According to the latest statistics from Maricopa County's FlexMLS System, the real estate market in Paradise Valley, DC Ranch, Grayhawk, North Scottsdale and Phoenix area continues to be competitive
. With interest rates remaining low and demand for housing increasing, this trend doesn't look like it will let up anytime soon. But it is always a good idea to keep an eye on what's happening in the Paradise Valley real estate market before you buy or sell a property
In January 2013, bank-owned homes/foreclosures actually saw a slight increase (from 12% in December to 15% in January). However, short sales decreased sharply (from 26.9% to 18%). Non-distressed Paradise Valley area properties, ie, traditional home sales, made up approximately 67% of all homes sold in January.
The median sales price for Phoenix area homes dipped slightly (from $218,945 in December to $216,076 in January). That still makes January the second highest monthly average for the last three years, just behind December's high. It's also over $100,000 higher than October 2011's $158,517 average. In Paradise Valley, the median sales price was $1,097,120.
As you can see, the sales prices are quite different depending on where in the Phoenix area you are looking. That's why it's so important to have a knowledgeable real estate professional on your side. For sellers, hiring someone who knows the latest market trends in your neighborhood will help you decide on an appropriate listing price. Starting off with the right price will help bring in buyers and can help you sell your Paradise Valley home much faster than listing it too high. For buyers, knowing what other homes are selling for in the area will help you determine whether the home is worthy of investing in as well as help you when it comes time to negotiate a deal.
When you're ready to either buy or sell your Paradise Valley, DC Ranch, Grayhawk or North Scottsdale home, please contact me. Interest rates are still low enough that buyers should consider investing in the market. With area homes selling at slightly higher than 97% of the list price, the time is right for you to sell your property as well.
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Originally posted on my Northeast Scottsdale real estate blog here: http://www.northeastscottsdale.com/paradise-valley-market-report/.