Luxury Real Estate Market – Scottsdale 2013

Let’s check out the luxury market. What’s going on in the luxury market is this;  Inventory is sitting right about at 6 months of inventory. There’s about 1200 homes priced over $1M. So we’re really going to be just talking about stuff that’s 7 digits and higher.

Last year in 2012 we sold 192 homes, so that’s going to put us in inventory right around 6 months. Now of course if you listened to me before the luxury market has about 1 or 1 1/2 months of homes that just are simply not priced to sell.

We’re finally starting to see prices finally peak above the last two year’s trend. I mean we were seeing prices between $250 a square foot to about $305 a square foot. But in December, and now in January we’re starting to see the trend peak up. It’s not coincidental we’re starting to see inventory trend down.

Now, if your talking about homes over $2M, it’s a little different. We’ve got about maybe 15 months of inventory. And we sold about 1/3 of the homes over $2M and it’s a little bit slower so there’s still some opportunity there if your looking for a deal. But as far as the $1M homes go I’m seeing them move in a week, if it’s a spectacular unit.

That’s the luxury market for you.

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