Luxury Real Estate Market Update November 2020 Phoenix Metro Area, Arizona

LUXURYHOME MONTHLY

Luxury Real Estate Market Update- November 2020 Phoenix Metro Area, Arizona

LUXURYHOMEMONTHLY NOVEMBER 2020

How well are Luxury Homes selling in the Phoenix Metro Area?

Number of homes sold, priced $1,000,000 and higher

Despite the pandemic, our luxury real estate market is seeing exponential growth way beyond expectations.

Last month, we had our highest number of sales for luxury real estate, priced $1,000,000 and over, in the past 20 years with almost 400 sales, beating the highest record set the previous month.

Luxury homes in our market currently have a selling success rate of 73%, which again is the highest in the past 15 years.

With the current availability of a 3 month supply, inventory has been at its lowest in more than a decade, raising the prospect of selling and for about 96% of your list price, when priced appropriately as well as within 113 days or less.

In Qtr 4 of 2019, our average days on market was about 170 days, almost 2 months longer.

FORECAST FOR THE NEXT 5 YEARS Here is a 5 year forecast for Core Based Statistical Area 38060 ( Maricopa and Final Counties)

There is some adjustment being forecasted for the next few months for single family homes. This could be due to our unemployment numbers which is declining, after peaking to about 10% in April, reflecting a decrease in the housing affordability index for our area, currently at 142.

I wish we all had a crystal ball informing us of how fast it will correct but for now we do have a robust market.

LUXURYHOMEMONTHLY NOVEMBER 2020

A snapshot of the real estate market in Maricopa County, AZ

Echo Canyon Subdivision in Phoenix tucked into the base of Camelback Mountain

COMMENTARY BY DORETTE In our current market, homes are selling rapidly, at an average of 70 days and for almost the listing price. Averagely, homes are selling at 99.15% of the listing price, for an average of 21% more than they did 2 years ago and 14% a year ago. Even though our median sales price has increased by 19% in the past 2 years, a national average mortgage interest rate of around 3% favors home buyers by increasing affordability.

Our lack on inventory shows no signs of improving, we still have a higher amount of refinanced loans being originated since owners are keeping their homes. In the last 3 months $32.89 million was originated for refinancing existing mortgages and only $23.1 million for new mortgages in our area.

IN THE MARKET FOR REAL ESTATE? Tell us what you are looking for and we will curate a list and schedule a tour for you.

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Email: dorette@luxurylivinginphoenix.com Phone / Text: 480-442-0779

Let’s dive deeper into your neighborhood or a subdivision you are interested in.

Call/Text 480-442-0779 or Contact Me HERE

LOOKING TO SELL REAL ESTATE? Let's put our access to a wide range of out of state and international contacts to help sell your home Request a market report for your property!

Email: dorette@luxurylivinginphoenix.com Phone / Text: 480-442-0779

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LUXURYHOMEMONTHLY is a monthly Phoenix Luxury Home Market Update publication by Dorette Oppong-Takyi.

Dorette Oppong-Takyi is a Real Estate Broker Associate in Phoenix Metro Area in Arizona, USA. After years of running her husband’s medical practice, she understands the importance of providing stellar customer service to her clients as well as individualized attention to details for each client.

Coming from a science background, she applies her analytical, fact based and data driven contributions to every real estate transaction she is involved in. She is well versed with the trends and statistics of the Phoenix Real Estate market.

Website: Email: Cell Phone: Address:

http://www.LuxuryLivingInPhoenix.com dorette@luxurylivinginphoenix.com 480-442-0779 6900 E Camelback Rd, Suite 110 Scottsdale AZ 85251

Dorette Oppong-Takyi Real Estate Broker Associate

information deemed reliable but not guaranteed. Each office is independently owned and operated.

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