Million-dollar home sales jump in metro Phoenix

The Valley of metro Phoenix’s housing market is continuing to see a boom. Million dollar homes have been bought and sold by the likes of company executives, doctors, and lawyers, as well as PGA golfer Pat Perez, Carolina Panthers’ Jared Allen, and MLB Hall of Famers Ryne Sandberg and George Brett. Currently, Baseball Hall of Famer Randy Johnson, Malcolm in the Middle’s Frankie Muniz, and Grammy Award winner Alicia Keys all have their million-dollar homes listed as well.

In the Phoenix area, seven-figure home purchases have increased by more than 30 percent this past March as compared to the year prior. Housing expert residing in Phoenix, Mike Orr, stated, “Overall, the first quarter of 2017 was a much busier quarter for million-dollar homes than in 2016.”

In the first three months of the year alone, approximately 330 houses situated in the Valley were sold for over $1 million. Arizona Regional Multiple Listing Service reported that most of the houses were in the neighborhoods of Paradise Valley, Scottsdale, uptown Phoenix, Arcadia, and Biltmore. They also noted that million-dollar homes are beginning to sprout up in various West Valley and southeast communities.

One standout house listing is on the market for a whopping $18 million. This pricey home is located in Paradise. The listing for this 15,000 square-foot mansion boasts of a 150,000 gallon lazy river.

With such lucrative listings, metro Phoenix’s market for luxury homes will continue to see an upward trend in prices. A report conducted by the Walt Danley Realty of Paradise Valley stated that luxury homes that were in the process of being sold were up 14 percent as compared to April of the previous year.

Walt Danley Realty of Paradise Valley reports the number of upscale homes under contract to sell climbed 14 percent at the beginning of April, compared with last year. They also noted that contracts on houses that were in the $1 million to $1.5 million range had increased by 40 percent. 

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