What's going on with the Tempe Arizona Luxury Real Estate Market?

What's going on with the Tempe Arizona Luxury Real Estate Market?

Tempe Arizona Luxury Real Estate Market

What’s going on in the Tempe Luxury Homes Market?

Recently I've been asked just how the half million dollar plus Luxury homes in Tempe have fared in our current market so I went back and tracked all $500,000+ Tempe Home sales from 2000 through 2009 through the MLS. These figures will account for most Tempe luxury home sales in this price range. While there are always a few that change hands privately this is a very good representation of the trends.

1/1/2000 through 12/1/2009	Number of Tempe Luxury Homes Sold	Average Tempe Luxury Homes List Price	Average Tempe Luxury Homes Sales Price	Average Days on Market
2000	22	$ 710,713	$ 671,273	49
2001	25	$ 751,548	$ 715,268	76
2002	28	$ 665,148	$ 632,422	89
2003	36	$ 682,619	$ 630,508	91
2004	53	$ 710,786	$ 681,537	69
2005	115	$ 751,747	$ 723,310	57
2006	129	$ 738,086	$ 693,712	78
2007	132	$ 817,963	$ 747,755	120
2008	68	$ 797,485	$ 670,667	149
2009	31	$ 834,390	$ 685,589	208

85 Luxury Homes in Tempe over $500,000 are for sale:

• Average Price: $1,032,480
• Average Days on Market: 193

6 Tempe Luxury Homes are currently pending:

• Average Price: $830,760
• Average Days on Market: 192

31 Tempe Luxury Homes Sold 1/1/2009 – 12/1/2009

• Average Price: $834,390
• Average Days on Market: 149

*List of closed sales will be provided upon request.

• 81 Tempe Luxury Homes cancelled their listings.

Tempe Luxury Homes Absorption Rate:

• 36 Tempe Luxury homes for sale and/or in escrow.
• 1 Tempe Luxury homes sold in November 2009.
• 36 Luxury homes divided by average sales of 1 per month = 36 months for the market to absorb the existing luxury inventory.
• Absorption rate does not account for new inventory entering the market.

Many of these homes have been on the market for quite some time, have reduced their prices (in some cases several times) yet remain on the market unsold. Most sellers who are reducing their prices are reducing them too little, too late; this is called Chasing the Market Down.

If you are chasing the market down you will not sell your home!! Your home will sell for what the current market dictates! This is not some magic formula or theory it is a fact and the numbers prove so! When you hire a Tempe Short Sale Real Estate Expert such as Mark McIntyre he does an in depth market analysis that formulates the listing price. It has been proven that your home receives the most viewing within the first week on the market. If you “try and wait to chase the market” You will lose out on the most opportunities by not pricing accordingly at the initial listing appointment.

Search Tempe Luxury Homes Instantly!

Updated automatically from the MLS

(Direct feeds from the Arizona Regional Multiple Listing System)

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