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March 2015 Paradise Valley Arizona real estate market update

April 13, 2015 Joe Szabo

Happy April! In March the Valley was swarming with visitors and with all of the poor weather conditions around the country more and more people seem to be eyeing the Phoenix area as a possible new home. Let’s take a look at how the Paradise Valley real estate market faired in March. New listings are up 48.4% from February with a total of 95 new listings vs. 64 in February. New contracts and closed sales were both up in March by 24.5% and 79.2% respectively. The median sale is down slightly from $1,304,125 in February to $1,250,000 in March. March closed with some motivating numbers for both buyers and sellers! During these up and down activity months it is more important than ever to consult a real estate professional that knows the Paradise Valley market.

March 2015 Paradise Valley detailed market report

March 2015 Paradise Valley market report

Considering a purchasing or selling a property in Paradise Valley? Call Joe and Linda Szabo – The Real Estate Experts! We hope that you enjoy reading and analyzing the Paradise Valley Luxury Home Report and should you have any questions or comments, please feel free to Contact Joe Szabo at 480.688.2020 or email him directly at [email protected] or [email protected]. You can also visit https://www.AZLuxuryHomes.com or https://scottsdalerealestateteam.com to find out more about Paradise Valley Homes for Sale and Estates for Sale in Paradise Valley and to search the Paradise Valley MLS for Scottsdale Home Listings. Please note that this Paradise Valley Real Estate Blog is for informational purposes and not intended to take the place of a licensed Paradise Valley Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale and Paradise Valley Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Paradise Valley, The Szabo group delivers experience, knowledge, dedication and proven results.

March 2015 Scottsdale Arizona real estate market update

April 10, 2015 Joe Szabo

Happy April! In March the Valley was swarming with visitors and with all of the poor weather conditions around the country more and more people seem to be eyeing Scottsdale as a possible new home. Let’s take a look at how the Scottsdale real estate market faired in March. New listings are up 11.2% from February with a total of 1,095 new listings vs. 985 in February. New contracts and closed sales were both up in March by 15.4% and 38.7% respectively. The median sale is also up slightly from $365,000 in February to $372,500 in March. March closed with some motivating numbers for both buyers and sellers! During these up and down activity months it is more important than ever to consult a real estate professional that knows the Scottsdale market.

March 2015 Scottsdale detailed market report

Considering a purchasing or selling a property in Scottsdale? Call Joe and Linda Szabo – The Scottsdale Real Estate Experts! We hope that you enjoy reading and analyzing the Scottsdale Luxury Home Report and should you have any questions or comments, please feel free to Contact Joe Szabo at 480.688.2020 or email him directly at [email protected]. You can also visit https://scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results.

The Most Expensive Streets in America By Joe Szabo, Scottsdale Real Estate Team

April 6, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team No helicopters, no mega yachts. At first glance, Indian Creek is just a small private island in Biscayne Bay. But South Florida real estate agent Cory Waldman begs to differ. “It’s a city within a city,” the Coldwell Banker associate said. “They have their own police force. The lot sizes are enormous. It’s top-notch.” Across the country, luxury real estate agent Kofi Natei Nartey has a similar reaction — but not about Indian Creek. “Beverly Park is the most exclusive gated community in Los Angeles,” The Agency‘s Sports & Entertainment Division director said. “With guard-gated access only, it attracts some of the highest net worth individuals and celebrities in the world.” They’re not exaggerating. New data shows Indian Creek Island Road and Beverly Park Circle are the most expensive streets to live on in the U.S. Indian Creek, known locally as Billionaire Bunker, is home to four of the richest people in America, the Miami Herald reports. Beverly Park Circle is home to Denzel Washington and Eddie Murphy, among other big names. So what does it cost to live there? Based on Zillow’s analysis of streets with at least 10 homes, here’s a look at the median home value for the top 15:

Rank	Street	State	Median Home Value
1.	Indian Creek Island Rd	FL	$21.48 million
2.	Beverly Park Cir	CA	$16.238 million
3.	Beverly Park Ter	CA	$15.813 million
4.	Lazy Lane Blvd	TX	$15.42 million
5.	Conyers Farm Dr	CT	$13.033 million
6.	Strawberry Park Ct	CO	$12.421 million
7.	Field Point Cir	CT	$12.113 million
8.	Coopers Neck Ln	NY	$11.872 million
9.	Nimes Rd	CA	$11.445 million
10.	Arvida Pkwy	FL	$11.209 million
11.	Cameldale Way	AZ	$10.834 million
12.	Nelsons Walk	FL	$10.496 million
13.	Broad Beach Rd	CA	$10.272 million
14.	Tahiti Beach Island Rd	FL	$10.267 million
15.	Copa De Oro Rd	CA	$10.264 million

Names vs. numbers

Interestingly, all of the priciest streets are names, rather than numbers. In “Zillow Talk: The New Rules of Real Estate,” co-authors Spencer Rascoff and Stan Humphries explore what’s in a street name. By digging into the data, they’ve found a named-street premium exists across the country. Among the 20 largest metro areas, “we only found three places in the entire nation where named streets don’t have the advantage,” they write. “In Atlanta and New York, named and numbered streets come out roughly equal. Denver is the solitary example of a place where numbered streets are more valuable — probably because homes in its premier neighborhood of Country Club are located on numbered streets.” What gives named streets a higher price tag? Rascoff and Humphries say in general, the most valuable street names describe something about a home’s location. Indian Creek Island Road is a great example because “island” indicates the homes are near water, and therefore probably worth more than non-waterfront homes in the area.

