spring market update

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Posted on February 20, 2024 by Laura Lucky

In Paradise Valley and Scottsdale, the real estate market showcases a
strong influx of new high-end listings, particularly in the uber-luxury sector,
which has seen a 19% increase in sales activity year-over-year. However,
the luxury market also faces a challenge with inventory rising by 31% over
the same period, indicating increased competition among sellers due
to a higher supply than demand.

The mid-range market ($500K – $1M) presents a more balanced scenario, with a modest 5% increase in inventory and a 3% rise in sales, hinting at upward price trends due to intense competition for prime properties.

Despite these dynamics, overall demand, measured by listings under contract has decreased by 9% year-
over-year, driven mainly by the mid- and upper-price segments, especially properties over $2M.
The top end of the market is particularly oversupplied, with an unprecedented number of listings in the $10 million range, far exceeding historical sales records.
This saturation may force sellers to consider significant price reductions or exhibit patience and flexibility.

The market is experiencing a division, with mid-range sectors benefiting sellers in a new mortgage rate environment, while the luxury market’s supply outpaces its healthy demand, heightening seller competition.

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