• Paradise Valley real estate market is slightly looser than the strong 2018 market was at this time.
  • The number of homes for sale is the same as at this time in 2018 but less than in 2017, 2016 and 2015.

Paradise Valley Home Sales

Single-family home sales in Paradise Valley were down 5% October-December 2018 versus the same period in 2017.

January home sales were down 14%, from 36 homes sold in January 2018 to 31 homes sold in January 2019.

Sales during the first 10 days of February 2019 were down quite a bit, from 12 solds in 2018 to 5 solds in 2019, but it’s only 10 days and the numbers jump around a lot from week to week.

Paradise Valley Home Prices

The average price per square foot of sold homes in Paradise Valley over the last 12 months was $387/SF. The 12-month moving average price hasn’t increased since November but it increased a very large $30/SF over the first 10 months of 2018.

Paradise Valley Homes For Sale

The supply of homes for sale was very low last summer but now has bounced back up to where it was last year at this time. Although the supply of homes for sale has increased rapidly since September, the supply is still below where it was this time of year in 2017, 2016 and 2015.

Paradise Valley New Listings

The number of homes hitting the market is similar to last year at this time. That means that smallish increase in supply of homes for sale has been caused by fewer homes being sold, not by more homes hitting the market (yet?).

Takeaways

  • The Paradise Valley single-family homes market is slightly looser than at this time last year
  • However, if home sales continue to slow, the supply of homes will increase and a larger supply of homes for sale would slow down any price increases in 2019, especially compared to the large price increases in 2018.
  • The Paradise Valley real estate market is still hot but it’s slowing. The big question is how much and how long will the market slow. Are we headed back to the slower but still strong markets of 2015-2017 or are we at the peak of this real estate cycle?
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