The Paradise Valley real estate market is back with a vengeance. Here are some bullet points from last week that tells an interesting story
- Contract activity has picked up considerably and has been above pre- COVID levels for five consecutive weeks
- Part of this can be attributed to pent-up demand
- We’re also continuing to see an influx of buyers from California
- Listings are coming off the market faster than new listings are coming on
- We are seeing a seasonally-expected increase of canceled and expired listings
- We are seeing a higher-than-normal number of properties going under contract
- We are seeing a higher-than-normal number of listings coming on the market, but not fast enough to keep up with contract activity
- The number of houses selling are about half of what we saw last year – partly because lack of inventory
- Pricing continues to remain strong with no perceivable COVID discounts
This information tells us the summer season is strong and there is not enough inventory in Paradise Valley to satisfy the current buyers. The number of available properties over $2M is down 12% from the same time in 2019.
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