January Luxury Market Update

8900 E. Sands Drive in Scottsdale, AZ. Click here to view the listing!



The numbers are in for December, and the January Luxury Market Report is here! Our seller’s market still continues as our inventory levels remain low. Here are a few key points from the report:


Inventory Still Tight

The total number of luxury single family homes for sale was 241 homes, which represents a drop of 40% over the total number of homes for sale this time last year.  There were 214 homes which sold last month, which is pretty similar to how many luxury homes sold in December 2020.


Price Per Square-Feet Rose

We saw the average sales price increase 13%, while the average price per square foot saw an increase of 29% over last year’s numbers.  Homes also sold on average for 100% of list price, compared with selling for 97.17% this time last year.


Homes Are Still Going Fast

Averaging about a month on the market, homes sold nearly twice as fast as a year ago.


Lower Price Bands Still Popular

The most active section of the luxury market was the $1,200,000 – $1,249,000 price bracket, where we saw a sales ratio of 240%.  With the exception of the $1.7M to $1.89M price bracket, total sales outpaced the total number of homes available for all other price bands for homes priced up to $2.3M, at which point the inventory outpaced sales.


That wraps up the highlights for December’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 2022 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.

About the Author
Gina McKinley
Gina is an Associate Broker with Gina McKinley Group LLC and the Team Leader for The Gina McKinley Group. She is dedicated to selling homes in Arizona and passionate about providing the ultimate customer service experience through her expertise in the field. The Gina McKinley Group has served the Scottsdale and Chandler real estate market for over 25 years.