Excerpt from: Scottsdale real estate and news
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| September 08, 2008 | | Luxury homes market in Paradise Valley | Sales in Paradise Valley are very small at only 17 home sold each of the last previous months; at the same time the supply of homes has ballooned to 462 from a more balanced 249 two years ago. There is a total of 28.9 months supply of homes. It's no wonder that the sales success rate is only 24.6% and much lower then the 40% for the valley. The high supply and low sales has resulted in a significant decline in prices. On a monthly basis prices have declined 31% from last year. This decline hovers around that number no matter how you look at it; by total price or per square foot.
| August 2008
| July 2008
| August 2007
| August 2006
| Active Listing
| 462
| 458
| 308
| 249
| Pending
| 17
| 17
| 21
| 25
| Sold
| 16
| 15
| 25
| 14
| Days on Market (sold)
| 138
| 217
| 178
| 152
| Months Supply
| 28.9
| 30.5
| 12.3
| 17.8
| Sales$ /SF
| $372.56
| $425.73
| $479.23
| $450.03
| Appreciation Median $
| (31.0%)
| (32.0%)
| 21.9%
| 22.3%
| Median Price
| $1,587,00
| $1,530,00
| $2,300,000
| $1,887,500
| Listing Success Rate
| 24.6%
| 27.1%
| 50.0%
| 28.9%
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