The real estate market in Paradise Valley continues to set near record levels based on average price-per-square-foot but dramatic increases in interest rates along with the recent increase in months of supply means supply is catching up with demand – which typically leads to changes in pricing.
Current inventory of homes for sale in PV over $2M has increased to around 137 but as you can see from the charts, the months of supply has increased taking us out of a “sellers market” territory and towards a “buyer’s market.” Quality, newer, modernized, and move-in ready homes still command top-dollar in today’s luxury market in Paradise Valley.
CURRENT PRICE PER SQUARE FOOT SOLD:
Paradise Valley Real Estate Pricing Report
A number of factors beyond price-per-square-foot sold go into determining the true value of your Paradise Valley 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.
LET US HELP YOU…
SEARCH FOR YOUR NEXT LUXURY DREAM HOME IN ARIZONA NOW
WHY YOU SHOULD CONSIDER LISTING YOUR HOME WITH US
HOW TO SELL YOUR ARIZONA LUXURY HOME FOR TOP DOLLAR
HOW TO FIND THE BEST LUXURY HOME FOR YOUR NEEDS IN ARIZONA
SIGN UP FOR OUR MONTHLY NEWSLETTER TO RECEIVE EXCLUSIVE UPDATES ON ARIZONA’S LUXURY HOME MARKET