Phoenix Luxury Homes for Sale Update for April 2013

Prepared by Dorette Oppong-Takyi , Luxury Real Estate Professional LuxuryLivinginPhoenix.com 480-442-077I

Monthly Luxury Home Market UpdateCity of Phoenix, AZ, USA

During the month of April, there were a total of 378 luxury homes for sale in the city of Phoenix in Arizona, USA. These homes were priced $600,000 and more.

43 interested buyers had their offers accepted by luxury home owners looking to sell their homes.

Phoenix saw 54 real luxury home buyers during the month of April 2013. These were real buyers who actually negotiated, showed up at closing and got the keys to the luxury homes.

This Market Update is just for the City of Phoenix in AZ and does not include Scottsdale, Paradise Valley and other areas in Maricopa County. Please email Dorette Oppong-Takyi if you would like to receive the update for a specific city, subdivision or area in Maricopa County.

Real Estate Activity for the Month of April 2013

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mailto:[email protected]?subject=Luxury%20Home%20Market%20Update%20Request


Homeowners who decided to sell their luxury homes compared to last year.

Phoenix had 378 home owners looking to sell their luxury homes this past month compared to 94 homeowners same time last year in April 2012. That was a 302% increase, which could be due to increase in home prices giving

homeowners some equity or break even points.With almost 3 times the same number of luxury homes on the market, than we had last

year, it helped a little bit with our problem of inventory shortage that faced the real estate market in 2012. Hopefully as more home owners decide to sell, the problem will be solved.

0

20

40

60

80

78

5645

381110

138

$600k- $699K$700K-$799

$800K-$899K$900K-$999K

April 2013 April 2012

0

37.5

75

112.5

150

115

328

6

2718

34

$1M to $1.9M$2 M to $2.9M

$3M to $3.9M$4M plus


How Many Luxury Home Buyers Actually Engaged in a Transaction?

The number of Luxury home buyers who actually not just looked at homes, but negotiated with luxury home sellers and came to an agreement to buy, increased from 37 same time last year to 43 this year. Compared to the number of homes that came up for sale, the number of serious buyers

was not that impressive. The number of serious buyers below a $1 million was not bad but that for homes priced $1 million and above was quite bad based on the number available for sale. This could be due to affordability or other factors because the number of luxury homes for sale priced over a million also increased. Even though there were 6 luxury homes for sale in Phoenix during the month of April

2013, priced over $4 million, there was no activity in terms of any contract being accepted by sellers after any negotiations that may have taken place. Same scenario for any of the 32 homes that were on the market priced between $2,000,000 and $2,999,999.

Number of offers accepted by home owners per price range

0

10

20

30

22

87

14

1$600k to $699K

$800K-$899K$1M-$1.9M

$3M-$3.9M


Real Luxury Home Buyers Who Ended up Owning A Luxury Home in Phoenix

Last month Phoenix saw 54 real luxury home buyers. These were buyers who ended up owning a luxury home for sale in Phoenix.This was up from 33 in April of last year by 63%. There was no sale of a luxury home

$3 million plus during the month of April 2013. The most expensive home that was sold in the CIty of Phoenix was for $2,525,000 compared to $3,000,000 during April in 2012.

0

5

10

15

20

1613

82

139

43

$600-$699K$700-$799K

$800-$899K$900-$999K


0

3.75

7.5

11.25

15

13

23

1$1-1.9M

$2-2.9M$3-3.9M

$4M+


How long did it take Luxury homes to sell?Homes took a much shorter time on the average to sell in April 2013 than it did in April

2012.This is could be partially due to the decrease in the number of short sales we are seeing

in the Phoenix Area. Since there is no third party involved in the decision making during a regular home sale

compared to a short sale, it takes a much shorter time to close the transaction.

0

25

50

75

100

4968

4743

38

93

55 58

$600-699K$700-799K

$800-899K$900-999K


0

100

200

300

400

92

383

168

27$1-1.9M

$2-2.9M$3-3.9M

$4M+


This is a monthly publication by Dorette Oppong-Takyi.

Dorette Oppong-Takyi is a Luxury Home Specialist in Phoenix, AZ, USA and a member of the Institute for Luxury Home Marketing.

After years of running her husband’s medical practice, she understands the importance of providing stellar customer service to her clients as well as individualized attention to details for each client.

Coming from a science background, she applies her analytical, fact based and data driven contributions to every real estate transaction she is involved in. She is well versed with the trends and statistics of the Phoenix Real Estate market.

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Dorette Oppong-TakyiLuxury Home Consultant Phoenix, AZKeller Williams Realty East Valley2077 E Warner Road, #110Tempe, AZ 85284

Phoenix Luxury Homes for Sale Update for April 2013

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