Subject: Paradise Valley MarketWatch - Inventory Drops in PV for 3rd Week in a Row, Pace Accelerates

Good morning Friend,

For a very specific reason, this is an incredible time
to list a home in Paradise Valley, just in case you've
been sitting on the fence: there were only 2 new listings
in Paradise Valley last week.

Thus, by default any property that comes on market
is going to get everyone's attention.  Remember a
couple months back when we had 20+ properties per
week coming on market?  It was a lot harder to get
people's attention then.

Granted there are fewer buyers in town now than there
were months ago, but there are still buyers.  As this
weeks statistics show, deals are still closing, and they
closed this week at triple the rate of new listings to
replace them.

As the old proverb says "one swallow does not make
a summer" and the latest statistics should not be
taken too seriously.  Yet.  This may be the canary in the
coalmine, or it may just be a temporary blip on the radar. 
Whatever it is, the numbers are so extreme they should
be noted.  I'm on the edge of my seat wondering what
June will bring us.

One thing remains clear: a home that comes on market
now gets everyone's attention by default.

Closings
For the third week in a row, closings outnumber new
listings in Paradise Valley, further shrinking inventory.

For the second week in a row, the average sale
price was north of $2 million, at just under $2.2 this
past week and $2.65 the previous week.  

The average sales price per square foot was a jaw
dropping $489 for homes with a weighted average
year of construction of 1985.  I triple checked my
numbers to make sure I wasn't mistaken, that's quite
extraordinary.

New Listings
Since there are only two new listings no point in being
choosy this week, I'll highlight them both:

Tuscan Estate Newer Construction
Built in 2011, this Tuscan estate boasts tasteful finishes
and modern amenities.  The wood floors and stone are
exceptional, the kitchen is a dream for a chef, there's a
guest house, 5 car garage, and more.  It's almost 6,500
square feet sitting on 1.3+ acres in an excellent location.
Offered at $3.6 million

Partially Remodeled Soft Contemporary
Any other week this home wouldn't get a highlight in this
newsletter.  Asking $1.1 million for a home that's under
3,200 square feet, has an ancient  kitchen, and needs
other cosmetic improvements. It's also on a small lot at
just over 1/2 acre.  On the plus side, the architecture is
interesting, there are some dramatic views of Camelback
Mountain from the property, and there was some light
remodeling done as evidenced by some areas of the
home looking much newer than the unfortunate kitchen.

To see all of this week's listings, please click here.

To see everything on the MLS in Paradise Valley
please click here.

That's all for this week, I'll be back next week with all
the latest in Paradise Valley real estate.

Regards,
Alex
SearchParadiseValleyProperties.com
(480) 442-7325

p.s. Would you like immediate notification of homes
that meet your needs, including those that never
hit the MLS? It's easy please click here.




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