The luxury market has been on a frantic run in the last 12 months with remarkable increases in price during that period. For example:

• The annual average $/SF has increased from $472 to $631 in Paradise Valley - a rise of 34%
• The annual average $/SF has increased from $459 to $600 in Arcadia - a rise of 31%
• The annual average $/SF has increased from $361 to $461 in the Biltmore District - a rise of 28%
• The annual average $/SF has increased from $348 to $452 in North Scottsdale - a rise of 30%

There still appears to be a great of momentum in the same direction and we expect these annual averages to continue to rise throughout 2022. We say this because the 3-month average $/SF is already much higher than the annual average, at $713 in Paradise Valley, $651 in Arcadia, $504 in the Biltmore District and $506 in North Scottsdale.


Market incites provided by the Cromford report.