The number of high-end homes on the metro Phoenix market grew last month for the first time since April while sales took a slight dip, according to a new report released this week by Michael Orr.
There were 1,935 luxury homes for sale in the Valley on Oct. 1 on the Arizona Regional Multiple Listing Service, up 9 percent from Sept. 1 and 15 percent year-over-year. It was still down, however, by about 14.6 percent from April 1, when there were 2,267 active luxury listings.
Even despite the decline in luxury listings over the past several months, the luxury market has maintained a relative balance of buyers and sellers. This is in stark contrast to the lower-end price ranges, which have been grappling with a chronic supply shortage for more than a year.
Orr is a real estate expert at Arizona State University’s W.P. Carey School of Business and author of the Cromford Report in Phoenix. The report looks at homes priced above $500,000 and located in the Northeast Valley, including Carefree, Cave Creek, Fountain Hills, Paradise Valley, Rio Verde, Scottsdale and the Arcadia and Biltmore areas in Phoenix.
Distressed properties are also whithering away in this high-end sector.
The number of bank-owned properties listed for sale on Oct. 1 — 13 — was down 55 percent year-over-year, while the number of short sales — 52 — was down 63 percent during the same period, the report said.
Luxury sales, however, took a 9 percent month-over-month dip in September to 233.
That was still 32 percent higher than a year ago and the strongest September sales figure since 2006, the report said.
The average price per square foot — $243 — has remained stagnant over the past six months but is still up 8 percent year-over-year, the report said.
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