Over the past 22 days, 41 more homes have sold for $3 million or more in Arizona, bringing the total to 460. Additionally, three more homes have sold for $10 million or more, bringing the total to 19, and one more home has sold for $14 million or more, bringing the total to 3.

As mentioned previously, when temperatures in Arizona reach 110 degrees, there are fewer luxury buyers. As homes are sold, they are not being replaced with new inventory, and some homes are taken off the market. As a result, there are now 28 fewer homes for sale at $3 million or more, 11 fewer at $10 million or more, and 10 fewer at $14 million or more.

The shocking development over the past three weeks is that half of the homes under contract for $14 million or more have been canceled. The exact cause of this is uncertain, but it may be related to recent events in the presidential election over the past three weeks.

If you have any questions, please feel free to reach out to me by direct message, text or a phone call.  Thanks and have a great day.