How’s the market looking for sellers? At this time of year many sellers are thinking to take a break from the market. The wisdom being that there’s just less buyers in town due to the schools being out, vacations and the heat. Did I mention the heat?
Is Now A Good Time To Be Off The Market?
I’d say the jury is out. July and August do historically see a dip in closings. But absorption rate in PV is rising and that’s not normally a good thing for sellers. If the balance of supply and demand as measured by absorption rate keeps rising there will be downward price pressure and listing today at an attractive price may be more prudent than waiting until September. However, the 48 homes under contract should they close will boost the demand side of the equation.
If I wanted to sell in 2013 I would list now. If I was willing and able to wait for a close of escrow in 2014 I would probably wait till September.
*Single Family Homes Listed Over $1 Million Only
Active For Sale: 267
Under Contract: 48
|Sales||Average List Price||Average Sold Price||% of asking||Average Square Footage||Average Price Per Square Foot||Average Days on Market|
*Single Family Homes Sales in Paradise Valley List Price Over $1 Million. Statistics from ARMLS.
Sales of million dollar homes in PV has improved throughout the last 6 months. Days on the market has been in and around the 180 mark which is a vast improvement over recent years. The better prices have drawn out more sellers, so the lack of inventory seen in other parts of the valley is not in play as much in PV.
Keep an eye on the absorption rate. It has climbed steadily for PV since August 2012. That means the number of buyers is lower than people wanting to sell. While we have seen prices rising broadly across the market supply and demand suggest that may not continue for PV in the medium term.