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Phoenix Luxury Market Update April 2018

The Phoenix luxury real estate market saw another outstanding month in April 2018, with 26 homes in Phoenix over a million dollars selling successfully.
In the past 6 years, the last 2 months have been the best we have seen so far. March was slightly better than April with 31 luxury homes selling and that could be because March had 22 weekdays compared with 21 weekdays in April.

 

Inventory for Homes Priced $1,000,000 and over in Phoenix

Inventory for Phoenix homes priced $1,000,000 and more is still high, with 250 homes available for sale at the end of April, giving buyers an advantage, with more choices.

We expect to see a decline in inventory with the summer months approaching, when luxury home owners take their homes off the market and put them back on the market around October.

Phoenix homes priced a million dollars above just listed for sale

92 Listings
3355 N 55TH Place, Phoenix, AZ 85018

$3,000,000 5 beds  4 baths  3,973 sqft 3355 N 55TH Place
Phoenix, AZ 85018Listing office: RETSY

5752 N 2nd Avenue, Phoenix, AZ 85013

$2,500,000 5 beds  4 baths  4,411 sqft 5752 N 2nd Avenue
Phoenix, AZ 85013Listing office: RE/MAX Excalibur

Front Exterior Rendering - for conceptual purposes only

$3,325,000 5 beds  4.5 baths  3,698 sqft 4302 E MARION Way
Phoenix, AZ 85018Listing office: Thomas James Homes

2108 E PASADENA Avenue, Phoenix, AZ 85016

$1,675,000 3 beds  4 baths  4,039 sqft 2108 E PASADENA Avenue
Phoenix, AZ 85016Listing office: Compass

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How many homes in Phoenix over a million dollars selling?

For the past 2 months, the Phoenix luxury home market has seen strong sales, April being the second best so far for 2018, with 26 homes over a million selling.

May seems to be going very strong too and looks like, it will be better than April but will it match up or surpass the month of March, it sure does seem like it.

This is very good news for home owners looking to sell because it shows we have buyers coming into the Phoenix market or current residents looking to upgrade.

Prices of Luxury Homes in Phoenix

Prices of luxury homes in Phoenix seem to be steady for the past 12 months. The 6 month moving average for million plus homes in April 2017 was $326 and $322 in April 2018.
This is good news for buyers since affordability, price wise, has not changed that much except for financing with the slight increase of interest rates.

 

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