The state of ultra-luxury sales in Phoenix and Paradise Valley

by Emily Marek

Phoenix emerged as one of the top ultra-luxury markets in the first half of 2023, according to the 2023 Mid-Year Ultra-Luxury report from Compass.

The brokerage handled 19 sales in the $10 million and up range during the first two quarters of the year, with a total sales volume of $233.14 million. That’s a nearly 19% increase in the quantity of ultra-luxury sales and a 4.6% increase in volume.

“I have not seen the luxury market react at this pace in my 38 years in this business,” said Compass agent Robert Joffe. “The $10 million-plus market is relatively new for the Phoenix, Scottsdale and Paradise Valley areas. It wasn’t long ago that I sold the most expensive home to date at $12.5 million. Today, that number is a regular occurrence.”

Joffe added that the area’s healthy economy, vibrant culture and beautiful weather continue to make the metro alluring to high-net worth buyers.

Phoenix and Paradise Valley’s ultra-luxury sales numbers are among the highest in the country — the market ranks at No. 13 in the nation for both sales volume and transactions.

The most expensive Compass listing in the first half of 2023 was a $12.5 million home listed by Chris Karas; the brokerage’s most expensive buyer-listed sale was an $18 million transaction brokered by Jill Brenenstuhl.

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