Here is snapshot of the Luxury Home Market in the Phoenix Area for the past 30 days starting from February 27, 2013.
As the Phoenix market improves, so does the luxury real estate market. Home owners are beginning to see some equity in their homes and buyers are also beginning to feel the pinch because they are beginning to get less home for the same amount of money they could have bought a year ago.
The Phoenix Luxury Home Market below $1,000,000
As expected the luxury home market under $1,000,000 is seeing a lot more activity with the largest number of real buyers who actually show up at closing and own the homes being within the $500,000 to $599,999 range. More buyers can afford homes in this price range so we are seeing more activity here.
Number of real Luxury Home buyers for Phoenix 03-27-02-2013
Luxury Homes listed below $1,000,000 were sold for a little over 95% of their original asking price.
These luxury homes stayed on the market for an average of only 85 days for the lower price point and 150 days for the higher price point within this range.
This indicates the market is stronger in this price point, which means as a seller you are likely to sell faster if you home is within this price point.
Average days Luxury Homes stayed on Phoenix market before being sold 03-27-2013
We saw very little, about 1.5% and lower of the homes not selling and being taken off the market. Based on the amount of real buyers out there, we have from about 4.9 to 15 months supply of homes on the market for sale within this price range
The Phoenix Luxury Home Market above the $1,000,000 price point
Most of the real buyers can be found within the $1,000,000 to $3,000,000 price range while the numbers drastically decreases for the price point of $3,000,000 and above. As usual, the factor of affordability decreases as the price point increases.
Homes priced within $1,000,000 to $3,000,000 are selling after an average of 136 days (4 months and 16 days) on the market, while the luxury homes for sale over $3,000,000 are at least a year or more.
Luxury Homes within this price range in the Phoenix market are selling for about 85% of the original asking price so there are still deals and steals in the higher price market since not a lot of home buyers can afford it.
Percentage of the original price, luxury home buyers are paying for in Phoenix, AZ