A Look into Luxury - March 9th 2024
In this edition of a Look into Luxury
- Featured Luxury Home of the Week
- The Hankerson Team Luxury Report
- The Hankerson Team Metro Phoenix Housing Market Update for February
The Hankerson Team’s featured luxury home of the week.
Here is what we like:
- Offers 2 bedrooms and 2.5 bathrooms plus Den across 2,637 square feet of living space.
- South facing backyard with Golf Course Views
- Within the gated grounds of the Phoenician Resort
- Option to join the Phoenician® Amenity Access Program
- Ground level townhouse with 2nd story terrace facing Camelback Mountain
- Perfect Lock N Leave to enjoy the winter in Arizona
Price $3,295,000
60-Second Video Tour
The Hankerson Team Luxury Report
This week witnessed the sale of 15 additional homes priced at $3 million or above, including one transaction exceeding $10 million. The inventory of such homes has risen to 711, marking a 65% increase since December 2023. There was a notable 17% rise in the number of homes priced at $3 million or higher currently under contract, reaching 160. This surge is attributed to the current period being the optimal selling season for luxury homes in Arizona.
Furthermore, the inventory of homes valued over $10 million saw a slight increase, with one additional property bringing the total to 85. This adjustment sets the supply just shy of 4 years. Similarly, the segment of homes exceeding $14 million grew by one, totaling 49—a 63% increase since December. The supply for homes in this price bracket now spans 12 to 24 years, contingent upon whether the analysis is based on the number of homes pending sale or those sold last year. It’s important to note that no homes priced over $14 million have been sold this year.
Attached is our updated chart for further details.
The Hankerson Team Metro Phoenix Housing Market Update for February
As I predicted following a very slow January, both the number of homes sold and the dollar volume increased significantly, accompanied by a 3.6% increase in the average sale price. Over the past three months, the number of homes for sale, the number of homes under contract, and the contract ratio have all increased, leading to a more balanced market and a reduction in the number of days it takes to sell a home. All these metrics were almost identical to those from this time last year. For the first time since last October, the 30-year mortgage rate has risen, accompanied by a sharp increase in the 10-Year Treasury yield. Meanwhile, the Dow Jones Industrial Average continues its upward trend, and Bitcoin’s value has almost doubled since last year. Attached is our updated chart for further details.
