The great migration has begun, and longtime readers of this newsletter won't be surprised. 

The affordable housing crisis has gotten to a point where people are simply packing up and leaving high cost metro areas for lower cost areas.

This bodes very well for Arizona, as we still compare quite favorably to the California cities which have become unlivable for much of the middle class.

For more details, please see the Wall Street Journal's coverage here.

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According to this article, the trend is gaining traction -- art used to be a central strategy only in homes priced over $30 million, now it's a discussion for anything over $5 million. 

Another week of increased sales, $19.6 million up from the prior week's $11.4 million.

Huge difference in the mix of properties as well, with price per square foot jumping to $430 from the very low $281 the prior week. This is due to the newer properties being sold, versus the many teardowns and remodels of the prior week.

The average sale was a robust $2.2 million, for homes averaging 20 years of age.

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Built in 2004, this custom home has 4 en-suite bedrooms, a Chef's kitchen, and high end finishes throughout including plaster, limestone, and wood. The grounds offer mature landscaping and magnificent views of Camelback Mountain. Offered at $3.75 million.

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