The real estate market in Arcadia continues to gradually decline from record levels based on average price-per-square-foot while the dramatic increases in interest rates are now above 8%. With record high prices and interest rates not seen for decades, many buyers now indicate that they are largely “waiting” it out until prices and interest rates decline. And just how much of an impact do current interest rates have on monthly payments? Here is an example.
Current inventory of homes for sale in Arcadia over $1M has recently increased to around 118 homes and as you can see from the charts, the months of supply is sporadically taking us back and forth between and buyers and sellers market. 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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