How is the Luxury Home market doing in the Phoenix area?
Our luxury real estate market continues to grow and break records. In just 5 years, we have more than doubled the number of homes sold for a million or higher.
Homes priced $3 million and above, have had the highest growth this past 5 years with about 297% growth in the number of sales since 2015. Arizona is attracting buyers who can afford these homes and that’s positive news during these uncertain times.
The past five years has been substantial for our luxury market, we saw the number of sales of homes prices $1 million and up increase by 259% and by 150% from the same time last year at the end of November.
Good new for luxury homes owners, you have a 71% chance of selling your home within 95 days, (lowest in the past 5 yrs) if priced appropriately.
A snapshot of the real estate market in Maricopa County, AZ
It’s great news to see the number of Arizona residents currently employed continue to increase after it dropped in April of this year.
Fortunately the decrease in employed residents did not affect real estate prices. I am looking forward to see if and how real estate is affected in the first quarter of 2021.
Eagle Ridge Subdivision
Eagle Ridge is a hidden gem in Ahwatukee, a suburb of Phoenix, Arizona. It is located on a hillside on the south east corner of Chandler Blvd and 3rd St.
This gated community provides city views, views of South Mountain or views of Estrella Mountain for the residents.
I love the privacy of the subdivision which is provided by the split faced preserve that greets you at the gate.
Eagle Ridge Subdivision has 41 homes, with 39 of them being single story and only 2 being multiple story.
Most of the homes were built between 1995 and 2006. The average size of a home in Eagle Ridge, Phoenix AZ is about 4905 sq. ft. on an average lot size of 33,219 sq. ft.