Hi, it’s Michael Hankerson. August brought a stunning reversal in Arizona’s Ultra Luxury Home Market. In July, we saw half of the six homes under contract for $14 million or more cancel, leaving only three homes under contract at that price point. However, in August, the market roared back with three more homes closing, doubling the total from three to six. This includes a new record sale of over $32 million!

Over the past 15 days, 30 more homes sold for $3 million or more, bringing the total for the year to 523. Among those, three homes were priced at $10 million or more, and two of them exceeded $14 million, including the record-breaking sale of over $32 million.

Even though the weather hasn’t quite cooled off yet, more people are in town, and many sellers who took their homes off the market for the summer or waited to list until fall are now active. As a result, the inventory of homes priced at $3 million or more grew by 52, including nine homes listed at $10 million or more and four listed at $14 million or higher.

In 2024, sales at all three luxury price points have reached record levels in Arizona, with an average of just over 63 sales per month at $3 million or more, just under three per month at $10 million or more, and 0.73 at $14 million or higher. At this pace, 2024 is shaping up to be the best year ever for luxury home sales in Arizona.  For more information on where the Luxury Homes in Arizona are located Read our Article

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