September Arcadia and Paradise Valley Real Estate Stats
The sales that closed in September typically went under contract in August. In August, in Phoenix, prices are usually at their lowest point. Buyers do not have a lot of choice and prices have usually been reduced to the range where they will finally solicit offers. But, even with that gloom, closed sales prices still made a upward tick in September. In fact, homes sold for 8% more than they did last September.
If we look specifically at Arcadia Proper, the area bounded by Camelback Rd on the north, Indian School on the south, 44th Street on the West and 68th Street on the East, you will notice the volume of sales is a bit greater than last year at this time. But, 45% of sales were under one million dollars. I will make the assumption that most of these properties will be demolished and rebuilt. At the higher sales price points, the numbers are almost identical to last year. With 10 homes currently priced over $3 million, many more about to come online and only 7 being sold so far this year (same as last year), we are looking at about 20 months of inventory. This price range favors buyers at the moment.
Much like Arcadia, the Paradise Valley inventory in the upper price points is definitely favoring buyers. Last year, 3 homes over $6M were sold, after 9 months in 2017, only 2 homes have sold, yet there are 24 homes listed for over $6M actively on the market in PV.
One bright spot in PV are the homes under $2M, there is less than 5 months of inventory, which favors SELLERS! There have been 35% more sales of homes between $1M and $1.5M than last year at this time! Amazing growth.
More phenomenal still, the price range from $2M to $3M, is up 64% in sales volume. 59 homes have sold in this range in the first 9 months of the year! That is a remarkable 6.5 homes per month. Could that be why 82 homes in that price range are on the market? They are trying to grab that hot spot of activity, but that could prove troublesome if the homes are not priced accurately.
Do you want me to look at stats for your particular neighborhood? Just shoot me an email at email@example.com and I would be happy to drill down in your price point in your neighborhood. The picture can be very different from price point to point and street to street.