The first four months of 2024 have been very positive for the luxury home market in Arizona. Sales have increased across all three categories we track: homes priced at $3 million and above, $10 million and above, and $14 million and above, showing improvement from 2023. If this trend continues, 2024 could set a new record for luxury home sales in Arizona. However, we anticipate a potential slowdown during the summer months, as is typical. The favorable weather and a number of world-class events in the early months—such as the Barrett-Jackson Car Auction, The Phoenix Open, Cactus League Spring Training, and occasionally major sporting events like the Super Bowl and the College Championship—make this period the optimal time for luxury home sales in Arizona due to the influx of visitors.

Since our last report, there have been 52 homes sold for $3 million or more, bringing the total to 245 at an average pace of 61 per month. The inventory of homes available for sale has dramatically decreased to 727, although this is still nearly double the number available in December. Additionally, three more homes sold for $10 million or more, bringing the total to 10, with three more going under contract, increasing that total to 12. Notably, April marked the first sale of a home in the $14 million category, although it originally listed at $19.5 million, so the sale price of $14 million represents a significant discount.