Hot From Phoenix Market Update December 2023
(Published on - 12/6/2023 3:26:26 PM)
In Maricopa County (greater metro-Phoenix) today, over 7% of all the sales in the Multiple listing service are over $1,000,000. 5 years ago, it was only 2.7% of all sales. That is almost triple. We have seen a massive 54% appreciation over just the last four years and over 93% over the last 10 years, proving again that real estate is a good long term investment. This month's luxury market report (below) echos those sediments. Click on the Link for my December 3 minute market report.
Nationally, the Phoenix Valley was just predicted to be #2 in the nation for 2024 real estate by the Urban Land Institute (Link to full report).
Sales have been slow thus far this holiday season as Buyers are waiting for interest rates to come down, and Sellers are unwilling to list because they are sitting on such low interest rates.
- Over 50% homeowners have over 50% equity in their home thanks to the appreciation we have seen in recent years.
- There are 3million buyers making over $150,000/year are still renting. They are waiting for rates to drop They will be buyers.
- 90% of homeowners with a mortgage have rates below 6%. And 62% have rates below 4%. Few of these homeowners are willing to trade that in for a new home with a higher interest rate.
- It may be a better idea to buy now, and refinance when rates come down, then to wait as prices continue to appreciate here in the Valley.
According to the most recent Luxury Marketing Report, “the impacts of the pandemic years have forever changed the importance of owning a luxury property and it is now widely acknowledged by an ever-growing demographic of affluent buyers as an important low-risk asset that offers a long-term yield. This was proven over the last year, as between rising economic uncertainty, political unrest, stock and crypto market volatility, and to some extent climate change effects, overall, the luxury property market has continued to maintain its financial stability.” Full digital report link here.
Scottsdale is getting ready for it's peak Event season. Equestrian shows are already in progress at WestWorld. The Cactus Corridor has evolved into the top breeding ground for championship horses. Check out my newest listing here.
This is Denise van den Bossche with Realty Executives, celebrating a 4-decade career in Phoenix-Scottsdale real estate
www.Exec-Elite.com
