By Frank May
When you think of luxury homes in the 85383, no one would blame you for thinking of a time not that long ago when the number of luxury home sales were in the single digits. The truth is that by 2020, that number had grown into the double digits, and in the last year alone, the number of luxury homes sold has doubled from that number!
In 2020, buyers in the area closed the sale at over a million dollars on 45 homes, with the average sale price coming in around $1,353,772, or an average of $277.58 per square foot. In 2021, those numbers increased to 90 total homes sold at $1 million or greater. The average sale price of these homes was $1,318,966, or an average of $301.44 per square foot.
Though the average sale price is lower this year, the increase of nearly $24 per square foot is a powerful indicator of how homes in the area only continue to gain value. One home that sold for $1 million this year had only sold for $759,000 two years ago, highlighting an outstanding increase in the equity the house had developed.
Luxury homes in the Upper Westside have also seen a dramatic decrease in the number of days they spent on the market from 2020 to 2021. Last year, these home listings averaged 92.6 days on the market, while this year they averaged 58.7 days on the market. That 33-day decrease reflects market trends we have seen nationwide throughout the year of houses selling fast; it also shows the number of buyers eager to call 85383 home.
In 2018, U.S. Money Magazine ranked Peoria 29th on its list of the 50 best places to live in America, ranking cities based on the median family income, anticipated job gains, and more. We know this is still true as we go into 2022! Prospective buyers are shopping the listings here thanks to the many great local amenities we have, such as influential schools and a thriving business and entertainment district that includes a variety of retail locations and assorted dining options.
Proximity to Lake Pleasant and other natural features like incredible hiking trails and breathtaking mountain views are bringing in individuals and families who want to be better connected with nature. Peoria also has great access to other shopping and nature attractions throughout the Valley via Arizona Route 303, the Arizona 101 Loop, and Interstate 17.
When paired with quality construction and desirable existing luxury homes, these features give us a more complete picture about the curb appeal of the local market and why more people will pay $1 million or more to call Peoria home.
I keep a close eye on changing trends in the 85383 market. If you are interested in a weekly email showing inventory of our multiple listing service and Peoria, email me at Frank@MayTeam.com.
If you want to discuss current listings in the local home market, or if you have other real estate questions, call me at 623-203-1800. I am here to help current and future UWS residents understand their options when buying or selling a home.
Frank May grew up in the Valley, graduating from Northwest Christian School and NAU. He is a real estate agent with Keller Williams Realty and has been helping both buyers and sellers for 20 years. Frank May has been a Dave Ramsey Endorsed Local Provider (ELP) since 2003.