fill
fill
fill
Long Realty Covey Luxury Properties
fill
(602) 999-1163
CoveyLuxuryProperties@
gmail.com
fill
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 Coming Back

July 24, 2013


Luxury Housing is Coming Back

We've all heard about the housing recovery, especially the robust activity at lower price points. What does this mean for luxury housing here in Arizona? Let's take a look.

If we compare luxury home sales Jan-Jun 2013 to the same time period last year, we see a significant jump in buyer activity and purchases. In Tucson, closed residential sales $800,000 and above increased 25.8% from 2012 and new properties under contract were up 26%. For comparison, the number of residential sales at all price points was only up 3.1%. Similar story in Phoenix, closed luxury sales up 31% while the overall market was actually down 2.2%.

A rise in sales is helping to stabilize the months of inventory, with Tucson dropping to 19.4 months and Phoenix at 9.4 months. While 6 months is considered "balanced" in the overall housing market, higher price points typically experience longer times on the market.

Tucson Luxury

  Jan-Jun 2012  Jan-Jun 2013   % Change
 Closed Units  66  83  25.8%
 Under Contract  77  97  26.0%
   as of June 2012   
 as of June 2013  
 Months of Inventory  25.4  19.4  -23.6%
       

Phoenix Luxury

  Jan-Jun 2012  Jan-Jun 2013   % Change
 Closed Units 736 964 31.0%
 Under Contract 863 1157 34.1%
   as of June 2012   
 as of June 2013  
 Months of Inventory  10.2 9.4 -7.8%
       

TARMLS and ARMLS data pulled 7-21-13 using Brokermetrics software for residential closed sales $800,000 and above 1/1/12-6/30/12 and 1/1/13-6/30/13.

The data supports a position that the luxury housing market is making a comeback, and is outpacing the overall residential market so far this year. If you have been holding off on listing your exceptional property, now could be an ideal time.

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