The Noble Insider: Q1 2021 Luxury Report

INSIDER

Q1 / 2021

Q1LUXURY SNAPSHOT by city The first quarter of 2021 is a wrap. Over the last year, no doubt our business has profoundly changed, from the way we serve our affluent clients, to how people buy and sell, and what’s important to them in a home.

2021 will continue to bring the intangible luxuries to the forefront like family, space, health and security. The pre-pandemic trend in “right sizing” to smaller square feet has flipped to a bigger is better philosphy and continues to trending into 2021.

In annual 2021 INSIDER report we shared that the Phoenix/Metro luxury home market

would continue it’s boom with no end in sight. In the first quarter of 2021 we more than doubled the number of homes sold over $1 million and nearly tripled the number of homes sold for over $4 million compared to Q1 2020. We also saw an 8% increase in the median sales price over Q1 2020.

With a continued demand for housing from out-of-state buyers, our desirable Arizona lifestyle, cost of living, and low inventory, we anticipate our luxury market to see continued growth across all categories in 2021.

Scottsdale

Q1 2020

Q1 2021

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

AVG PRICE/ SF % CHANGE

$1,000,000 - $1,999,999

228

$322.12

146

443

$352.33

73

+9%

$2,000,000 - $2,999,999

53

$438.42

139

96

$461.38

123

+5%

$3,000,000 - $3,999,999

15

$553.30

168

48

$570.40

142

+3%

$4,000,000 - $4,999,999

5

$588.06

149

24

$605.14

164

+3%

$5,000,000 - $5,999,999

3

$659.09

299

7

$740.31

205

+12%

$6,000,000 - $6,999,999

-

-

-

2

$899.83

63

+100%

$7,000,000 - $7,999,999

1

$1189.34

-

4

$989.15

168

-17%

$8,000,000 - $8,999,999

1

$828.19

131

-

-

-

-100%

$9,000,000 - $9,999,999

-

-

-

3

$833.43

153

+100%

$10,000,000 - $14,999,999

-

-

-

-

-

-

-

$15,000,000+

-

-

-

1

$1,338.81

117

+100%

Paradise Valley

Q1 2020

Q1 2021

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

AVG PRICE/ SF % CHANGE

$1,000,000 - $1,999,999

54

$375.16

125

52

$439.41

91

+17%

$2,000,000 - $2,999,999

32

$468.83

233

51

$491.72

105

+5%

$3,000,000 - $3,999,999

12

$569.04

224

34

$554.57

181

-3%

$4,000,000 - $4,999,999

11

$615.93

205

9

$583.89

104

-5%

$5,000,000 - $5,999,999

2

$586.68

334

9

$747.25

215

+27%

$6,000,000 - $6,999,999

1

$682.91

102

1

$920.00

133

+35%

$7,000,000 - $7,999,999

1

$711.68

22

3

$1,150.93

178

+63%

$8,000,000 - $8,999,999

2

$739.23

58

1

$684.99

17

-7%

$9,000,000 - $9,999,999

-

-

-

1

$427.64

1

+100%

$10,000,000 - $14,999,999

-

-

-

1

$1,566.65

-

+100%

$15,000,000+

-

-

-

-

-

-

-

Market Data Source: Arizona Regional Multiple Listing Service

Phoenix

Q1 2020

Q1 2021

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

AVG PRICE/ SF % CHANGE

$1,000,000 - $1,999,999

63

$317.02

125

152

$358.45

78

+13%

$2,000,000 - $2,999,999

14

$417.13

175

28

$446.60

136

+7%

$3,000,000 - $3,999,999

3

$580.48

187

5

$454.04

144

-22%

$4,000,000 - $4,999,999

-

-

-

2

$659.53

68

+100%

$5,000,000 - $5,999,999

-

-

-

1

$889.71

515

+100%

$6,000,000+

-

-

-

-

-

-

-

Cave Creek/ Carefree

Q1 2020

Q1 2021

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

AVG PRICE/ SF % CHANGE

$1,000,000 - $1,999,999

21

$320.73

139

52

$356.62

88

+11%

$2,000,000 - $2,999,999

1

#305.58

418

4

$416.68

73

+36%

$3,000,000 - $3,999,999

2

$359.91

427

1

$414.58

69

+15%

$4,000,000+

-

