PHOENIX LUXURY HOME MARKET

In reviewing the metropolitan phoenix luxury homes

market, I rely on the Cromford Report for the update of inventory as far as days on the market and and inventory in terms of months supply.  These statistics are for Paradise Valley homes — all price points.  July’s number of months inventor was 26.5 and so far this month we’re down to 19.2.  If the month holds out, that is a good indicator that 1) homes are selling and 2) with the inventory down, this will once again stabilize our market.

Homes in the Scottsdale area are about the same from July, however the inventory is down from last quarter.  Scottsdale is also a larger area than Phoenix.  The month’s inventory is about 7.7 months currently.  These numbers reflect all price points and not just high end.

We’ll most likely continue to see foreclosures here and there, however, there’s definitely been a slow down.