Listing price: $1,180,000
Size of home: 4,175 sq ft
According to Zillow, the Phoenix market hit a bottomduring the third quarter of 2011, and is expected to have some of the strongest price growth in the country through March 2013. However, homes in the Phoenix area priced above $1 million are “struggling more than lower price points, due to buyer difficulty in obtaining financing,” says Bonny Holland of KW Luxury Homes. She points out that in some areas of the city, $1 million homes are selling much faster this year than in 2011, due to low inventory.
Holland is optimistic, citing low inventories, low interest rates and increased activity. She says that some brokers in Phoenix believe the area is in a seller’s market for the first time in four years. Activity has been bouyed by investors, she says, while most normal buyers are looking to time the market before jumping in on any price point.