Leading the way in a scorching luxury market, Long Realty Co. sales professionals represented buyers or sellers in nine of the 11 Tucson-area residential sales for 2021 closing at or above the $3 million mark.
Long Realty’s sales are setting records throughout the greater metro area, from the Ventana Canyon neighborhood of Tucson proper ($4,063,564), the highest priced home sales in Tucson in 14 years, to Catalina (Miraval Resort and Spa: $3.9 million) to Oro Valley, where three of the company’s transactions involved homes on the same street in the ultra-posh Stone Canyon community. Two of those properties tied for highest price in Stone Canyon at $3.75 million.
A perennial leader in the luxury market, Long Realty lays claim to 48.1 percent of the segment, with far more listings and buyers than any other company. Its closest competitor’s market share: 10.5 percent. In this metric, luxury is defined as homes selling for $800,000 or more.
The high-dollar sales reflect the strength of the luxury market in general. Year-to-date for 2021 there were 361 luxury closings in greater Tucson, a 187 percent increase from year-to-date 2020.
Another measure of market “hotness”: available inventory. Luxury listings in May totaled 146, down 35 percent from May 2020, with months of inventory dropping from 11.9 months (May 2020) to 1.7 months. May closings totaled 87, up a whopping 358 percent from a year earlier, with the median price rising 10 percent, to $1,029,954. “What’s driving these incredible numbers? Lifestyle shifts, and how attractive Tucson and Arizona is for people coming from other markets” said Kevin Kaplan, Long Realty’s vice president of marketing and business development. “Our participation in nearly all of these $3 million-plus transactions shows the trust consumers place in our agents, who bring specific expertise in high-end residential listings and sales.”