Luxury Demand Skyrockets

The explosion in demand for luxury homes continues to amaze. During October there were 101 closed listings across Greater Phoenix with prices over $2 million. This is a truly colossal total, given that the previous record for October was 38. In fact it is quite rare for the over $2M count to exceed 50 during any month. Since January 2000 it has happened only 13 times, all but 2 of these occurring since 2018. The monthly total has exceeded 66 only 3 times. All 3 of those times have been during the last 4 months. There have been 627 closed listings over $2 million in 2020, Last year we counted 445. The annual increase is therefore 41%. Is it going to continue in November? Probably, given that there have been 25 closings during the first 5 working days alone. _________________ MikeB Commentary ~ So, money is moving here. And RLSIR is getting the Lyon's share of the luxury sector. The Cromford Daily Observation above counts 101 closed listings in greater Phoenix (ARMLS) over $2M. I must be counting differently somehow, because I get 130! Of those 130 RLSIR is on 52 sides, or 40% of the 130 luxury transactions over $2M. 40 of those 52 sides came from 20 transactions where RLSIR had both sides - most notably Lisa Westcott and Shawna Warners record-breaking $24.1M sale. And on several transactions, one agent or one team double sided the transaction i.e. represented both buyer and seller!