The real estate market in Arcadia has started to plateau at record levels based on average price-per-square-foot but dramatic increases in interest rates along with significant increases in months of supply could mean supply may have caught up with demand – which typically leads to changes in pricing. Although interest rates have slightly declined from their recent highs, they are still nearly double the rates in 2020/2021.
Current inventory of homes for sale in Arcadia over $1M have grown to 101 homes but as you can see from the charts, the months of supply is taking back down to “sellers market” territory…again!. Quality, newer, modernized, and move-in ready homes still command top-dollar in today’s luxury market in Arcadia.
CURRENT PRICE PER SQUARE FOOT SOLD:
Arcadia June real estate pricing report
A number of factors beyond price-per-square-foot sold go into determining the true value of your Arcadia home. If you would like a more accurate estimate of your home value, contact us today for a FREE value estimate (click here).
CURRENT MARKET CONDITIONS (BUYERS VS SELLER’S MARKET):
When selling your home, it is important to consider the overall nature of the market and if it is a BUYERS MARKET, a SELLERS MARKET, or somewhere in between. These two market conditions generally mean the following:
BUYERS MARKET: Supply exceeds demand, home pricing decline, homes take longer to sell, more homes are for sale, and price reductions and lower offer prices are more common. Buyer’s markets typically see supply of homes for sale at or above 7 months.
SELLER’S MARKET: Demands exceeds supply, home prices increase, homes sell quicker, fewer homes are for sale, and good homes can result in “bidding wars.” Seller’s markets typically see supply of homes for sale at or below 5 months.
HOW WE CAN HELP YOU…
The Goldman Ruge Luxury Group provides luxury property owners, buyers, and sellers in Arizona with the highest level of service and support when dealing with one of the largest personal financial decisions our clients will make in Arizona. Our clients depend on us as their trusted advisors for all aspects associated with their luxury properties both including and beyond the home buying and selling processes by helping them protect and maximizing the asset value of their luxury properties. We primarily focus on luxury property sales in the Paradise Valley, Arcadia, Scottsdale, and Phoenix areas.
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