Temperatures aren’t the only thing heating up in the Valley of the Sun this week. On April 27th, The Cromford Report revealed that the supply of luxury homes for sale in the Greater Phoenix area is rising, as larger homes dominate the market supply.
This is in contrast to the lower end of the market, where the supply of smaller, more affordable homes is falling.
A couple of reasons for the decrease in more affordable, smaller homes is: 1) they sell much faster than larger homes, and 2) there is a significant number of smaller homes that are locked out of the resale market while they are currently being leased out by their landlord-owners.
Since March 27, the number of Greater Phoenix active listings for sale in the $100,000-$200,000 price range has declined by a steep 11%, while the range from $400,000-$800,000 has seen a 4% increase.
Additionally, home supply in the $600,000-$800,000 range has seen the largest increase in the last 30 days at 6%.
At The Matheson Team, we are also seeing an increase in the size of homes in our own inventory and an increase in the number of higher end listings. The average square footage of our current listing inventory is 3,217, compared to 3,057 one year ago, and the average list price of our current inventory is $1.168,000, compared to $894,000 one year ago.
In Scottsdale, the increase in inventory in the luxury market makes it a particularly advantageous time for luxury home buyers to purchase a home: there more properties to choose from and sellers are beginning to compete with each other.
For more information on Scottsdale homes for sale, or if you would like to see the recent sales in your neighborhood, fill out our contact form below.