By Dennis Carr
The following is the Paradise Valley Real Estate Report for January 2020. This report is based on data gathered from the Arizona Regional Multiple Listing Service (ARMLS).
Looking back on January, there were a total of (59) homes sold equating to a +40.5% increase in compared to January of 2019 (42). Pending monthly sales increased 22.2% to 55 from 45 in January of 2019. Highlighting the lack of supply in the market, the January 2020 PV Active Listing count was 305 compared to 381 in January of 2019, a significant 19.9% decrease in active listings.
The year over year monthly average sales price increased 15.79% to $1,947,550 vs $1,681,979 in January 2019, and the median sales price increased 18.6% to $1,725,000 from $1,454,489.
In the Paradise Valley, Arizona market, a substantial increase in sales coupled with a marked decrease in active properties are making it difficult for buyers trying to find a suitable home without strong competition from other buyers. Property owners contemplating selling within 1-2 years are in an extremely favorable position to act now while the market is tilted in their favor. Market changes often happen quickly, so the window of opportunity can dissapear before you know it.
Click here to request Future Arizona Real Estate Reports along with market updates for Paradise Valley, Scottsdale, and Phoenix, AZ. Click here to view the Scottsdale January 2020 report. Click here to view the Phoenix January 2020 report.
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