, townhomes, but for this market report will be based only on single family homes.
There several areas around metro Phoenix which offer million dollar homes including: Scottsdale, Ahwatukee, Paradise Valley, Cave Creek to name a few. For purposes of this update, I will just be taking a look at all Phoenix Luxury homes for sale and recent luxury homes sold in the entire Metro Phoenix area.
View Current Phoenix Luxury Homes for Sale just click this hyperlink
Market Report for month Ending August 2015
There are 1335 Phoenix Luxury homes for sale, and they offer living space between 1025 square feet and 29700 square feet. The prices of the homes range from $1,000,000 to $32,000,000. This $32,000,000 home has been on the market for 3630 days, that’s MANY days. In addition to the current homes on market there are an additional 143 Phoenix Luxury homes under contract.
Phoenix Luxury Homes for Sold Month of August 2015
For the month ending, 94 homes sold in the Phoenix Luxury home market. Average sales prices for all Phoenix Luxury homes sold for the month was $1,724,845. It had an average listing price of $1,830,089 and had stayed on the market for 226 days.
Other good Statistics to know:
Months Inventory 14.39 months
Total Active Listings 1353
Average Dollar Square foot Phoenix Luxury homes sold August 2015
$334.65
The luxury market tends to be different than traditional real estate under the $1 million sales price. Days on market tends to be higher, as well as months of inventory. We are in a buyer market for luxury homes in Phoenix and as such luxury home buyers have a pretty big selection of homes from which to choose. Now this does take the entire multiple listing service homes into consideration, so some areas may have less inventory, this is the birds’ eye view. In general though, with as much competition as there is for the luxury buyer, sellers should expect to get less than asking price on their home, unless home is priced real well and inventory in the area is lower.
For More Information on Phoenix Luxury real estate call me at 602.373.6345 or email at dabaker21@msn.com. Looking to sell your Phoenix Luxury home and would like to talk to a realtor about the sales process and determine potential sales price, feel free to call today to request a FREE market evaluation. While this blog offers an idea of values for Luxury homes in the Phoenix market, the eventual sales price for a home may vary depending on area, size, amenities, age and of course condition.
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