Stepping up to Luxury

2018 was a big year for the luxury market. (Homes sold for > $1,000,000.)

There were more million-dollar homes sold in 2018 (1,793) in Maricopa County than in any other year, ever! (There were 1,783 million-dollar home sales in 2005, which ranks a close 2nd.)

1,793 luxury homes in 2018 represented a 27% increase over 2017’s 1,414 number, which is the largest percentage increase YoY since 2005. (fyi - 2005 was up 87% over 2004’s 956 number - that was a crazy-market time.)

This is an interesting chart to think about. In order for the number to increase, we need either A) prices to increase, B) more people wanting and willing to spend $1,000,000 on a house, or C) both A and B. And judging by the chart, B hasn’t been a problem. The question for 2019 will be whether prices continue to rise, so that those homes at $950,000 last year become $1,000,000 this year…

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- Chris Butterworth

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