No one can predict the real estate market to any level of certainty that you can truly rely on. But sometimes looking at a chart you can feel where things are going just with your own intuition.
The chart below is the median sales price chart for Paradise Valley created on February 17th 2012. In my personal opinion this is the marking of the start of a new chapter in real estate for PV. The rest of the country and even the rest of Maricopa county may well be very different but for PV that tiny almost unnoticeable turn up at the end of the chart could be that start of the new market.
If you look at active inventory. There is 360 homes active or active with contingencies in the Arizona Regional Listing Service this morning. Median list price $1,695,000. So that wouldn’t indicate a potential rise in median sales price. But I’ve noticed just from following the inventory for personal clients that more high end properties are starting to hit the market.
Higher priced inventory is the start of a rise in the median sales price.
Many people who wanted to sell just couldn’t see a market for their $2 million dollar plus homes. That sentiment seems to be changing somewhat.
So what’s the conclusion. It’s going to be a bumpy ride. But it could be up.