Luxury Market - Comparison by City

Take a look at the 10th most expensive home sold in each city, year to date.

I'm using the 10th most expensive home because there are extreme examples at the very top which distort the overall picture, even in the luxury market. This view doesn't consider the best of the best of the best (absolute most expensive), but it does a great job of showing which cities have a deeper luxury market.

There aren't many surprises at the high-end of the scale, although I would have expected Carefree to be higher on the list. Fountain Hills, Phoenix, Scottsdale, and Paradise Valley appear to lead the way in luxury.

HOWEVER - take that with a grain of salt. In order to fully understand the luxuriousness of a city, let's also consider its overall size/market.

  • Fountain Hills has had 14 homes sell for < $250,000 so far this year. So while 10 homes in the $1.7+ million range is a lot of luxury, the city also has a less expensive side.
  • Scottsdale has only had 7 sub-$250k sales. Higher on the high end, and less on the low end, than Fountain Hills.
  • Paradise Valley hasn't had any small-priced sales. This is a true luxury market city.
  • And Phoenix? Well, Phoenix is a very large market. Yes, the 10th most expensive home sold for $2.6 million, but there have also been 4,865 homes sold for < $250,000! Phoenix has some luxury neighborhoods, but I wouldn't call Phoenix a luxury city.

- Chris Butterworth

 

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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Buckeye Prices up another 9%

The Median Sales Price in Buckeye is up 9.3% Year over Year in July, and that's actually down from last year's 11.3% compared with July 2016 (and 14% the year before that!) Wow - there must be a lot of upward pressure on pricing, when a 9% increase is considered small by comparison..

- Chris Butterworth

 

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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Mesa homes are selling fast

Homes are selling quickly in Mesa, judging by the median number of days a home stays on the market:

  • The last 5 months' medians have all been 35 days or less.
  • The median home was on the market 33 days in July 2018, compared with 38 days a year earlier. (That's 13% faster, for you math guys out there..)
  • Even more is the 36% reduction in time on market since the beginning of 2017. The median home sold in 52 days in January 2017.

We'll see what happens with the slow half of the year coming up, and with interest rates continuing to move higher. But for the time being, there's no other way to put it other than to say homes are selling quickly in Mesa.

- Chris Butterworth

 

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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Scottsdale prices not quite back to peak levels

The Median Price for July Sales in Scottdale has risen steadily, and is currently up 50% from the low point in 2011. That said, we're still about 10% off the highs from 2006 and 2007.

- Chris Butterworth

 

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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.

 

Maricopa County Prices Move Higher

It's easy to see the year over year change in the median sales price for Maricopa County, from $265,000 in July 2017 to $290,000 last month - an increase of 9.4% for the year.

What we won't know for a while yet is whether July's drop from June's $295,000 median price is due to seasonality, or part of a larger change in trends. (I've posted about seasonality several times in the past, most recently here and here - showing the prices rising more in the spring than the fall.)

I suspect it's the former, but we'll keep our eyes on it just in case it's the latter...

- Chris Butterworth

 

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Simple MLS Charts is supported by readers like you. If you find these charts useful, please consider becoming a patron with a small monthly pledge on Patreon.

* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.