Home Prices Paradise Valley Arizona June 2024

Home Prices Paradise Valley Arizona Updated – June -July 2024

Real Estate News. Following is a look at Home Prices and pricing trends in Paradise Valley and Scottsdale Arizona June 2024 – The report reflects data/closings for June. I will resume market updates in mid October.

No Fluff Home Stats and Figures for Paradise Valley

Your Monthly Paradise Valley Market Update from Michael Chaisson.

May was a big month for sales in Paradise Valley, in fact, there were 31 sales over 3 million in your town. June also showed well with 20 sales over 3 million for homes built up to 2017. Although sales in June were impressive, factoring in adjustments based on inventory, there was a 27% decline in unit (home) sales since my teams May Report.

Following We Look at –

#1. Current inventory in Paradise Valley

#2. Most recent sale prices as we approach summer

#3. Compare Sales Prices over last 60 days.

First a Comparison of Recent Past Pricing and Demand in Paradise Valley

In April / May of 2023 there were 210 Active listings;
As of July 26th 2024. There are 159 Active listings, 287 Days of inventory of homes listed over 3 Million. Compared to 218 days of inventory Paradise Valley had available just 3 months ago. However in comparison, throughout 2015 (A normal market) 440 Days of inventory was the norm. Consequently, Most Realtors would not take a listing contract for less than a year, overall the two data points above simply reflect a return to a more normal market.

If you would like to view and have access to Paradise Valley/Scottsdale Homes taken off the Market for Summer, Off-Market and Private Listings – Or would like to have your home privately available to high net worth Buyers, Please contact me by text or voice at 480-450-4632 or emailing me at azluxuryliving@yahoo.com

Home Prices Paradise Valley 2024 – March to June Review.

On April 22nd 2024, The average sale price for homes selling over 3 million, with a year build date of 2017 or prior – between 3000 and 8,000 SF was $852.20. That number reflected a PSF sale price decrease of 4.475% since the March 15th 2024 report. Closing for May in Paradise Valley for homes selling over 3 million, with a year build date of 2017 or prior – between 3000 and 8,000 SF was $823.49 – A DROP of 3.34%.

At the time, this was highest PSF drop in price for the year and lowest PSF sales number. However Paradise Valley also had the highest number of sales for the year in May and 7 more sales – over same period in 2023. By comparison June Paradise Valley sale comes in at $767.04 psf – Based on the same criteria. The June sales numbers reflect a further 6.8% decline in PSF prices in last 30 days, on the whole, a decline of 14% since March.

Here is a sneak Peak as we move back into buyer season. As of Oct 13th- the psf sales price based on the exact same criteria as above – based on last 30 days was $738.86 . Over the summer the resale prices in Paradise Valley have decreased an additional 3.8%. .

Paradise Valley 2024 Market Indicators

In May, Paradise Valley Home buyers were sharpening their pencils, which was reflected in a difference between list and sale price of 4.8%. In June…buyers hit sellers harder with a 6% price divide between ask and list, in comparison, in 2023, the difference between list and sale price was 4.6%.

What is interesting is – contrasting that with sales in Paradise Valley during March of 2022 with extraordinary demand and 30 Sales. The list to sold price was 100.3% ! A less than 1% price difference. Sellers were getting nearly full price… or over on nearly every sale.

New Home Construction Prices In Paradise Valley

New Construction homes in Paradise Valley in March 2024 were selling at an average of $1,306 PSF. Noting : The 4 New Construction sales in Paradise Valley in May – sold for an average of $1,193.00 PSF or a drop of 8.6% in psf sale prices. June Sales of New Construction homes comes in at $1,097.42 A quick review shows a 7.8% drop in resale home prices since May, reflecting an all and all 16% drop in New Construction Prices of Sold Homes since March.

Housing Inventory Trends to Consider.

Inventory in Paradise Valley has dropped as some owners take their homes off the market for summer. However, Phoenix housing inventory is way up. Seven months ago, housing inventory in Phoenix was 12,835. April inventory in Phoenix was 18,030. May 18,430. Today, Inventory in Phoenix has risen to 18,641 – a 1.2% increase in last 30 days.

Noting – The market for sellers in Paradise Valley is still incredibly strong. However, with rising inventory in surrounding areas and recent lower PSF sales numbers, do you feel PV home prices will begin to rise in near future?

If you are unsure, this “may” be the time to sell. I would be happy to meet to discuss the potential value of your home now and discuss 4+ items that I do, different from every other Realtor that increases your net earnings. Alternatively; for “Simplicity in Selling” – Please text me today if you would like to have your “off market” home available to my teams Paradise Buyers looking now.

