January 19, 2021
High-End Real Estate Market
2020 was an interesting year, to say the least. With daily life coming to a halt, businesses closing and uncertain of operations, an industry that defined its own path was the luxury real estate market. As wealthy consumers were less affected by the global pandemic, buyers fled to mountain towns and suburban neighborhoods to escape the lockdowns and city life. With this influx of people traveling to second homes, small towns across the state became the new commodity. While many did venture to second homes, many searched a market that had limited inventory increasing the average sale price. With the inventory low in Arizona, multiple offers were being submitted at a rapid rate creating a unique seller’s market.
It won’t be slowing down, with product limited and inflow of people moving mainly from California, the 2021 housing market will only remain strong and grow. Stated Norada Real Estate Investment, Article 20 Best Places to Invest in 2021 includes Boise, Idaho as number one, Dallas, Texas as number two, and Phoenix coming in at number 20. With Phoenix becoming a desired location across the United States average homesites are continuing to rise. Luxury real estate properties’ average starting point is $1.2M with the demand on the luxury move-in ready a very sought-after product.
Pine Canyon’s growth alone was remarkable, from $191,222,909 in sales transactions and limited new move-in ready inventory, the demand in rental properties and resale homes increased.