March 2007 Metro Phoenix Area Luxury Home Sales Market Report

March 2007 Metro Phoenix Area Luxury Home Sales Market Report (sale prices equal to or greater than $1 million)

March 1, 2007 through March 31, 2007
# of homes sold 193
Avg. sale price $1,683,947
Avg. days on market 157

Compared to March 2006 Change
# of homes sold 176 + 10%
Avg. sale price $1,661,456 + 1.4%
Avg. days on market 121 + 30%

Although luxury homes in the Metro Phoenix area are taking on average approximately 30% longer to sell than they were in March 2006, the number of luxury homes sold has increased by 10% and the average sale price has increased slightly as well. This demonstrates that the luxury home market in the Metro Phoenix area remains strong.

Number of luxury homes sold in March 2007 by city

• Ahwatukee - 1
• Anthem - 2
• Apache Junction - 1
• Carefree - 6
• Cave Creek - 5
• Chandler - 5
• Fountain Hills - 8
• Gilbert - 2
• Glendale - 2
• Gold Canyon - 1
• Litchfield Park - 1
• Mesa - 7
• Paradise Valley - 30
• Peoria - 1
• Phoenix - 29
• Queen Creek - 1
• Scottsdale - 89
• Tempe - 2

The most expensive home sold in the Metro Phoenix area in March 2007 was a new custom estate at 6463 E Arroyo Verde Dr. in Paradise Valley, AZ, 85253. The 8,661 sq. ft. home sold for $5,984,000 to a couple from Colorado Springs who paid cash for the home. This old world estate, built by Legendary Homes features 6 bedrooms, 5.5 bathrooms, an office, exercise room, game room, wine cellar, 5 car garage and a guest house.

There are currently approximately 3000 homes for sale throughout the Metro Phoenix area with list prices of $1 million or greater. Are you looking for a luxury home in the Metro Phoenix Area? Feel free to contact me for a free list.

Interested in a market report for your specific neighborhood? How about a FREE Home Evaluation to see how much your home is worth? Contact me, I am happy to help!