Luxury Sector Surging Like Crazy!!

 During the early part of the price explosion that has occurred over the past 2 years, the high end of the market lagged behind the low end and mid-range segments.

Now the high end market is making up for lost time and prices have been surging over the past 6 months.

As an example, the 3-month average price per square foot for single-family homes sold in Paradise Valley exceeded $700 for the first time in January, coming in at $707.64. The same measure 12 months ago was $515.75. This is an astonishing annual increase of 37%. During the 12 months that ended January 2021, the increase was "only" 17%.

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The graph below is the visual illustration of the stunning spike in PV prices happening right now:

A sample of a few other higher end city / zip codes trending over 300 $/Sq Ft:

By contrast, most other zip codes and Valley cities are on the rise, but in the low to mid 200's $/SqFt range:

However, these graphs fail to parse the high end markets in these Valley cities / zips. 

Example:

While it's hard to break-out the high end market stats in places like Gilbert, where the Av $ / Sq ft is $243.77 ....

 ... If we use ARMLS FlexMLS to manually look at the Average $ / Sq Ft in January for Gilbert home sales over $1M we find an Av $ / Sq Ft of $332.17!

Looking closely at Gilbert we see more evidence of a hot luxury sector looking at the average seller discount of only 2%. 

Takeaway:

Yes, the luxury sector is surging across the Valley! 

Good to be the leader in luxury w/ over triple the Volume of our nearest competitor!!!