How is the Luxury Home market doing in the Phoenix area?
Despite the pandemic, our luxury real estate market is seeing exponential growth way beyond expectations.
Last month, we had our highest number of sales for luxury real estate, priced $1,000,000 and over, in the past 20 years with almost 400 sales, beating the highest record set the previous month.
Luxury homes in our market currently has a selling success rate of 73%, which again is the highest in the past 15 years.
With the current availability of a 3 month supply, inventory has been at its lowest in more than a decade, raising the prospect of selling and for about 96% of your list price, when priced appropriately as well as within 113 days or less.
In Qtr 4 of 2019, our average days on market was about 170 days, almost 2 months longer.
This month’s snapshot of the real estate market in Maricopa County, AZ
In our current market, homes are selling rapidly, at an average of 70 days and for almost the listing price. Averagely, homes are selling at 99.15% of the listing price, for an about 21% more than they did 2 years ago and 14% a year ago.
Even though our median sales price has increased by 19% in the past 2 years, a national average mortgage interest rate of around 3% favors home buyers by increasing affordability.
Our lack on inventory shows no signs of improving, we still have a higher amount of refinanced loans being originated since owners are keeping their homes. In the last 3 months $32.89 million was originated for refinancing existing mortgages and only $23.1 million for new mortgages in our area
Real estate market forecast for the next 5 years.
There is some adjustment being forecasted for the next few months for single family homes. This could be due to our unemployment numbers which is declining, after peaking to about 10% in April, reflecting a decrease in the housing affordability index for our area, currently at 142.
I wish we all had a crystal ball informing us of how fast it will correct but for now we do have a robust market.
Scottsdale Waterfront Residences
Scottsdale Waterfront Residences Condominium is located in Scottsdale on the south west corner of Scottsdale Road and Camelback Rd.
Living in the Scottsdale Waterfront Residences gives you access to fine dining and shopping within walking distance. Located very close to Scottsdale Fashion Mall is one of the perks but you also have easy access to the Scottsdale Entertainment District, which is south of Camelback Road and east of Scottsdale Rd.
- Valet Parking
- Business Center
- Massage Room
- Fitness Center
- Pool on the rooftop
- Private Dining Rooms
- Built in BBQ and sitting area on the roof top.