Market Update: Paradise Valley, AZ
Demand for luxury homes in Paradise Valley continues to gain momentum in its first quarter with a 200% increase in sales compared to this time last year, according to the Paradise Valley Luxury Market Update for May 2021 from Russ Lyon Sotheby’s International Realty.
A total of 81 sales took place in April 2021, compared to 27 sales in April 2020.
In addition, an 8% increase in sales was recorded month-over-month, with 75 total sales.
According to the report, inventory levels and day on market have both experienced a decrease compared to last month. The number of active listings in April 2021 was 140, a 7% decrease from the previous month, and a 52% decrease from this time last year.
May 2021 Paradise Valley Market Update – RussLyon.com
In addition, the number of days on market for listings throughout Paradise Valley sits at 83 days for April 2021, compared to 176 days in April 2020, a 52% decrease compared to last year.
According to Realtor.com, the current Median Sales Price for April 2021 is $2.75M, compared to $1.82 in April 2020. A 35% increase compared to this time last year.
With more buyer demand than available listings, most homes are selling for 100% of their asking prices proving a strong Seller’s Market throughout the Paradise Valley, reports Realtor.com.
Sources:
Russ Lyon Sotheby’s international – Arizona Luxury Market Update
Realtor.com – Paradise Valley, AZ Real Estate Market