Luxury Housing Market May 2018
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. This report will also include: townhomes and condos as well.
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.
Market Report for May 2018
Current information for active luxury homes in Phoenix:
2093 active luxury homes for sale
$2,258,572 average active list price
402 luxury homes under contract
$1,726,062 average list price under contract
Luxury Homes Sold April 2018
192 luxury homes sold
$960,000 was the lowest sale price
$6,000,000 was the highest sale price
$1,785,841 was the average sale price
152 was average days on market for homes that did sell
$354.19 was average $/sq ft for those sold
Homes are indeed selling. One thing to keep in mind when looking to sell your higher end home, is to make sure to price it right. There are many homes on market, and only a small percentage are selling. Those that are selling are priced well, and those that are no, well those are sitting on the market longer.
Also good Statistic to know:
Months Inventory 10.9
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.
Keep in mind, 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, and/or home is SUPER DISERABLE.
For More Information on Phoenix Luxury real estate call me at 602.373.6345 or email at firstname.lastname@example.org. 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, and age and of course condition.