Luxury Home Market Update for Phoenix, AZ, May 2013 – more homes sold

The Luxury Home market in Phoenix saw more real home buyers in May 2013 than in April of 2013. What I mean by real luxury home buyers are the buyers that actually closed the transaction and walked away with the deed to the property and keys in hand.

 

How many Luxury Home Buyers were there in Phoenix, AZ in May 2013

76 luxury homes were sold in May of 2013 compared to 54 in April 2013 in the City of Phoenix in Arizona. These homes were priced at $600,00 and more.

The most expensive home that was sold in May 2013, sold for $$2,850,000 compare the highest amount in April which was sold for $2,525,000. The home sold after 24 days on the market and was originally listed for $3,100,000

The increase in number of buyers means increases the likelihood of finding a buyer for your home in Phoenix, if you plan on selling.

 

How fast are Luxury homes for sale in Phoenix selling?

Last month, we saw an average number of days, luxury homes listed for sale in Phoenix took to sell, vary from 46 days to 106 days, with the exception of the most expensive one which lasted only 24 days on the market.

The average number of days for May seem to be a bit higher than the ones for April 2013 which could be attributed to so many factors, including the increase in number of high end homes on the market for sale.

 

What is my competition if I decide to sell my luxury home?

There were 14 more homes available for sale during in May 2013 than in April 2013. May 2013 saw 392 homes available for sale while April 2013 had 378 homes active for sale.

We are seeing an increase in the number of homes being put on the market for sale, which is great for Buyers because they have more options to choose form.

For a luxury home seller, this means more competition but the competition is still not bad because we still have limited inventory of luxury homes available for sale.