The real estate market in the Greater Phoenix area has definitely been cranking on all cylinders. The low inventory has both buyers and sellers feeling the impact. Sellers are loving the opportunity to take advantage of the rapidly increasing values. At the same time many buyers are feeling discouraged as they continue to battle it out for the homes they love.
Perhaps the most surprising sector is the luxury market. October was a record breaking month in terms of closed sales. As Senior Housing Analyst with the Cromford Report, Tina Tamboer stated, “The explosion in demand for luxury homes continues to amaze. October was a record breaking month for closings over $2M.”
In October alone, there 101 homes that sold with prices over $2M in the Greater Phoenix Area. This is an astounding number considering the previous record for October was 38!
From an annual perspective, so far there has been 627 homes sold over $2M in 2020. Last year there were 445 homes that sold over $2M. This is an annual increase of 41%!
It is actually a rare occasion for the over $2M count to exceed 50 closings during any month. Since January 2000 it has only happened 13 times with all but 2 of these happening since 2018.
The monthly total of homes closed over $2M has exceeded 66 only 3 times. And all of those times have occurred during the last month.
The question remains… Is it going to continue into November?
Probably, given that there have already been 59 closings during the first 18 days alone.
We will continue to follow the trends and update you along the way. And of course you can subscribe for property updates if you would like to see what is currently available in Scottsdale or Paradise Valley.
Data provided by the Cromford Report.