Phoenix Luxury Home and Real Estate Monthly Market Update May 2013 - Page 3

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 30 22 20 8 7 4 10 $600k to $699K 1 $800K-$899K $1M-$1.9M 1 $3M-$3.9M 0 Prepared by Dorette Oppong-Takyi , Luxury Real Estate Professional 480-442-077I