Focus on Paradise Valley Housing Market | September 2008

October 06, 2008

Paradise Valley home sales hit a long time low and inventory exceeds 1,000 days.

Paradise Valley is having a hard time with its stock of homes. The total inventory of 500 active homes exceeds 1,000 days of supply. This is extreme in any sense.

It means that sellers will have to compete fiercely for the few buyers out there. In September there were only 15 buyers: down from 17 last month: down from 20 last year.

Pending sales are down as well to 14 from 16 last month. This means that probably the situation won't improve in the next report.

I won't mention the medium price not the changes because there are just too few sales and the sales so varied that any number even when compared to previous months won't be accurate.

The per square foot data is a bit more accurate and in September the sold per square foot price was $369.20 down from $467.09 last year and $568.73 two years ago.

This is good news for the buyers who are looking in Paradise Valley and it is a good time to look with such a good choice of homes and lower prices.

^{(all data is taken from the ARMLS and partly processed by The Cromford Report - the chart shows sales for September 2008 while all other dat mentioned is for Sept. 02 to Oct. 02)}

There is usually an increase in sales for the winter season in Paradise Valley and luxury homes in general so we'll see what the market brings.

One thing is for sure, sellers cannot rely on the old way of doing things and an agents face in multiple magazines will not sell a home: rather, a systematic approach which focuses on marketing the home and exposing it to as many qualified potential buyers.