Paradise Valley Luxury Market Report - March 2022

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MARCH Home of the CLHMS

TM

PARADISE VALLEY ARIZO N A www.LuxuryHomeMarketing.com

2022


PARADISE VALLEY

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | FEBRUARY 2022 Inventory

Sales

Luxury Benchmark Price 1: $1,700,000 $7,500,000+

31

3

$6,600,000 - $7,499,999

7

1

$5,800,000 - $6,599,999

5

3

$5,000,000 - $5,799,999 2

Total Sales Ratio2: 60% 4

7

5 5

$3,400,000 - $3,799,999 2

$3,000,000 - $3,399,999

1

Seller's Market

3

$3,800,000 - $4,399,999

$2,600,000 - $2,999,999

1

$2,400,000 - $2,599,999

1

$2,200,000 - $2,399,999

1

$2,000,000 - $2,199,999

0 0

$1,900,000 - $1,999,999

0

$1,800,000 - $1,899,999

0

$1,700,000 - $1,799,999

Total Sales: 41 7

3

$4,400,000 - $4,999,999

Total Inventory: 68

0

4 4 4 3

1 1

1

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 3,999

$2,595,688

4

4

7

5

140%

4,000 - 4,999

$2,672,500

4

4

8

6

133%

5,000 - 5,999

$3,280,000

4

6

8

5

160%

6,000 - 6,999

$4,727,500

5

6

6

10

60%

7,000 - 7,999

$4,450,000

5

7

6

12

50%

8,000+

$6,275,000

5

8

6

30

20%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.


PARADISE VALLEY

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

Inventory

Solds

$4,000,000

$2,788,555

106

$2,974,500

48

Feb-21

$2,850,000

121

105 62

Apr-21

$2,787,500

51

46

May-21

Jun-21

$2,650,000

34

Jul-21

$2,750,000

123

114

113

108

106 62

Mar-21

$3,325,000

$3,217,925

$2,850,000

111

26

21

Aug-21

Sep-21

$3,000,000

111

37

Oct-21

$3,695,000

$3,278,423

92

79

35

36

Nov-21

Dec-21

68 41

31

Jan-22

Feb-22

MEDIAN DATA REVIEW | FEBRUARY TOTAL INVENTORY Feb. 2021

TOTAL SOLDS

Feb. 2022

Feb. 2021

106

Feb. 2022

68 VARIANCE: -36 %

41 VARIANCE: -15 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

Feb. 2021

$

48

Feb. 2022

496

617 VARIANCE: 24 % $

Feb. 2021

SALES PRICE

Feb. 2022

Feb. 2021

2.79m

Feb. 2022

3.70m VARIANCE: 33 %

$

$

DAYS ON MARKET Feb. 2021

96.57% 100.00% VARIANCE: 4 %

Feb. 2022

63

46 VARIANCE: -27 %

PARADISE VALLEY MARKET SUMMARY | FEBRUARY 2022 • The Paradise Valley single-family luxury market is a Seller's Market with a 60% Sales Ratio. • Homes sold for a median of 100.00% of list price in February 2022. • The most active price bands are $2,400,000-$2,599,999 and $2,600,000-$2,999,999, where the sales ratio is 400%. • The median luxury sales price for single-family homes is $3,695,000. • The median days on market for February 2022 was 46 days, down from 63 in February 2021. Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.

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