Suffixes matter

It’s easy to gloss over the letters tacked on at the end of a street name. But as shown above, living on Beverly Park Terrace versus Beverly Park Circle could cost you hundreds of thousands of dollars. In their analysis, Rascoff and Humphries discovered the most common suffixes — street, boulevard and avenue — tend to be the least valuable. Way and place, meanwhile, make up only 4 percent of street name suffixes nationwide, and their homes’ are typically worth more. These findings shed light on the myriad factors at play in local real estate markets. Of course, at the end of the day, lot comes down to perception. “There’s nothing else like [Indian Creek] in South Florida,” Waldman said. “It’s the most prestigious address.” Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

4 Ways to Snag an Extra Tax Break By Joe Szabo, Scottsdale Real Estate Team

March 31, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Many homeowners have a general understanding of the home-related tax breaks that apply to them. Here are a few lesser-known areas where you may qualify for a credit or deduction.

Refinancing points

Did you buy a house last year? Then you likely know that you can deduct the points you paid to get your mortgage — in one fell swoop. If you refinanced, however, you can’t do that. Rather, you have to deduct the points on the new loan over the life of the loan. For a 30-year mortgage, you can only deduct 1/30th of the points per year. If you had $3,000 in points, divide by 30 to deduct a paltry $100 in points each year. Every little bit helps, though.

Home energy credits

The tax credit that encouraged homeowners to save energy by installing insulation, storm windows, doors, roofs, and certain water heaters and qualified heating and air conditioning systems disappeared at the end of 2013. But there is one energy tax credit available for tax year 2014: the Residential Energy Efficient Property Credit. If you installed items like a solar hot water heater, geothermal heat pump, or wind turbine, your credit could be worth up to 30 percent of the total cost. This credit is slated to stick around until 2016.

Premiums for PMI

If you’ve been paying for private mortgage insurance (PMI) every month because you put down less than 20 percent on your home, you may be able to recoup some of that money by claiming the PMI deduction on your federal return. Keep in mind that the deduction, which is only for policies issued after 2006, expires with tax year 2014 unless Congress renews it. And the right to this deduction (which many homeowners don’t claim) disappears as your adjusted gross income rises from $100,000 to $109,000 (or $50,000 to $54,500 for those who use married filing separately status).

Simplified home office deduction

If you’re like most people who work at home, you probably don’t bother deducting your home office expenses because a) the rules are complex and b) you’re worried it will increase your chances of getting audited. But have you heard about the simplified calculation method allowed by the IRS? Probably not — although the deduction made its first appearance in 2013. Just multiply the square footage of the part of the home used for your home office (up to a maximum of 300 square feet) by $5 a square foot. The maximum deduction is $1,500. It’s an easy, time-saving calculation, and it certainly beats figuring out your own expenses and pro-rating them (although that’s still an option if you prefer). Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Selling a Home: Your Legal Checklist By Joe Szabo, Scottsdale Real Estate Team

March 23, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team If you’re thinking it’s time to sell your home, there are a few legal issues to consider before posting that “For Sale” sign. Whether you are parting ways with your spouse, planning to upgrade or downsize, or selling out of financial necessity, you should protect yourself from pitfalls awaiting the unsavvy seller. Here are four steps you can take to avoid common issues that pop up during the residential home sale process.

Resolve debts, encumbrances and liens

If your property has incurred any sort of debt, encumbrance or lien, you will need to take care of this prior to settling with your buyer. This obstacle can arise in any number of ways, including through:

Federal, state or local tax liens
Civil court judgments
Child support or spousal support missed payments
General unpaid debts
Failure to pay homeowners association dues

Of course, the outstanding amount will vary greatly from homeowner to homeowner, but one thing is certain: The lienholder will get paid. If you are facing a major tax lien or civil judgment attached to your property, selling your home will not get you out of trouble, especially if you try to hide the debt or defraud the buyer. The lien will, without question, appear on a title search ordered by the buyer and will become a deduction from your sale proceeds on the day of closing.

