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.
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.