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Paradise Valley Real Estate

April 24, 2010 // Comments Off

A rather affluent town in Maricopa County, the city of Paradise Valley, Arizona, is a suburb of the Phoenix metro area and is home a population of around $15,000. The city has a high-priced real estate, with many homes with values of $5 million to $20 million, and it was thus heavily impacted by the crash in the U.S. real estate market that began in 2008. Since then, the Paradise Valley real estate market has seen its ups and downs and is still searching for stabilization.

According to statistics made available by John Hall Associates, local Phoenix realtors, the number of active listings of Paradise Valley homes for sale has shown a general declining trend over the past 12 months. In April 2009, there were 582 homes for sale, and that number has since gradually fallen to 470 homes for sale in April.

Sales activity levels in Paradise Valley have also fluctuated but are now relatively in good shape, compared to a year earlier. In March 2009, there were just seven homes sold in Paradise Valley, the lowest figure of the last 12 months. That figure spiked for the year in December, when there were 43 homes sold, and has since leveled out to 30 homes sold in both March and February.

Foreclosures in Mesa have been up and down as well. There was a high of 37 foreclosure notices issued in March 2009. That figure fell to a low of 11 in November and most recently stood at 19 in March. There were nine trustee sales in March as well, slightly lower than the high of 14 in July and above the low of four in May and August. The price of Mesa homes per square foot has remained relatively stable. Homes for sale had an average price in March of $461 per square foot, just below the $510 per square foot price of one year ago. Homes sold, meanwhile, came in with an average price of $282 per square foot, down from a year ago’s figure of $319 per square foot.

Posted in Arizona