When it boils down to it real estate like every other marketplace is driven by supply and demand.
Paradise Valley is always going to be a limited supply type of market. It’s not very big. The homes are all on an acre, with a few exceptions and anomalies. But for a while during the housing crash even Paradise Valley struggled with over supply. Sure over supply was only 550 homes. But when the pool of buyers is low 550 other houses competing for a sale with yours can seem daunting.
The supply is no normalized. In fact it’s pretty low. Barely 250 homes active for sale.
According to ARMLS statistics there were 42 sales in Paradise Valley in October. With only 291 homes fully active for sale that represents 6.9 months of inventory. While for many markets that number of months supply would be seen as over supply for a luxury zip code like 85253 that is a fairly low inventory level.
So if you are considering to list your home now is a good time in terms of competition. There are not that many homes you need to compete with to stand out. The flip side of that there still isn’t a huge pool of luxury buyers so price pressure is not strong to the upside. It certainly easier to get your home noticed than in 2009 when supply peaked.
If you would like to discuss listing your Paradise Valley home for sale please give me a call or drop me an email at marta.walsh@russlyon.com.