11550 E Paradise Lane in Scottsdale, AZ. Click here to view the listing!
The next Luxury Market Report is here! Although statistics showed that it is still a seller’s market, there are still a few differences from that have changed in recent months:
Inventory Was Narrow
Compared to the 465 available luxury homes in October of last year, this year saw almost half the amount at 266. With more overall sales, this indicates that homes are selling much faster than the previous year.
Price Per Square-Feet Rose
Space for homes priced about 20% higher than the previous year, averaging $432 per square-foot. With overall sales prices on par with 2020, space has become more expensive in 2021.
Homes Are Still Going Fast
Averaging about a month on the market, homes continued to sell much quicker than the previous year. This same trend could be seen in recent months, making 2021 a particularly strong year for sellers.
Lower Price Bands Gained Popularity
Sales for October averaged $600,000, which is drastically lower than the popular price bands of previous months. With most transactions occurring in the $650,000 – $699,999 price band and only two sales at $1,800,000+, it was a hot month for less expensive home sales.
That wraps up the highlights for October’s luxury home sales! It will be exciting to see the rest of this year’s luxury home sales and what the average statistics for 2021 turn out to be. If your new year’s resolution is to find your dream home, reach out to me at 480-355-8645 to get started. And, as always, you may check out our up-to-date catalog of stunning luxury homes for inspiration.
