fill
fill
fill
Sonoita/Patagonia
fill
(520) 455-5235
cford@
longrealty.com
fill
fill
fill
fill
Get Advice
fill
Buying a Home
fill
myPropertyAlerts
fill
Mobile App
fill
Selling a Home
fill
Open House Search
fill
Foreclosures
fill
 
fill
 
fill
fill
fill

Luxury Housing Is Alive

October 29, 2014

Luxury Housing Is Alive

While the overall housing market in Arizona has normalized with moderating unit sales and flattening prices, one bright spot is luxury housing (defined as homes priced $800,000 and above).

Tucson

Luxury Closed Sales Luxury Under Contract Closed Sales Under $800,000
2014 115 234 10,428
2013 110 117 11,495
% Change +4.5% +14.5% -10.2%

What we are seeing is the luxury segment of the Tucson housing market outperforming non-luxury. In fact, luxury sales in Tucson are higher in 2014 as compared to 2013.

Although in the Phoenix market the number of luxury closed sales is slightly lower than 2013, luxury homes sales still outpace the non-luxury market considerably in 2014.

Phoenix

Luxury Closed Sales Luxury Under Contract Closed Sales Under $800,000
2014 1,358 1,488 57,608
2013 1,388 1,537 66,571
% Change -2% -3.2% -13.5%

This is encouraging news for both the luxury buyer and seller. When the housing market bottomed in 2011 and rebounded in 2012 and 2013, the luxury segment did not see the same level of growth as lower price points. Now, it appears luxury buyers are out in greater numbers and luxury sellers have started to figure out the pricing strategies needed to attract today’s savvy, affluent buyers.

Properties under contract and home sales data is based on information obtained from the TARMLS and ARMLS for all residential properties priced $800,000 and above. All data obtained 10/27/2014 is believed to be reliable, but not guaranteed.

Real Estate Market Articles

5 Reasons Homeownership Makes ‘Cents’

How to Get the Most Money from the Sale of Your Home

Here are five reasons listing your home for sale this fall makes sense

5 Reasons Why You Should Not For Sale by Owner

Do Your Carpets Need to be Refreshed

Top Reasons You Should Sell This Summer

Protect Yourself From Consumer Wire Fraud

The Truth About Home Mortgage Rates and Downpayments

Federal Reserve Interest Rate Update 

The Great News About Rising Prices for Homeowners

The #1 Reason to Sell Now... Not Next Spring

How Historically Low Interest Rates Increase Your Purchasing Power

The Real Estate Market Is Getting Stronger

How Scary is the Housing Affordability Index?

Do Homeowners Realize Their Equity Position Has Changed?

Put Your Housing Cost To Work For You!

How To Get The Most Money When Selling Your House

5 Great Ways to Save on Moving Costs

Important Things You Need to Know To Be Ready for the Changes in Mortgage Laws

The Market Warmed Up in May

Homeownership as an Investment: The Role of Price Appreciation

Why Tax Planning for Real Estate Has Become More Important

February Sees an Uptick in Real Estate Activity

New York Times: Homeownership is Best Way To Build Wealth

Harvard's 5 Financial Reasons to Buy a Home

Luxury Housing Is Alive

Balance Returns to Arizona Housing

Want to Sell Your House? Price it Right!

It's a Price Sensitive Market, Again

Is Housing Returning to a Balanced Market?

Trends in Arizona Housing

Housing Market Trends through 2013

Mortgage Interest Rates: Where Are They Headed?

Tips for Home Shopping in a Seller's Market

FHA Will Increase it's Annual Mortgage Insurance Premium

State of the Tucson Housing Market

Arizona Housing Not So Distressed Any More

Tucson Housing Deflating or Recovering? Get the Real Story

In Real Estate it’s also Price, Price, Price

A Shortage of Housing Inventory?

Signs of an Arizona Housing Recovery

The Arizona Luxury Market Breathing Life

Tucson Home Prices Up 7% in March

Is the Tide of Distressed Home Sales in Arizona Changing?

The Start of the Housing Upturn

What’s Up With the Arizona Housing Market?

Arizona Housing Gains Momentum Heading Into 2012