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THE MARKET

Luxury Outlook 2023

I am pleased to introduce the Sotheby’s International Realty 2023 Luxury Outlook report, which outlines the industry trends and happenings across high-end residential markets around the world. In 2022, we saw mortgage rates soar after two years of historic lows, fueling a “lock-in” effect that strained an already tight market as homeowners continued to spend more time at home than ever before. In this report, we highlight the trends that you can expect in the year ahead, from the projected flow of global wealth into the real estate market to luxury real estate in the metaverse.
 
 
Through the 2023 Luxury Outlook report, our goal is to help you navigate this fast-moving and ever-changing real estate market. I hope that this compilation of research and industry perspectives, exclusively presented by Sotheby’s International Realty, helps you as you look to invest you equity wisely in the year ahead.
 
 
Here is a snapshot of takeaways from the report:

 

 
As always, I am here to answer any questions regarding the market locally or assist in connecting you with a Sotheby’s International Realty expert in another part of the country or world.  Search Luxury Real Estate in Scottsdale and Paradise Valley.
 
 

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The Market: Housing Market Update 3rd Quarter 2022

The Market: Housing Market Update 3rd Quarter 2022

Housing Market Update for Phoenix and neighboring communities including Scottsdale, Paradise Valley, Arcadia and Gilbert.

“Homes prices per square foot have appreciated 40.3% over the last two years.”

Sales of existing homes declined in the 3rd quarter as the housing market continues to undergo an adjustment due to rising interest rates according to national and local housing market economists. Home sale prices, however, increased from one year ago.

New to Market! 11900 N. 32nd Street Unit 27

Incredible opportunity to own this beautiful home in 32 North, a quiet enclave within the burgeoning North 32nd Street neighborhood.  Rarely available, this open concept  floorpan with indoor-outdoor living is perfect for today’s modern lifestyle.  This spacious home is light and bright with contemporary elements featuring a well appointed designer kitchen with shaker style cabinetry, luxury granite countertops, and stainless steel appliances.  The generous kitchen island with counter seating overlooking the great room, dining area and charming courtyard style patio is perfect for entertaining.

32 North is within minutes of the Phoenix Mountain preserve with hiking and mountain biking trails, parks, golf, and dining hotspots.  32 North is walking distance to BASIS Phoenix school and close to the heart of the valley with easy access to the freeway, airport and downtown Phoenix. Learn more.

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The Market: Mid Year 2022 Real Estate Market Update

After leading the nation in year over year home price growth for three years, the Phoenix Metropolitan Area fell to third place behind Miami and Tampa according to the Case-Shiller 20-City Home Price Index for June 2022. The index still shows the Phoenix market continued to remained strong with a 31.3 percent year-over-year increase. This level of price growth indicates broad strength in the housing market although it is worth noting the index is a lagging indicator and inflation combined with increasing mortgage rates have clearly started to impact home sales. The supply of homes on the market dramatically increased in June 2022.

The Cromford Report, which follows housing trends in Maricopa county indicated the average sale price per square foot rose 19.2% over last year in the 2nd Quarter.  However, in June the supply of homes for sale rose 53% signaling weakening demand as mortgage rates rose and some buyers were priced out.

The Market Update provides a closer look at the 2nd Quarter key statistics for Phoenix, Scottsdale, Paradise Valley and neighboring cities in the Valley of the Sun.  The full report is available here.

Thinking about selling? Maximizing the value of your real estate investment requires local market expertise and a thorough understanding of how to prepare your home to sell it for the highest price. Contact me today for a private consultation and property valuation while the market is still strong.

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