Interest rates may be keeping buyers away this summer, but the luxury market is still hot. Link to full report from the Luxury Marketing Institute below.

Arizona's unemployment is near historic lows at 3.4%, well below the national unemployment rate of 4%.

Summer in Scottsdale is a great time for Summer Staycations, link cute photo taken at the Scottsdale Quarter to left.

Have a great week, and make sure to give us a call for any and all of your real estate needs, or those of your friends and family.

Warmly

Denise van den Bossche,

_{Realtor, Team Leader, Associate Broker}

_{Celebrating 4 decades in metro-Phoenix real estate}

_{Ranked #1 in Maricopa County 2022 Realty Executives International}

_{More on our team www.Exec-Elite.com}

After six months of steadily increasing levels of inventory and sales, March’s statistics also tell a story of continued strength. Positive seller sentiment is reflected in the uptick of new properties entering the market, which in turn, is fueling the opportunity for buyers to fulfill their new home expectations." Luxury Home Marketing Institute April Report is out. Download here for North America with local Scottsdale and Paradise Valley reports.

Luxury Marketing Institute has relased this month's report.

Luxury home buyers are in an upward trajectory with a busy spring expected nationwide. Here isn Scottsdale we are in a balanced market, while Paradise Valley and Phoenix have more opportunities and considered a Buyers Market. This is mainly due to the slower sales and increase in inventory to choose from. Click above link for a digital version of this month's LUXURY home marketing report. Call me to take a look at some homes! Denise 602-980-0737.

WARM BUYER'S MARKET IN METRO PHOENIX

CLICK HERE FOR MONTHLY MARKET REPORT

Year 2023 Housing Market wrap up

Overall in Phoenix Metro, the average price per square foot of active listings hit a new all-time high on January 20 of $366.43. But the biggest news in 2023 housing was the luxury market, led by Paradise Valley Township, a small residential community that surrounds Camelback Mountain bordered by both Scottsdale and Phoenix.

PARADISE VALLEY ARIZONA 

• The above Chart from Cromford Report represents those parts of the Phoenix Metro Valley with a measurable supply of luxury homes. It graphs the 2 year change in the annual average price per square foot for closed listings, measured at the end of 2023. Paradise Valley leads with an increase of over 42%, followed by the next highest, Scottsdale, at 23%.
• According to Cromford, “Throughout the last year it has become more and more obvious that the top-end of the market is behaving differently from the entry-level and the mid-range.” This was echoed by the Luxury Home Marketing Institute (below).
• Locally: Homes that were priced over $2 Million saw an annual average square footage price higher than a year ago. However, homes priced under $2 Million saw a reduction in average square footage pricing.
• In another example: “Homes above $10 million have become more expensive and at the fastest rate.”

Cromford is our most respected local data on the housing market.

NATIONAL LUXURY MARKET YEAR IN REVIEW 

The North America Luxury Home Review of 2023 (Link to full report) was just posted by the Luxury Home Marketing Institute. Some of this issue’s take-aways:

“The best way to sum up the luxury real estate market during 2023 might be that it remained "unapologetically resilient", despite a slower year in the overall sales volume compared to 2022.”

Economic uncertainty, rising inflation and increasing interest rates, led to a growing seller resistance to list their property which further compounded the already low levels of inventory. This was, until the last quarter of 2023, when a shift that started at the end of the third quarter saw more listings enter the market, consequently opening the door for more sales. 2023 was a softer luxury market than 2022. Listings stayed on the market longer, prices remained high, and affluent buyers choose to wait patiently for their perfect move-in-ready dream home.

In the hyper local market reports, Scottsdale is seen as a Seller’s market December sales dominated by homes priced over $4.5 Million. (full local reports at the end of the National Report Link).

Monthly Housing Market Update

Give me a call to discuss your specific real estate needs. Denise van den Bossche, Associate Broker, Realty Executives Phoenix, Exec-Elite Team Leader 602.980.0737 DeniseVDB@Exec-Elite.com.