Luxury Home Market Balanced, Prices Rising

Last week, luxury homes featured a massive 30,000-square-foot mansion in Scottsdale’s Silverleaf community that went on the market during January for $32 million-currently the highest priced listing in the state. Here’s a recap of how the luxury home market ended the year, according to a report by local luxury Realtor Walt Danley and housing expert Michael Orr:

– $660: Average price per square foot for luxury listings in Scottsdale priced above $3 million, as of December. The price per square foot for the $32 million listing is $1,077,

– 2,330: Number of active luxury listings Valleywide as of Jan.1st, down 5 percent from Dec.1st – a typical seasonal downtrend  – but up 26 percent year over year. Luxury listings are defined as those priced above $500,000.

– 38%: Year over year drop in short sales and lender-owned luxury homes on the market. That’s 68 as of Jan.1st, compared with 110 a year ago.

– 232: Number of luxury home sales in December, up 14 percent from the prior month but down 13 percent year over year.

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