Arizona’s real estate market is bustling with activity, and the market for luxury homes is no different.
Year-over-year, the luxury housing market has seen an increase in listings, median sale price and sold properties.
Even with higher inventory, supply for luxury properties is still low, comparatively, which gives potential buyers confidence that their new property will appreciate.
Although the summer has delivered interest rate increases, inflation and stock market volatility, luxury real estate remains a seller’s market.
The emerging summer trends that our agents are seeing with perspective buyers include:
Grand outdoor spaces. Buyers are sparing no expense when it comes to creating elaborate outdoor living spaces.
Popular amenities include outdoor kitchens, fireplaces, chic farm tables, cozy lounge areas, large screened-in rooms, custom ceiling fans and misters, as well as comfortable accessories to tie it all together.
Custom builds. Many luxury home buyers are opting to build advanced homes with the latest integrated home technology. A good example would be a ‘smart home.’ Technology such as smart locks, lights, and electrical outlets that are in sync with Google Home or Amazon Alexa.
These are also features that can be controlled through mobile phone applications outside of the home. Energy efficiency is another important factor to our buyers, who are opting for Energy star-rated appliances and windows as well as solar panels to take advantage of the summer heat.
Window shopping. While buyer activity slows, we are noticing an increasing rate of window shoppers. Real estate showings and open house attendances are still high, but most luxury real estate window shoppers will end up buying or building a home after summer is over.
Luxury “toe-dipping.” Residents are testing the waters in luxury real estate by renting a luxury condominium or apartment to see if they’d like to make a permanent move.
Many people in this group are younger buyers that are seeing what type of luxury living they can achieve. Wealthy millennials are eager to jump into luxury real estate.
The Phoenix and Scottsdale Metro areas continue to rank among the most competitive luxury real estate markets in the country.
With the multitude of exclusive enclaves, neighborhoods and communities that offer a distinct set of amenities, the unique and breathtaking landscape of the Sonoran Desert as a backdrop, and the proximity of world-class shopping, dining and entertainment, we find our demographic to remain on the list of hottest metros.
Shawna Warner is a Realtor for RETSY, a technology-based real estate brokerage in Arizona, and has amassed valued clients and friends as she takes them through the intricacies of buying and selling real estate.