As inventory in Paradise Valley peaks, (which is normal for this time of our season), we show some interesting statistics in various price ranges. Up to $2.5 million has “normal” supply (balanced supply of Buyers and Sellers). The $3.0-4.0 million price ranges has increased in supply with an excess of “Sellers” to Buyers giving Buyers more to choose from in that price range. Most recent sales in that price range overwhelming are “newer” and have closed under $3.5 million.
The $4.0-$5.0 million price range has reduced in it’s supply however it’s still over 1 year of supply with sales mostly being new construction. Over $5.0 million shows nearly a year and half worth’s supply with homes in that range selling at deep discounted prices (some incurring 50% price reductions before selling). Two homes were sold at AUCTION.