Luxury Market sits stagnant..

93% of the home sales in the Phoenix/Scottsdale market last month were under $400,000. 2/3 of these were lender owned or short sales.

The luxury market has been hit hard and the fallout will last for the next few years. As luxury sellers become forced to sell they will begin dropping their prices in an effort to generate activity and this in turn will lower the luxury home prices across the Valley.

This will be great news for luxury home buyers as properties can be bought for a fraction of what they sold for 4-5 years ago.

Related posts:

1. Million dollar sales stagnant…
2. Short Sell Luxury Home?
3. Az Homes still selling and show drop in inventory.
4. Luxury Homes Making a Comeback?
5. Scottsdale Luxury Home Priciest Sale of 2010