Paradise Valley Arizona Market Report November 2011
The Paradise Valley AZ Real Estate Market is holding it's own. We have a 10.7 months supply of home available on the market which is much higher than many other Phoenix Metro area cities and that very likely due to the overall higher priced luxury homes as compared to other Metro cities. The pool of buyers is higher in the under $350K price of homes as compared to luxury homes, neighborhoods and amenities.
Pending sales are down just a little from the previous two months and that most likely is due to the holiday season. The Scottsdale market doesn't slow down significantly because our weather is fantastic and we don't have snow and ice to deal with. Our winter visitors are arriving anytime between now and February or March and many are looking to purchase a home - especially now because our home prices are low and interest rates are low as well.
Closed sales have gone back up this slightly this month. This very well maybe due to the high level of short sales that were pending in the previous months and have now, finally closed. Short sales in the previous years took longer than REO's or traditional sales to close but just recently we've been seeing short sales closing within 60 to 90 days or so which is very good for everybody involved. I expect that this will continue the next few years as banks improve their short sale systems and we work through our inventory of short sales.
When the media blows the doom and gloom horn about the Paradise Valley Real Estate Market - Do Not Believe One Word of that News. Investigate for yourself.
So far this year we have had 391 closings which is UP 162 closings from all of last year
and we still have one more month of closings to account for in December.
This is good news for the Paradise Valley AZ Real Estate Market
Many people ask me "Is it the time to buy real estate in Paradise Valley Arizona"? And yes for most folks it is the time to buy real estate in Paradise Valley. Why? Prices are rock bottom, interest rates are low and you're got a wide selection of luxury homes and neighborhoods available.
Now on the other hand, if you don't plan to live in the home for long then perhaps you should wait until you're more settled. The costs related to selling it within a year or two might be too high to justify buying a home as you're equity won't be going up fast (say perhaps maybe 3 to 4%) a year. There are many lovely rentals on the market and that might be a better choice.
Looking to buy or sale your Paradise Valley AZ Area Home?
Give Anna 'Banana' Kruchten a call today 602-380-4886