Market Data - Paradise Valley – March 2018

Supply in Paradise Valley rose modestly from 371 to 377 active listings during February and we now have 10% fewer active listings than at this point last year. There were 29 closed sales in February, which comfortably exceeds February 2017’s 21. All sales were normal. The 12-month average price per square foot peaked at $359 in August 2015 and in February 2018 we were still slightly under that level at $357. One year earlier it was $352. The six-month average stands at $367 for February, still well below the peak of $377 achieved in February 2015, while the three-month average stands at $392 up from $381 in February 2017.

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

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

Market Activity by Price Range

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

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 February 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

Accepted Offers 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