A Look into Luxury Home sales in Arizona – July 7th, 2024
Here is our video update
Here is our chart
Hi, it’s Michael Hankerson. Over the past couple of weeks, 43 more homes sold for $3 million or more in Arizona, bringing the total to 419. To put that into historical context, this would make 2024 the 4th best year ever in Arizona, and we are only six months into the year.
One more home sold for $10 million or greater, bringing the year-to-date total to 16, which would also make 2024 the 4th best year at that price point as well.
The sharp reduction in inventory that began last month continues, with 52 fewer homes available for sale priced at $3 million or more. The number of homes at the $10 million and $14 million price points is less than or equal to the number at the beginning of the year.
This is a very common trend during the summer months when there are very few buyers looking at homes. As home inventory is sold, it is not replaced because sellers are waiting to list until the fall when buyers come back into town.
Where are the Luxury Home Sales in Arizona?
How are the top 10 Luxury Zip Codes in Arizona doing in 2024?
The top five zip codes in Arizona are home to The Town of Paradise Valley, Desert Mountain, Silverleaf, and Arcadia. The other five are in close proximity to the first five. Even though interest rates for 30-year mortgages continue to rise and the number of homes sold continues to fall, the average sale price for a single-family detached home in Maricopa County sold on the MLS set a new record high in the second quarter of 2024 at $707,711. This is up 4.8% from the previous quarter and 8.66% from 2023. Four zip codes that outperformed this are in Arcadia and Central Scottsdale.
