Q3 2023 Paradise Valley Market Report

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Paradise Valley Market Report Third Quarter 2023

talk/text with real estate expert Erica Anderson directly @ (480) 599-6811

- Quarterly Market Review -

A Review Of Key Market Differences Year over Year 3rd Quarter 2022 | 3rd Quarter 2023

SINGLE-FAMILY HOMES Q3: 2022

Q3: 2023

Median List Price

$4.175M

$4.25M

Total Inventory

Median SP/LP Ratio Average SP/LP Ratio Median PP/SqFt

95%

99%

Total Sold

Median Sale Price

$3.1M 93%

$612

0

New Listings

$3.7M 96%

$1,204

13

Total Sold

Q3: 2023

131

131

134

New Listings

55

101

Median DOM

5,327

Average Home Size

$600,000 Med. Sale Price

SINGLE-FAMILY HOMES MARKET SUMMARY Official Market Type: Seller’s

Q3: 2022

|

137 68 85

5,489

16

DOM

3rd Quarter 2023

New Inventory For Sale continues to be at a historical low for past 3 years, fueling the conditions for a Seller’s Market.

Homes are selling on average at 96% of asking price, which is a 3% improvement from this time last year.

The median sales price has increased by $600,000.

There were 68 homes sales during Q3 2023 for zip code 85253: 43 were all Cash and 12 were closed with Conventional financing.

The average home size, for properties sold during this quarter, has increased by 3%.

- Quarterly Market Review -

A Review Of Key Market Differences Year over Year

SOLD BY PRICE

3rd Quarter 2022 | 3rd Quarter 2023 Q3: 2022

Q3: 2023

6 7

3 5

$4M - $4,499,999

7 9 3 4

13 9 5 6

$4.5M - $4,999,999

0

3

$5M - $5,499,999

2

5

$5.5M - $5,999,999

1

2

$6M - $6,999,999

6

4

$7M - $7,999,999

3

5

$8M - $8,999,999

0

4

$9M - 9,999,999

1

1

$10M - $10,999,999

0

1

$11M - $11,999,999

0

0

$12M - $12,999,999

1

1

$13M- $14M+

0

0

under $1M

$1M - $1,499,999 $1.5M - $1,999,999 $2M - $2,499,999 $2.5M - $2,999,999 $3M - $3,499,999 $3.5M - $3,999,999

2 3

0 1

The data used to create the Cromford® Report is obtained from public records and obtained under license from the Arizona Regional Multiple Listing Service, Inc (ARMLS). Cromford Associates LLC and ARMLS expressly disclaim and make no representations or warranties of any kind, whether express, implied or statutory, as to the accuracy of the data used or the merchantability or fitness for any particular purpose.

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A note from our Team Leader about the future of PV real estate.

Paradise Valley’s real estate market is reaching new heights, boasting record-setting sales numbers. As the price per square footage continues to rise, homes are experiencing remarkable appreciation. Homeowners in this picturesque community are experiencing exciting times.

What’s even more impressive is that the sales volume is keeping pace with last year’s figures. Despite market shifts, we’ve maintained a strong and steady flow of transactions. Currently, just 78 sales away from matching last year’s record of 349, and there are 30 properties under contract. With another quarter left in 2023, I anticipate a strong year-end finish with number of sales in this area.

Paradise Valley’s serene beauty and luxurious living make it an exceptional place to call home. The undeniable allure of the area continues to attract buyers and investors alike.

If you’re curious about more details on the latest developments or want to delve deeper into the Paradise Valley property values, please don’t hesitate to reach out. This is an intriguing time to be a part of this thriving real estate landscape, and I welcome the opportunity to discuss any real estate matters with you.

www.RealPremierTeam.com ©2023 All rights reserved. This representation is based on sales & data reported by multiple brokers/agents to the ARMLS for July, August, and September 2022 & 2023. Listings & sales may not be those of Erica Anderson or Real Premier Team of RE/MAX Fine Properties. The National Association of Realtors®, ARMLS and/or the Cromford Report do not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of any existing agency relationship. Our real estate market report derives data primarily from the local Multiple Listing Service (ARMLS), public records & the Cromford Report. We employ statistical analysis, expert review, & qualitative insights to ensure the report’s accuracy. While we strive for reliability, market fluctuations & regional variations may impact the data’s precision. To find out how this data directly relates to your property’s value, contact us.