Paradise Valley Arizona is the community with the highest average home prices in Metro Phoenix. The pecking order for average home price in Metro Phoenix is: #1: Paradise Valley, #2: Carefree, #3: North Scottsdale, #4: Fountain Hills. Unlike the greater Metro Phoenix market which is going up (18% March 2011 to March 2012) when one looks at the median and mean (average) prices of homes in Paradise Valley AZ from March 2011 to March 2012 they have gone down.
The median price was down $250,000, and the mean or average price was down $176,768, or 12.11%. Why are prices down when the rest of the market is up? Simply put, the higher luxury market trails the general market by 12-14 months. This means next spring, we should see prices going up at higher price points over $1 Million. The same thing happened when the market dropped: The average home in Metro Phoenix dropped 15 months before it started to at price points over $1 Million dollars.
Here are the actual numbers below:
Jan/12: 23 sales Feb/12: 28 sales March/12: 41 sales Q1 = 92 sales Median = $900,000 Ave = $1,458,494
Jan/11: 27 sales Feb/11: 27 sales March/11: 29 sales Q1 = 83 sales Median = $1,150,000 Ave = $1,635,262
Our goal is to keep you informed about the Paradise Valley Real Estate Market in Paradise Valley Arizona. If you have any questions about listing your home in this market, short sales, foreclosures, or anything else regarding Paradise Valley real estate please feel free to contact Carmen at (800) 300-0263.
Realtor / Attorney
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Copyright © 2012 by Carmen Brodeur – All Rights Reserved – Paradise Valley Arizona First Quarter 2012 Real Estate Market Results