September 26 - Some more observations on the luxury market over $1,000,000 in Maricopa County. In 2012 so far, some 57% of luxury homes sales have been to buyers with Arizona mailing addresses. This is far lower than the 74% we see for for the overall market, but higher than the 53% we saw for the luxury market in 2011. Canadian buyers have slipped from 8.3% to 7.3% while Californians have jumped from 2.7% to 5.2% since last year.Colorado has rocketed into 3rd place with 3.4%, up from 1.8% in 2011. Washington state is steady at 2.6% versus 2.8% last year while Illinois has dived from 3.9% to 2.1%. Texas is also strong, up from 1.0% to 2.6% as is New York, up from 1.4% to 2.3%. So far in 2012 there have been 655 sales over $1,000, 000 and there were 812 for the whole of 2011. To put this in perspective, 2005 had 2,424 sales over $1,000.000, but many of those homes are no longer in that price bracket. Back in 2005, only 0.8% of homes over $1,000,000 were purchased by Canadians and 74% of buyers were based in Arizona. California had the largest number of out of state buyers in 2005 with 5.9%. Cromford Daily Observation
Chris Tiller Comments:
Put another way: 43% of the 655 luxury home sales (over $1M) so far this year have been to non-residents of Arizona rank-ordered as follows:
- 7.3% Canada
- 5.2% California
- 3.4% Colorado
- 2.6% Washington
- 2.6% Texas
- 2.3% New York
- 2.1% Illinois
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