How Is The Luxury Homes Market In Metro Phoenix, AZ
For the sake of narrowing this overview, the luxury homes market in Phoenix is one defined as single family homes over $500,000.
Several things have have happened in Greater Phoenix with high end properties. Sales are up, inventory is down and prices seem to be stabilizing, especially on the lower end of the luxury market between $500,000-$700,000 and the numbers weaken as the price moves up.
Inventory is seemingly down significantly from May 2010 to May 2011, but there is another reason besides demand catching up with supply.
That reason is a shift in the price segment of a large chunk of that inventory. Simply put: prices have decrease and put many of the homes previously above the $500,000 to the segments below, so out of bounds for this review.
Still anyone putting their home on the market, unless it’s priced very competitively, will need to be patient waiting for buyers. In the higher brackets that could be as long as 3 years and at lease a year for homes over $1,000,000 and even then the success rate for sales is very low: anything over $1.5 million has a 38% chance of selling and the chance increases to 55% below $1.5 million.
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