Market Update: Phoenix, AZ
Looking at the latest luxury real estate market report for Phoenix Arizona, it is evident that the summer months have seen an increase in activity since this time last year, with no summer slow-down! In fact, it is quite the opposite.
Setting a new record, 27% of Home-buyers are now looking to relocate to less dense and more affordable areas as a result of the COVID-19 Pandemic, and Phoenix has been voted the number one place to do so, according to a recent article report from Realtor magazine.
The current demand has created great conditions for sellers throughout the Phoenix area. With housing in high demand the total number of active listings has dropped 38.8% in comparison to this time last year. A substantial amount of listings are currently in contract with an additional 10,368 sales closed by the end of August 2020.
With a current listing success rate of 89.1% and low inventory, the median sales price has also gone up 12.5% throughout the Phoenix Metropolitan area compared to August 2019, making it a great time to sell.
Whether you’re buying or selling, the global marketplace for luxury real estate is always changing. We have analyzed the latest reports in luxury real estate to keep you up to date on current market trends in your area. This Luxury Market Update for Phoenix Arizona has been provided by Cromford Associates LLC