Market Data - Paradise Valley – June 2016

Supply in Paradise Valley declined from 458 to 416 during May, thanks largely to a high number of cancellations. However, we still have 12% more active listings than at this time last year and too many to avoid strong competition between sellers. During May there were 39 sales, which, though up from April, is well below last year’s total of 53. One of the closed sales was a short sale and the remainder normal transactions. Pricing in Paradise Valley has been weakening since August 2015. The twelve month moving average $/SF for sales has retreated from $358 to $338, its lowest level since October 2014. The six month average stood at $345 during May, still well below the peak of $374 achieved in February 2015. The three month average remained at $340, the same as last month.

Average Price per Sq. Ft. for Closed Transactions for the Last 10 Years

The dark blue line shows the trailing 6-month average.

 

Number of listings by Status for the Last Two Years

This graph shows the number of homes that were active in the area as of the 15th of the month. It also shows the number of offers that were accepted and the number of transactions that were closed within the month.

Sales Price as a Percentage of Original List Price

This graph illustrates the importance of pricing your home properly from the beginning. The longer the property sits on the market, the steeper the discount.

Average Price by Status

The average list price of Active listings is measured the 15th of each month. Note: The “Under Contract” price is the list price, not the contract price. The contract price is not revealed until the transaction closes.

Market Activity by Price Range

Active listings were measured on the 15th of May. The numbers for New This Month, Accepted Offers and Sold represent the quantities for the entire month of May.

Months of Inventory Based on Price Range

This graph illustrates the importance of pricing your home properly from the beginning. The longer the property sits on the market, the steeper the discount.

Average Price per Sq. Ft. based on Price Range

Figures for Active and Under Contract were compiled on May 15th. Note: The “Under Contract” price is the list price, not the contract price. The contract price is not revealed until the transaction closes.

Seasonality

New Listings by Month

New Listings by Month

Closed Transactions by Month

The charts above reflect activity by month. Each bar represents the percentage of annual business done within a specific month.

Price per Sq. Ft. by Size

Price per Sq. Ft. by Year Built

Market Activity by Property Type

Traditional sales are transactions where a lender plays no part in the decision making process associated with the sale. The homeowner is in complete control. Distressed sales are comprised of two main categories; short sales and lender-owned properties (REOs). A short sale occurs when the lender agrees to release the lien on a property (which allows the property to transfer title) for less money than is actually owed. A property becomes an REO when the lender forecloses and takes ownership of a property.  As you can see, distressed transactions are now an inconsequential portion of the market.

Active - This Month

Sales - This Month

Active – 12-Month Average

Sales – 12-Month Average

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Price per Sq. Ft. by Type