Paradise Valley Home Prices Versus Market Demand

Today, luxury buyers are watching trends; however, they are not putting their needs on hold to wait for deals. What this means, for those wanting to sell in Paradise Valley or Scottsdale is. You can still get an excellent number for your home, but the competition is simply getting stiffer, so preparation, presentation, effort and marketing are key. Any Realtor, Clerk, Mechanic etc can sell a home, however, to sell at top dollar with the highest degree of comfort for you, requires a higher degree of experience, information, work and talent.

I look forward to discussing the market with you anytime. *All my reports are done by hand and carefully studied. They do not come from a generic service most Realtors use.

It’s a genuine pleasure to be a part of; and a service to this community.

For Real Estate History Buffs

The entire Phoenix metro area including all cities encompassing a total area of 515 Square miles is currently at 18,641 . In stark contrast, Phoenix was at an all time modern low of just 3066 residential properties for sale in February of 2022. At that same time Paradise Valley reached an all time modern low of 70 residential listings for sale that same month.

As a matter of fact, at the time, the 70 active listings included, not only single family homes but also condominiums for sale in 85253. Noting – Typically between 9% and 12% of active listings in Paradise Valley are condominiums. For example, the Borgota condominiums on Scottsdale Road are in Paradise Valley.

Of the current 182 active listings in Paradise Valley the least expensive livable home is $1,495,000 for 2,810 square foot home, built in 1992, on a 10,833 square foot lot. The most expensive home listed in Paradise Valley is 75 million. There are currently 6 homes in Paradise Valley listed at or over 25 million.

HOME INVENTORY IN PARADISE VALLEY

Today’s Home Prices in Paradise Valley Arizona

In the uber luxury market of Paradise Valley, ‘The Beverly Hills of Arizona’ Homes for sale in Paradise Valley available.

Homes Currently Available in Paradise Valley. July 26th Minimum entry price for livable currently at 1.495 million to 75,000,000
Homes Currently Available between 3000 sf and 4500sf – 28
Homes Currently Available between 4501 sf and 6500sf – 46
Homes Currently Available between 6501 sf and 8500sf – 35
Homes Currently Available between 8501 sf and 40,000sf – 23

NEW Construction Inventory , Homes built in Paradise Valley in 2023 to 2025 – (44) In other words 44 of the 194 Active, single family homes, are new construction homes for sale in Paradise Valley. 33% of all homes available are new construction.

Additional Market Data – Paradise Valley

Paradise Valley current days of SFR inventory 287 compared to Sept 2023 of 144 Days of Inventory.
Paradise Valley current current MI (Call for definition) is at 103.2 – Presently slightly favoring sellers. This is down from a MI last reporting period of 114.

Scottsdale Home Prices Snapshot

To review Scottsdale’s Current real estate market and pricing. Please click link following to view the complete Scottsdale Market Report.

Market Observations – Influences for Real Estate Market 2024

An analysis conducted by Moodys – Analytics aimed at discovering whether economic fundamentals, including if local income levels, could support local home prices. What they discovered was; On a national level, U.S. home prices were “overvalued” by almost 25%. In other words, U.S. home prices are 25% higher than they would historically trade at given current income levels. Essentially, home prices had moved into the upper bounds of affordability. The last time this happened was during the 2000s housing bubble. Moodys further found certain areas to be over valued by more than 50%. Guess who; In fact, all of Arizona came in 1st; parts of Texas came in a close 2nd. And yes, Utah and parts of Florida were also in the top ten. These home prices are now coming down to healthier levels in some areas and stabilizing in others.

Paradise Valley Homes Market Updates -Top THREE Reasons to Search Here

99% of the reports I read from other Realtors are out of date AND inaccurate.
Other reports are NOT specific to the neighborhood. Looking for detailed information on the Luxury Homes in Paradise Valley or Scottsdale – I will provide direct data with an informed perspective.
I am #1 in expertise, honesty and my integrity is unwavering. I am here solely for your goals.

Call to view homes in Paradise Valley or Scottsdale. Ranked as one of Paradise Valley most respected and recognized Realtors. Michael Chaisson 480-450-4632
Rated – Top 50 Realtors by Phoenix Magazine.

See Today’s Mortgage Rate – Provided by Paradise Valley – Scottsdale Realtor
Michael Chaisson -Named Top 50 Realtors by – Phoenix Magazine

For the latest real estate market updates in Paradise Valley or Scottsdale Please call or text me at 480-450-4632