Luxury Homes in Phoenix are not doing so bad. They are following closely behind the trends we are seeing in the lower priced market of homes selling in the Phoenix Area.
Luxury Homes in Phoenix, Arizona are selling at a higher average price per square foot compared to same time last year .
The 3 month moving average in Feb 2013 shows an increase of $11.86 per square foot for all luxury homes in Phoenix sold over the price of $500,000 compared to the roughly the same time last year.
Luxury Homes selling between $500,000 and $1,000,000
Phoenix is seeing homes in this price range selling for an average of $188.28 per sq. ft. up almost $14 from same time last year. The increase of 8% compared to lower price ranges indicated just a modest increase but still a positive increase.
This lower end of luxury homes in Phoenix are selling much better than the higher end which may be due to the economy, affordability and loss of net worth for most people.
Its easier for people to get into this end of the luxury market than at the higher end mostly due to affordability.
Luxury Homes in Phoenix selling between $1,000,000 and $3,000,000
We are seeing an increase of about $19.96 average price per square foot in the price range. This is about an 7.7 % increase from $260.95 at about roughly this time of the year last year to $280.91 as of today.
The percentage increase is about the same for luxury homes priced between $500,000 and $1,000,000
Luxury Homes in Phoenix selling above $3,000,000
Currently selling at an average price of $611.37, luxury homes within this price range have seen a dramatic increase of $212.26 in average sales price.
This 58.13% increase can be attributed to high priced luxury homes of over $10 million finally beginning to sell in this current market.
Very expensive luxury homes are beginning to sell in the Phoenix Area and that is very good news for luxury home owners who have been “underwater” for a very long time.
The averages used in the blog are 3 month moving averages meaning the average of February was the average of all homes sold between Dec to Feb which gives a much clearer view instead of those only sold in February.