PV Data – December 2023
Hey there! The last time we went over data for the Paradise Valley real estate market was back in September 2023. Now, as we step into mid-December, it’s the perfect moment for a fresh update. Welcome back to the LUXE BLOG, where we’re set to look at the latest data. Straight out of Paradise Valley. Also, if you like this content, feel free to keep checking back.
PV Market Overview
Here’s a snapshot of the current market status:
- Active Listings:Up by 14.4% compared to last year.
- Sold Listings:Decreased by 11.1% from last year.
- Median Price Per Square Foot:Increased significantly by 12.8% to almost $722.
The market shows a NOTABLE JUMP in home values, emphasizing Paradise Valley’s reputation for safeguarding real estate investments.
Market Dynamics
Looking more into the SPECIFICS:
- Months of Supply: Increased by 28.7%, now at 11.4 months.
- Median Days on Market: Increased by 20.3% to 44 days.
Despite these shifts, the market remains robust. Especially considering the price growth.
Also Read:Key Things To Know About Living In Paradise Valley, Arizona
Price Range Analysis
- Under $300,000: This bracket is virtually non-existent in Paradise Valley. A trend that’s been consistent over time. The absence of inventory in this range underscores the area’s upscale real estate market character.
- $300,000 to $500,000 Range: Representing mostly condos and townhomes, this segment exhibits stability, albeit with a very limited inventory. The properties here, often on the outskirts of PV, present a unique niche of the market.
- $500,000 to $1 Million Range: Currently experiencing a lull in sales, this range may be impacted by seasonal listing timings. Properties listed around major holidays tend to see slower movement. This is a pattern observed across the broader Arizona market.
- $1 Million to $3 Million Range: This ‘entry-level’ segment for much of Paradise Valley maintains a healthy equilibrium with a 6.67 months supply. It’s a balanced market. One that is indicative of steady interest from buyers. And one that has a reasonable flow of listings.
- Over $3 Million Range: With a substantial 14-month supply, this premium segment is firmly in the realm of a buyer’s market. The luxury homes in this price range are subject to the seasonal ebb and flow, with quieter periods contrasted by bursts of activity.
Additionally…
- Investment Value: The remarkable growth in property values is a standout feature of this market. For instance, homes that were valued around $900,000 in 2020 have seen their worth escalate to over $1.5 million. This significant appreciation reflects the area’s robust real estate health and underscores the potential for long-term gains. Investors and homeowners alike have witnessed substantial returns, making Paradise Valley a lucrative area for real estate investment.
- Seasonal Trends: The market’s rhythm is notably influenced by the time of year. December, with its festive atmosphere and year-end distractions, often experiences a slowdown in real estate activities. However, this lull is typically short-lived. Come January, there’s a notable influx of high-value buyers, propelled by the new year and major local events like the TPC and Barrett Jackson car show. This seasonal ebb and flow is crucial for timing purchases and sales, offering strategic advantages to those who understand these patterns.
Also Read:Why Are So Many Wealthy People Moving To Paradise Valley?
Looking Ahead
As we anticipate the start of 2024, a presidential election year, we expect INTERESTING shifts:
- Market Activity:Likely to pick up post-January, with increased competition.
- Interest Rates:Potentially lower, influencing buyers’ purchasing power.
Staying attuned to these predictions can help plan for the upcoming market changes.
Wrapping Up
Here at Williams Luxury Homes, we have MUCH experience in the PV market. In fact, some of us own real estate in Paradise Valley. With that said, we know the last goings-on. We know what is priced right. And we know how to best represent our clients’ best interests. As a whole, the luxury market has held its own quite well. Yet we still find that SOME high-end PV properties that we think would sell yet they don’t. Also, while rates do not affect the higher-end spectrum of buyers, lower rates would be better for all market sectors. With rates dropping and expected to drop throughout 2024, it will be interesting to see how things go in PV. Want to stay up to date? keep checking here on LUXE BLOG. We post all kinds of good content.