It’s a good year for the luxury home market. While home prices have been rising steadily over the past few years, the luxury market barely saw an uptick since 2014. Now, million-dollar-plus sales are on the rise again, thanks to competitive pricing and reduced availability.
If you’re looking to buy a luxury home in the Phoenix metro area, now is a great time to get started on your search. Luxury builds in Camelot communities such as White Horse in North Scottsdale are already pre-selling, while homes at our Gold Mountain and Adero Villas communities are going fast.
More than 330 million-dollar-plus homes sold locally in the first three months of this year. That’s good news for homeowners looking to sell, as well as new buyers hoping to get into one of the growing number of luxury developments in the metro’s most desirable areas. Here are just a few of the reasons to purchase a Phoenix-area luxury home in 2017.
- Limited Availability: While Phoenix is known for sprawl, there’s a finite amount of residential space for builders to develop in hot areas such as Paradise Valley and North Scottsdale. Camelot Homes nabbed a prime spot near DC Ranch for White Horse, a luxury community with 50 half-acre lots and tons of outdoor space. Homes here range from 4,000-6,000 square feet, making them perfectly sized for any family.
- Reality Checks: According to a recent CNBC news story, luxury home sales were up 7.5 percent from last summer. Statistics show that luxury home sales are now outpacing the traditional market. Why? Sellers with unrealistic expectations are starting to reduce their asking prices, leaving more room for buyers to get in on a hot luxury market.
- Fear of the Future: While it’s impossible to predict the market with absolute certainty, Realtor.com’s assertion that Phoenix would be the #1 housing market in America for 2017 is on its way to becoming a reality. In a hot market, supply can’t keep up with demand. Buyers shopping for a new build are scrambling to get in their desired community before it sells out. Many also worry that price hikes will continue, potentially putting their dream home out of reach in 2018 and beyond.
In the 45+ years that Camelot Homes has been building luxury residences, home prices have steadily risen. According to experts, that trend is likely to continue. Local home sales increased by a whopping 22% this past March, with the potential for even higher average prices on the horizon. One thing is certain: The Phoenix metro luxury market is strong and on the rise, making now a great time to purchase a new house in your target area. Contact us for more information on luxury homes in Scottsdale, Phoenix, and the surrounding areas.