Million Dollar Guild Award – Institute for Luxury Home Marketing
Million Dollar Guild Award – Recognized as the highest performing achievement in luxury markets around the world, the Million Dollar Guild® (GUILD) recognition assures high-net-worth-individuals that real estate professionals who have achieved GUILD status are remarkably knowledgeable, experienced, and have the unique skills necessary to meet and exceed expectations for today’s most discerning luxury buyers and sellers.
Luxury real estate professionals achieve GUILD recognition after having completed the luxury home sales and marketing training, becoming an Institute Member, earning the Certified Luxury Home Marketing Specialist
TM designation, and have documented performance in the million dollar and above residential market.
Phoenix – Luxury Valley Homes Marketing
The charts below show the 7-day and 90-day rolling averages for list price, days on market, and inventory for the metro area’s luxury market (e.g. top 10 zips with median prices above $500k)
Definition of this Market Stat
“Percentage of homes on the market that have decreased their asking price at least once over the past 90-day period.”
In any market, even in strong seller’s markets, there will always be some number of properties that will decrease their listing price. These may include sellers that drastically overpriced their homes just “to see what they could get” or homes that simply entered the market at a price level above what the market will bear.
Even in strong seller’s markets, the Percent Price Decreased will be 10-12%, so some repricing of individual properties is common in any market. In weaker markets, this value begins rise into the teens, 20%, 30%, and higher. Percent Price Decreased is an incredibly insightful gauge of demand levels in the residential housing market. This statistic illustrates how many listed properties may be behind the “price curve” – listed at a price above what the market is willing to pay for similar properties.
However, “Percent Price Decreased” alone does not indicate the overall health of a particular market. This statistic should be combined with other market stats to determine the overall direction of a market.