-

-

-

-

-

-

Market Data Source: Arizona Regional Multiple Listing Service

Fountain Hills

Q1 2020

Q1 2021

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

AVG PRICE/ SF % CHANGE

$1,000,000 - $1,999,999

11

$286.57

252

28

$295.46

175

+3%

$2,000,000 - $2,999,999

2

$372.28

106

5

$408.34

206

+10%

$3,000,000 - $3,999,999

2

$454.85

103

4

446.35

82

-2%

$4,000,000+

-

-

-

-

-

-

-

East Valley

Q1 2020

Q1 2021

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

# OF CLOSINGS

AVG PRICE / SF

AVG DAYS ON MARKET

AVG PRICE/ SF % CHANGE

$1,000,000 - $1,999,999

46

$254.49

138

93

$275.37

59

+8%

$2,000,000 - $2,999,999

3

$329.69

79

7

$312.46

165

-5%

$3,000,000 - $3,999,999

-

-

-

3

$406.62

148

+100%

$4,000,000+

-

-

-

-

-

-

-

Market Data Source: Arizona Regional Multiple Listing Service East Valley Cities Incuded: Chandler, Gilbert and Mesa.

Q1SNAPSHOT $500k - $1m The hot topic for the Phoenix/Metro area is the unprecidented low housing inventory.

And, we don’t see that loosening up any time soon. We are far from a normal market and would need 24,000 new active listings to get back to a “normal” level. However, despite our historically low inventory, we are still seeing a surge in local real estate.

The first quarter of 2021 has far surpassed the already strong numbers set in 2020. The average sales price of homes has increased well over 20% in many of our major cities.

The $500k to $1 million price range is a highly competitive one with many homes selling at

and/or above the original list price.

While homes are selling at record speed, we still strongly suggest that our Sellers properly prepare their homes for sale. This means having a stategy in place, prep list, staging and story. It ensures top dollar and will likely result in higher multiple offers. As a Buyer it is imperative to be prepared both financially and mentally. Be ready to act fast, to make a strong offer and sometime at or above full price, or make consessions to secure the right home.

Scottsdale

Paradise Valley 2020

2021

% change

670

929

+39%

HOMES SOLD

AVG SALES PRICE

$702,257

$713,314

+2%

AVERAGE PRICE/SF

$254.68

$297.07

SALE TO LIST PRICE

97.8% 46

HOMES SOLD

AVG DAYS ON MARKET

2020

2021

% change

17

3

-82%

AVG SALES PRICE

$816,618

$870,000

+7%

+17%

AVERAGE PRICE/SF

$303.24

$298.26

-2%

99.9%

+2%

SALE TO LIST PRICE

96.2%

98.3%

+2%

47

+2%

AVG DAYS ON MARKET

97

4

-96%

2020

2021

% change

64

88

+38%

Phoenix

Fountain Hills 2020

2021

% change

508

883

+12%

HOMES SOLD

AVG SALES PRICE

$630,315

$649,195

+3%

AVG SALES PRICE

$666,652

$694,567

+4%

AVERAGE PRICE/SF

$231.95

$257.14

+11%

AVERAGE PRICE/SF

$230.93

$257.58

+12%

SALE TO LIST PRICE

97.9%

100.0%

+2%

SALE TO LIST PRICE

97.5%

98.8%

+1%

88

41

-53%

AVG DAYS ON MARKET

109

58

-47%

2020

2021

% change

499

958

+92%

HOMES SOLD

AVG DAYS ON MARKET

Cave Creek/Carefree

East Valley

2020

2021

% change

112

148

+32%

HOMES SOLD

AVG SALES PRICE

$696,464

$715,593

+3%

AVG SALES PRICE

$632,468

$638,438

+1%

AVERAGE PRICE/SF

$237.44

$261.72

+10%

AVERAGE PRICE/SF

$186.12

$212.21

+14%

SALE TO LIST PRICE

97.1%

100.0%

+3%

SALE TO LIST PRICE

98.4%

100.0%

+2%

112

66

-41%

AVG DAYS ON MARKET

77

34

-56%

HOMES SOLD

AVG DAYS ON MARKET

Market Data Source: Arizona Regional Multiple Listing Service. Single Family Residences sold between $500k -$1M. East Valley Cities Included: Chandler, Gilber, and Mesa.

