Over the past six weeks, the luxury home market in Arizona has noticeably slowed down, with only 54 homes selling for $3 million or more bringing the total to 577.  This reduced the average sales per month from 63 to 60. The inventory of homes listed at $3 million or more also rose sharply, increasing by almost 17% to 629. One more home sold for $10 million or more, bringing the total to 25 for the year, while the number of homes sold for $14 million or more remained steady at 6. The inventory of homes priced at $10 million or more rose by 12, bringing the total to 64, with 10 of the 12 priced at $14 million or more, increasing that total to 39.

The slowdown may be a result of people holding off on making luxury home purchases until after the election. So, two weeks from now, depending on which candidate wins and how that aligns with the luxury home buyers’ preferences, we may see a surge in purchases or further slowing of the market.

If you have any questions, please feel free to reach out to me by direct message, text, phone call, or email.

Michael Hankerson | Designated Broker | 602.770.7205 | [email protected]