April has always been our strongest month in the year for the luxury real estate market in the Phoenix metro area, when it comes to number of transactions closed and real properties transferred. This past month of April was no different.
With a total of 222 transactions closing in April 2016, we were 3 sales short the number of closings in April 2015 but still 4 higher than 2014. During last month, Single family detached luxury homes made up 216 closings with only 6 sales in condos.
April was not a good month for the super-luxury market. Only 5 listings over $3 million closed escrow compared with 19 in April 2015. The average price per square foot was down 8% from last April and dollar volume was only $16 million, not impressive after 2015’s monster total of $81 million. The only bright spot in this rarified market is that we have 18 pending listings, one more than last year. That means we can justifiably hope for a stronger May and/or June. We certainly need a few strong months because at 5 sales per month we now have 65 months of supply enough to last until the fourth quarter of 2021. – The Cromford report
Single Family Detached Luxury Market
Below is the breakdown of number of closed sales per price point with only 5 sales over $3,000,000. 3 of these properties ended up selling for over $3,000,000 and 2 of them sold below $3,000,000.
2 of these homes were in Scottsdale, one was in Estancia, a 3 bedroom, 4009 sq. ft. single level home and the other in Desert Mountain’s Saguaro’s Forest, a 4 bed, 6300 sq. ft two-story home.
Two of these homes were in Paradise Valley and 1 was in Carefree
$800,000 to $1 Million – 108
$1 Million to $2 Million – 54
$1.5 Million to $2 Million – 30
$2 Million to $3 Million – 19
$ 3 Million and above – 5
Sales per Month by Price Range for Luxury Single Family Homes April 2016
Luxury Condo Market in Phoenix Area
No condo units sold over the price range of $2,000,000.
Two of these were in Two Biltmore Estates in Phoenix, which were new construction, 1 in Optima Camelview in Scottsdale, 1 in the Fairway Lodge at the Biltmore in Phoenix and 1 in Scottsdale Waterfront Residences.
The last condo sold for $831,225 in Main Street Plaza in Scottsdale
$800,000 to $1 Million – 1
$1 Million to $2 Million – 2
$1.5 Million to $2 Million – 3
$2 Million to $3 Million – 0
$ 3 Million and above – 0
Sales per Month by Price Range for Condos April 2016