By Philip Haldiman | Paradise Valley Independent
A number of key indicators have gone down over the last year in the Paradise Valley single family home market.
In July, pending sales were down nearly 60%, and new listings and home closures were down about 40%, according to Phoenix Realtors.
August numbers will be available this month.
Christy Walker, Phoenix Realtors board president-elect, said it is concerning that Paradise Valley has been seeing a decidedly lower number of new listings than in surrounding areas.
However, luxury markets often don’t follow the same trends as traditional residential for several reasons, she said.
“In higher-end markets, we typically see less financial pressure to make a move quickly, even when there is a reason to, property owners can wait and try to time the market. Given the recent volatility and uncertainty with our economy and upcoming elections, many prefer to wait until demand increases so they can get better offers,” Walker said.
