INSIDER
Welcome to The Noble Agency’s Mid-Year INSIDER Update!
As the Valley’s premier real estate brokerage, we are excited to bring you the latest insights and trends shaping our dynamic market. From the soaring heights of ultra-luxury homes to the rising opportunities in the affordable luxury sector, our comprehensive analysis covers the spectrum of real estate offerings across the Valley.
In this update, we delve into key market statistics, showcasing the performance and growth of luxury and affordable luxury properties. Additionally, we’ll highlight some of the top cities in the Valley, offering a closer look at the unique market conditions and trends driving these vibrant communities.
Thank you for joining us as we navigate the exciting developments in the Valley’s real estate landscape. We are committed to providing you with valuable insights and expert perspectives to help you make informed decisions in this ever-evolving market.
xoxo,Noble
City Spotlight: Phoenix
City Spotlight: Paradise Valley City Spotlight: Cave Creek + Carefree
MARICOPA COUNTY RESIDENTIAL REAL ESTATE CLOSINGS +$1.5M
LUXURY
1,523 CLOSINGS
Last year 1,283 closed. The first half of 2024 we are trending 18.4% more luxury closings than last year.
$4.1 BILLION
In the first half of 2023 we had closesd $3.6 billion. This year we are up 15.3% in total luxury sales volume.
$2,72M AVG. SALES PRICE
Last year’s mid-year average sales price was $2,797,414. We are trending 3% lower in 2024.
$619.36 AVG. PRICE SQFT
We are currently seeing a 2% increase in the average sold price per square foot compared to $606.26 mid-year 2023.
96% SALES TO LIST
The sales to list price percentage remains unchanged year-over-year.
88 DAYS ON MARKET
The cumulative days on the market also remain unchanged year-overyear.
4,270 CLOSINGS
Last year 3,821 homes had closed by mid-year. In the first half of 2024 we are trending 11.8% higher.
$4.2
BILLION
In the first half of 2023 we closed $3.7 billion. This year we are up 12% in total sales volume.
$979k AVG. SALES PRICE
The average sales price is up by approximately $2k over last year, a negligible change.
$359.89
AVG. PRICE SQFT
The average price per sqft has increased $9.17 or 2.6% over last years average of $350.72.
98%
SALES TO LIST
The sales to list price percentage improved by 1% over the first half of last year.
71
DAYS ON MARKET
The cumulative days on the market for this price range has improved by 4 days compared to 2023
Our in-depth analysis of the Valley’s top cities reveals dynamic trends. These cities are leading the way in providing exceptional living experiences in both the luxury and affordable luxury segments.
Don’t see your city? Want more details about your community? Contact us for a custom review tailored to your city or specific community. Reach out today to gain the insights you need to make informed real estate decisions!
CITY
SPOTLIGHT
City Specific Luxury Residential Real Estate Market Data
SCOTTSDALE
LUXURY
Scottsdale Residential Real Estate Closings $1.5M +
795 CLOSINGS
+20% over last year
$634.52
AVG. PRICE SQFT +4.3% over last year
$2.1 BILLION +17% over last year 97% SALES TO LIST % +1% over last year
AFFORDABLE LUXURY
Scottsdale Residential Real Estate Closings $750K - $1,499,999
1,157 CLOSINGS -7% over last year
$436.41
AVG. PRICE SQFT +4.2% over last year
$1.2 BILLION -8% over last year 97% SALES TO LIST % Unchanged from last year
$2,654,423 AVG. SALES PRICE +.02% over last year
87 DAYS ON MARKET -2% over last year
$1,028,704 AVG. SALES PRICE +.02% over last year
74 DAYS ON MARKET +4% over last year
LUXURY
Phoenix Residential Real Estate Closings $1.5M +
243 CLOSINGS
+31% over last year
$609.70
AVG. PRICE SQFT
+6.2% over last year
$600 MILLION
+41% over last year 96%
SALES TO LIST %
Unchanged from last year
AFFORDABLE LUXURY
Phoenix Residential Real Estate Closings $750K - $1,499,999
937 CLOSINGS
+24% over last year
$370.64
AVG. PRICE SQFT
+2.2% over last year
$920 MILLION
+25% over last year 98%
SALES TO LIST %
Unchanged from last year
$2,469,378
AVG. SALES PRICE +.7% over last year
79 DAYS ON MARKET -8% over last year
981,582
AVG. SALES PRICE
+1% over last year
70 DAYS ON MARKET -4% over last year
PARADISE VALLEY
LUXURY
Paradise
162 CLOSINGS
-16% over last year
$840.08
AVG. PRICE SQFT
+2% over last year
$748 MILLION
-16% over last year 95%
SALES TO LIST %
Unchanged from last year
AFFORDABLE LUXURY
Paradise
18 CLOSINGS
Unchanged from last year
$574.24
AVG. PRICE SQFT
+4.5% over last year
$21 MILLION
Unchanged from last year 97% SALES TO LIST %
+2% over last year
$4,620,276
AVG. SALES PRICE -.06% over last year
105 DAYS ON MARKET +7% over last year
$1,154,553
AVG. SALES PRICE -.05% over last year
72 DAYS ON MARKET -25% over last year
CITY SPOTLIGHT:
CAVECREEK + CAREFREE
LUXURY
55 CLOSINGS -8% over last year
$560.83
AVG. PRICE SQFT +13% over last year
$118 MILLION -4% over last year 95% SALES TO LIST %
over last year
AFFORDABLE LUXURY
167 CLOSINGS
+12% over last year
$376.18
AVG. PRICE SQFT +4.4% over last year
171 MILLION
over last year
over last year
$2,154,118
AVG. SALES PRICE +4% over last year
122 DAYS ON MARKET +61% over last year
$1,024,520 AVG. SALES PRICE
82 DAYS ON MARKET
CITY SPOTLIGHT:
FOUNTAIN HILLS
LUXURY
Fountain
37 CLOSINGS
+16% over last year
$554.99
AVG. PRICE SQFT
+5% over last year
$85 MILLION
+2% over last year 97%
SALES TO LIST %
+1% over last year
AFFORDABLE LUXURY
122 CLOSINGS
+30% over last year
$374.46
AVG. PRICE SQFT
+9.4% over last year
$122 MILLION
+30% over last year 97%
SALES TO LIST %
+1% over last year
$2,300,095
AVG. SALES PRICE -11% over last year
85 DAYS ON MARKET -12% over last year
$997,108 AVG. SALES PRICE -.02% over last year
69 DAYS ON MARKET -23% over last year
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