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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