Carefree

Luxury Sales Volume is Up

For clarification, let’s first define the Luxury Markets:

  • Homes sold at or above $1,000,000.

  • The cities where these sales makes up about 10% or more of the total market.

Yes - Phoenix, Gilbert, Mesa, Chandler (and possibly Peoria) have more million-dollar sales than Carefree, but those luxury sales are a fraction of a percentage of the overall market. They are not “luxury market cities” - at least not in my opinion, and I’m the one making the chart!

Now that that’s out of the way, we can talk about the chart:

YTD through October, there have been 24% more million-dollar homes sold than last year, and 43% more than 2 years ago. Wow!

Part of this is because prices have been increasing; homes that were in the $900,000-range last year are now being priced at $1,000,000. But part of this is also because more people are willing and able to spend/invest that much money in their house.

I don’t want to sound pessimistic and bearish, but what’s the upward limit on luxury homes in the Greater Phoenix area, and will this rising tide continue to lift all boats?

-

- Chris Butterworth

-

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.

 

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

 

What else can I do for you?

Learn about my full-featured  eNewsletter service .

Learn about my full-featured eNewsletter service.

Read my blog  about using email and building a tribe.

Read my blog about using email and building a tribe.

 
 

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.

 

Luxury Market by City

The Axis on the left shows how many homes have sold for $1,000,000 or more so far, year to date (through May.) So, the higher the bubble is on the chart, the more luxury homes have sold in that city.

  • Scottsdale leads the way, with 381 homes selling for more than $1 million so far this year. Paradise Valley had 164, and Phoenix (at 112) was the only other city with more than 100 sales above $1 million.

The Size of the bubble shows the luxury sales as a percentage of that city's overall market.

  • While Scottsdale had more million dollar sales overall, Paradise Valley's market is made up almost entirely of luxury homes, with 84% of all sales being greater than $1,000,000. Scottdale's luxury market, in contrast, only makes up about 16% of the total market. Carefree (22%) and Fountain Hills (10%) are the only other cities with a significant luxury market.

- Chris Butterworth

 

What else can I do for you?

Learn about my full-featured  eNewsletter service .

Learn about my full-featured eNewsletter service.

Read my blog  about using email and building a tribe.

Read my blog about using email and building a tribe.

 
 

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.

 

Most Expensive Home is in Scottsdale, again.

I pulled the most expensive home sold in each city over the first 2 months of the year. (Top 12 cities are on the board.)

Scottsdale dwarfs all other cities, with a Maximum Sold Price of $17.50 million. Paradise Valley was next ($5.95 million), followed by Phoenix ($4.1 million), Gilbert ($3.5 million), and Chandler ($2.69 million). No other city had a single sale above $2 million.

- Chris Butterworth

 

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.

 

What else can I do for you?

Check out more Simple MLS Charts.
Read about using email and building a tribe.
Learn about my full featured eNewsletter service.

Highest Sold Price by City - East Valley

The most expensive home in 2017 (through Nov) sold for $9.2 million in Scottsdale. It's also interesting to note how expensive homes can be in the other cities as well.

- Chris Butterworth

 

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.