The top end of the luxury market in Greater Phoenix continues to outperform last year by a huge margin.
The first quarter of 2014 dollar volumes for high end sales through ARMLS were as follows:
- List price over $3 million = $100 million versus $58 million last year – up 72% and by far the highest dollar volume since Q1 2008
- List price from $2 million to $3 million = $87 million versus $61 million last year
- List price $1.5 million to $2 million = $91 million versus $119 million last year – a weak spot
- List price $1 million to $2 million = $181 million versus $161 million last year
The total spent in Q1 2014 for homes over $1 million was $459 million, an increase of 15% over last year. This was entirely due to the performance of the top priced segments. If we look only at homes over $2 million the increase was 57%, but between $1 and $2 million the dollar volume was actually down slightly by 3%. Dollar volume for homes priced between $500,000 and $1 million was flat at $574 million in both Q1 2013 and Q1 2014.
Meanwhile the rest of the market priced at $500,000 and below declined by 10% in dollar volume.
The top end is off to another flying start in April with $21 million closed in the first 4 days for homes listed over $2 million. Q2 2013 was a very strong period for luxury home sales and $209 million was spent on homes over $2 million, the highest quarterly total since Q2 2008. With the current momentum it looks like Q2 2014 has a real chance of breaking through that number.
Source: Cromford Daily Observation