Just check out this recent post from the Cromford Report speaking directly about the state of the luxury market in the Valley of the Sun:
January 13 – December was a huge month for luxury homes sales – the best December since 2006 with 109 closed transactions across Greater Phoenix for homes priced at $1 million and above. This was an increase of 10% over December 2013. Only 2 of the closed sales were distressed and these were short sales.
By price range, comparing December sales for single family homes across Greater Phoenix:
- $500,000 to $600,000 – highest number of units sold through ARMLS since 2006
- $600,000 to $800,000 – highest since 2006
- $800,000 to $1,000,000 – highest since 2006
- $1 to $1.5 million – same as 2012
- $1.5 to $2 million – equaled the previous record set in 2006
- $2 to $3 million – highest since 2007
- Over $3 million – 1 fewer than last year
The ultra-high end was not quite as impressive as recently, but 2014 was the best full year since 2008 with 84 closings for homes priced over $3 million.
News outlets like the Arizona Republic and Phoenix Business Journal have been good about documenting what’s going on. I’m sure the influx of winter visitors and the continued strength of the stock market and economy are contributing to the strengthening in the luxury market. Will it eventually flow down to the lower segments? Only time will tell. Stay tuned for more…
Check out luxury homes in the area here: Find a Home