Paradise Valley Market Report
First Quarter 2024
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Erica Anderson directly @ (480) 599-6811
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by:
- Quarterly Market Review -
A Review Of Key Market Differences Year over Year 1st Quarter 2023 | 1st Quarter 2024
SINGLE-FAMILY HOMES
SINGLE-FAMILY HOMES MARKET SUMMARY | 1st Quarter 2024
Official Market Type: Buyer’s
Inventory levels are steadily rising, exceeding those of the past three years and edging closer to the volume of homes available for sale at the onset of the pandemic in 2020. This, coupled with properties under contract at levels similar to 2023 and the lowest recorded figures in the past five years, is creating market conditions more favorable for buyers.
There were 67 homes sales during Q1 2024: 37 were all Cash and 21 were closed with Conventional financing.
None of the sales from either quarter were categorized as distressed sales (Bank Owned, Short Sale, HUD owned, pre-foreclosure etc.)
Median List Price $3.5M $3.497M Median Sale Price $3.25M $3.25M Median SP/LP Ratio 93% 93% Average SP/LP Ratio 95% 95% Median PP/SqFt $747 $896 Total Inventory 193 240 New Listings 190 188 Total Sold 74 67 Median DOM 84 77 Average Home Size 5,648 5,206 Q1: 2023 Q1: 2024 Q1: 2023 Q1: 2024
Med. Sale Price $0
Total Sold 7 AVG DOM New Listings 2 7 stayed the same
- Quarterly Market Review
A Review Of Key Market Differences Year over Year
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1st Quarter 2023 | 1st Quarter 2024 SOLD BY PRICE Q1: 2023 Q1: 2024 under $1M 1 0 $1M - $1,499,999 3 1 $1.5M - $1,999,999 6 7 $2M - $2,499,999 7 9 $2.5M - $2,999,999 13 13 $3M - $3,499,999 10 7 $3.5M - $3,999,999 5 2 $4M - $4,499,999 6 4 $4.5M - $4,999,999 2 4 $5M - $5,499,999 3 0 $5.5M - $5,999,999 4 5 $6M - $6,999,999 1 4 $7M - $7,999,999 4 0 $8M - $8,999,999 1 3 $9M - 9,999,999 3 5 $10M - $10,999,999 2 0 $11M - $11,999,999 2 2 $12M - $12,999,999 1 1 $13M- $14M+ 0 0 Some of the data used to create this brochure is from the Cromford® Report. 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.
As we venture into Q2 2024, the real estate landscape in Paradise Valley maintains its buyer’s market status, echoing trends observed in the previous quarter. Despite a slight decrease in average days on market, it’s noteworthy that the average home size has also decreased, and the price per square foot average has risen by $149, indicating a shift in buyer preferences and market dynamics.
In this evolving landscape, strategic planning and expert guidance are essential for sellers aiming to navigate these conditions effectively. Crafting a compelling pricing strategy and leveraging effective marketing tactics are vital steps to stand out amidst heightened competition and capture the attention of discerning buyers. Committed to delivering unparalleled service and tailored insights, I’m here to assist you in seizing the opportunities presented by this market for a successful 2024. Should you wish to delve into further detail or explore your options, don’t hesitate to reach out—I’m just a call away.
Warmest Regards,
Erica Anderson
©2024 All rights reserved. This representation is based on sales & data reported by multiple brokers/agents to the ARMLS for January, February, and March 2023 & 2024. 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. Real Premier Team powered by:
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