T HE NOBLE COLLECT ION View our full collection of exclusive listings at TheNobleAgency.com.

UNDER CONT RACT

OPTIMA CAMELVIEW SCOTTSDALE 3 Bed | 2 Bath | 2,129 sf

$1,100,000

SHELTER COVE MESA 4 Bed | 4.5 Bath | 5,765 sf

$1,445,000

SIERRA RIDGE SCOTTSDALE 2 Bed | 2 Bath | 1,597 sf

$499,000

$2,750,000

DESERT SAGE SCOTTSDALE 5 Bed | 3 Bath | 3,284 sf

$925,000

$2,100,000

UNDER CONT RACT

SUNRISE DESERT VISTAS SCOTTSDALE 5 Bed | 4.5 Bath | 4,298 sf

UNDER CONT RACT

DESERT MOUNTAIN SCOTTSDALE 4 Bed | 5 Bath | 4,794 sf

T HE NOBLE COLLECT ION View our full collection of exclusive listings at TheNobleAgency.com.

UNDER CONT RACT

MARIDA LOS ARCOS PARADISE VALLEY 5 Bed | 3.5 Bath | 4,572 sf

$2,350,000

LOS ALISOS SCOTTSDALE 4 Bed | 3 Bath | 3,023 sf

LAND BLACK CANYON CITY Total Acres: 1,278

$5,000,000

TROON VILLAGE SCOTTSDALE 4 Bed | 5 Bath | 5,201 sf | MLS:# 6126006

$2,800,000

$3,500,000

CROSS ROADS RANCH PRESCOTT Total Acres: 251.3 |

$1,000,000

$825,000

PENDING

SILVERLEAF SCOTTSDALE 5 Bed | 5.5 Bath | 6,309 sf

MICHELLE SAROCKA Maximizing value and achieving superior results requires specialization and market expertise. Michelle Sarocka is a local real estate expert with a thorough understanding of the real estate landscape in Phoenix and the surrounding communities she serves. With her expertise in the areas of marketing, property valuation, negotiating, excellence in transaction management and client service, she makes a market for her client’s properties helping them achieve results. To homeowners and property investors seeking to create and preserve wealth, Michelle provides unrivaled real estate investment sales and advisory services.

Michelle brings a unique blend of real estate market expertise, risk management, and business acumen to serve her clients. Having spent over 15 years as a Vice President of Risk Management at Wells Fargo Bank, Michelle was responsible for predicting the risk exposure used to derive profitability-based pricing strategies.

Her expertise was put to use to provide recommendations to the bank’s executive management for portfolio purchases and portfolio securitizations exceeding $20 billion. This background in business is invaluable when pricing and negotiating the sale or purchase of her client’s properties.

Michelle holds a Master in Business Administration as well as a Bachelor’s Degree in Finance, is a member of Who’s Who in Luxury Real Estate, and a Certified Luxury Home Marketing Specialist™ with Million Dollar Guild™ recognition.

MICHELLE SAROCKA

REALTOR®, CLHMS, Monson Luxury Group 602.616.4829 | michelle.sarocka@thenobleagency.com |

@luxrlt

15551 N. Greenway Hayden Loop, Suite 200 Scottsdale, AZ 85260

we’ve got a zest for luxury lifestyles.

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480.420.4LUX (4589) | thenobleagency.com

The master class of luxury real estate.™

15551 N. Greenway Hayden Loop, Suite 200 Scottsdale, AZ 85260