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The ultra-luxury market in Metro Phoenix is witnessing a surge, with sales experiencing a staggering 15% increase month over month. We are seeing multiple offers on properties as buyers scramble to secure the most desirable housing options. The lack of well-maintained properties serves as a contributing factor to the decrease in the average sale price. Buyers are negotiating prices for necessary updates and repairs. It will be interesting to observe the performance of home sales as interest rates approach 7%.
– Grant Van Dyke
Metro Phoenix
Average Sales Price: April 2023 > $1085294 vs May 2023 > $1007596 = 7% decrease
Average Days On Market: April 2023 > 68 vs May 2023 > 66 = 3% decrease
Average Sale Price Per Square Foot: April 2023 > $367 vs May 2023 > $361 = 2% decrease
Sale to List Price Ratio: April 2023 > 96.65% vs May 2023 > 96.61% = 0% No Change
Number of Sold Listings: April 2023 > 513 vs May 2023 >590 = 15% increase
Months Supply of Inventory: April 2023 > 3.48 vs May 2023 > 2.77 = 20% decrease
Mortgage Rate: April 2023 > 6.48% vs May 2023 > 6.90% = 6% increase
Top 10 Sales
$13,250,000 5113 N Wilkinson Rd, Paradise Valley
$12,500,000 5104 N Wilkinson Rd, Paradise Valley
$11,000,000 7777 N Saguaro Dr, Paradise Valley
$10,500,000 7606 N 65th St, Paradise Valley
$10,023,790 6220 N Casa Blanca Dr, Paradise Valley
$8,200,000 6130 E Mockingbird Ln, Paradise Valley
$6,750,000 8229 N 54th St, Paradise Valley
$6,675,000 5639 N 68th Pl, Paradise Valley
$6,330,000 6526 N 66th Pl, Paradise Valley
$6,100,000 9105 N Foothills Manor Dr, Paradise Valley
