Market Snapshot: Phoenix

Analyzing the real estate market can be a tricky venture. You may hear various opinions about the current market and predictions for the future.  It can look bright and promising for some, while doom and gloom for others.  If you have ever heard the phrase “numbers don’t lie”, real estate is an industry with plenty of numbers.  We can take the guesswork and confusion out of the equation completely.  Market analysis, comps, and proper understanding of the figures gives us the exact formula to find success for our clients.  One tool we highly value and love to share with clients is a year over year analysis which measures performance to see if the market is improving, static, or worsening.  Let’s take a peek at what August 2022 to August 2023 is teaching us. 

Luxury Market

The year-over-year comparison for the luxury market includes listings over $1,000,000 in Scottsdale and Paradise Valley.  The luxury market has remained strong and is very active here in the valley.  Inventory remains low, which means when something good comes on the market it receives attention immediately.  Buyers in this market know exactly what they are looking for and are willing to pay for it.  Homes are not selling as quickly as they were last year, so buyers can take more time to be thoughtful and careful with their purchase.  However, with inventory so low, there remains a sense of urgency and we have seen an increase in monthly sales as compared to last year.  The opportunity for success remains high for both buyers and sellers in the luxury market. 

Paradise Valley 

No longer, the West’s best-kept secret, Paradise Valley is hot!  Out of state buyers are zeroing in on this exclusive area, and AZ residents are always on the lookout for a great PV property to add as a family treasure.  Paradise Valley has seen an increase in sales price and home value since last year and it does not appear that will change anytime soon.  While the average sales price has increased well over four million dollars, monthly sales and days on the market have stayed.  Like most of the luxury market, inventory is limited which motivates buyers and is a huge advantage for sellers. Paradise Valley is a great investment and buyers know it, they are willing to pay and it is not unusual to see a cash deal.  

Scottsdale 

Scottsdale has much to offer with a variety of lifestyles and price points.  Scottsdale includes trendy updated condos as well large properties and luxury homes.  The market here is active and strong offering opportunities for buyers and sellers.  Homes are staying on the market longer than as compared to last year, allowing buyers more time to compare and analyze what they want and sellers are more prepared for their next step.  If you see something you like, you want to be prepared to act quickly as supply is much below the current demand.  Home prices have seen a small decline and first time buyers have a good chance of finding something more affordable.  Monthly sales in Scottsdale are strong and increasing, relieving any worries of a market crash.  The market is strong, steady and offers many opportunities, especially with the support of a great real estate team.  

Ready to Get Started?

We have the necessary tools to achieve success for our clients.  We just need to know what you are dreaming of…and please dream BIG!  The Bruske Team has the expertise and network to find your perfect home.  We look forward to talking soon, contact us today.