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The Tucson AZ luxury home market is gaining momentum, with for sale prices rising and many Arizona areas where upscale housing once struggled now turning into a Tucson luxury seller’s market, according to the Institute for Luxury Home Marketing.

“Prices have been trending up fairly strongly since the beginning of the year,” says the institute’s founder. “Inventory has been tight, though we’re starting to see a little growth in inventory again. It’s not stock-market driven, not necessarily. When you look back at the housing-market downturn, the low point probably was in 2007. Typically, a downturn would be driven by high mortgage-interest rates, but this time it was the whole real estate market that crashed. And at that time, the number of wealthy people in America actually declined, and the number of wealthy households is an extremely important driver of demand.”

But by 2010, there were nearly as many wealthy households as before the downturn, with affluent households recovering fairly quickly. Tucson AZ is no exception to the rule.

“This group focused on residential real estate as a pretty desirable asset — for them, a second or third home turned out to be a portfolio play,” the Institute notes. “Driving the recovery, we’ve had record low interest rates and a perception of bargain prices and then we’ve had this very affluent group saying, maybe real estate is a smart buy.”

The Arizona high-end luxury real estate markets flourishing the most are in Tucson and Phoenix, according to a monthly analysis by the research data firm on behalf of the Luxury Home Marketing. The report tracks zip codes with the highest median prices.

Please feel free to contact us and we can provide you with additional Tucson Luxury Market data information to guide you through the buying/selling process in AZ. We look forward to hearing from you and working with you soon!

Our best,
Carl Pepper, Realtor
info@MyOwnArizona.com
www.MyOwnArizona.com
Tucson: (520) 822-6575
Phoenix: (480) 382-9191

Featured Luxury Homes and Condos: 6475 Ventana Canyon Drive Tucson, AZ 85750