Get joint tenants on the same page

The ownership structure of your property may impact your ability to sell, especially if you inherited the property with several family members as joint tenants. If this is your situation, your options for selling the property are limited. You can either gather consent from all owners or try to divide the property in your state’s court of equity, which is usually a lengthy, expensive and highly combative process. In other words, before you attempt to sell jointly owned property, you need to get everyone on the same page and agree on how to split the net proceeds after the sale. The same holds true if you and your spouse are going through a divorce and have mutually decided to sell the marital home. If the property was owned through joint tenancy or tenancy by the entirety, both owners will need to sign the transfer deed over to the new buyers and agree to split the proceeds accordingly. Trying to sell the house out from under your ex probably won’t work, and you could face serious fraud consequences for trying it.

Draft a home sale agreement, if needed

While other countries have set up laws granting property and ownership rights to unmarried domestic partners, the vast majority of U.S. jurisdictions have yet to catch on to this trend — much to the dismay of domestic partners seeking to sell their home or purchase property. One of the best ways to ensure the process goes smoothly is to encourage open communication and clearly set contract terms that determine the profit division after the sale, especially if one partner is not on the deed. Prior to engaging real estate professionals, sit down with your partner and go over the current financials of the property, including outstanding mortgage debt, asking price and your agreed-upon bottom line offer threshold. From there, discuss the ownership expectations of both parties: Is it 50/50? 40/60? 25/75? This conversation may feel awkward at first, but it is the best way to protect each party’s investment in the property, which includes payment toward the mortgage, improvements, sweat equity and upkeep. Once these issues are decided, have an experienced real estate attorney draft a home sale agreement that sets forth the allocation of proceeds upon sale, the responsibilities of each party with regard to debts or encumbrances, and any other terms agreed upon between you and your partner. With this agreement in place, you are both protected from the pitfalls of litigation in the event the relationship — or the deal — crashes and burns. Otherwise, the court will only be able to help the party named on the deed as the owner.

Gather important documents

Finally, as you prepare for the sale of your home, it helps to compile all the important documents related to the value of the property, such as:

Deed
Evidence of encumbrances, liens, judgments, etc.
Surveys
Appraisals
Documentation of major repairs, damage or improvements
Any agreements made between tenants or co-habiting partners
Comparable sales in the area (if available)
Any agreements made between you as the seller and your real estate agent (if applicable)
Copies of restrictive covenants imposed upon the community, as this information will be highly relevant to prospective buyers

Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

4 Tips for Making Any Room Seem Larger By Joe Szabo, Scottsdale Real Estate Team

March 20, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Plenty of people live in tiny homes, small rooms, or just diminutive spaces. No matter what your reason for living in smaller quarters, you’ll undoubtedly have to make some compromises in your decorating. To live happily and efficiently in smaller square footage, you’ll want to get organized and make some adjustments to your lifestyle. By making the most of color, strategic furniture buying, space planning and interesting lighting, your place can feel wonderfully “you” — with all the space you need.

Expand your square footage to the outdoors

If you have large windows with beautiful views, add those colors to your room to unify the outside world with inside space and expand the look of your rooms. With the wonderful patterns and colors that outdoor fabrics offer, there is no reason to stop the “pretty party” at your interior.

Carrying coordinating materials outside for drapes, cushions and area rugs will only make your space look visually larger. On the interior, let as much natural light into a room as possible so it opens up the space and gives it character.

Edit mercilessly

Declutter your space. Try to dispose of everything you have not used for a year. Do not get attached to furniture. Get rid of any item that is not adding to the look of the room.

Create organized storage wherever possible via built-in benches and use multi-purpose and storage furniture pieces, such as ottomans, so items that are less frequently used can be stowed away.

When it comes to cabinets and bookcases, do not fill up every shelf in a room; leave some of them half empty and spacious for an airy and more dramatic look. Where functional, remove as many doors as possible or use pocket doors to increase the sense of space.

Keep it simple

Link adjacent spaces with a unifying wall color and floor material. Maintaining a monochromatic palette makes rooms look bigger. If you do need to change flooring materials, simply stay within the same color family — the fewer floor “breaks,” the better.

Light colors or neutrals are space expanders and provide a neutral background for furniture and artwork.

Using cool colors will make your walls appear to visually recede. Additionally, it is best to avoid unnecessary details, such as ruffles, in furniture and window treatments. Use simple paneled draperies or shades instead.

Make a statement

Installing an oversized mirror or a set of smaller mirrors will add extra light, sparkle and make a small room appear larger. Even if a room is small, adding oversized artwork on a small wall or a statement light fixture overhead can create drama while making the space appear larger than it is.

You may also consider adding a floor-to-ceiling and wall-to-wall bookcase — this trick will create an impressive focal point and visually expand space by pushing the walls and ceiling out. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

5.2 Million Renters Plan to Buy in the Next Year By Joe Szabo, Scottsdale Real Estate Team

March 17, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Jackie Bigness and her family are finally ready to buy a home. After years of renting, plus 8 months of living with her parents while they saved for a down payment, Bigness and her husband are house-hunting in earnest — and in the snow. “Because we have such an early start [to house-hunting season] here in Chicago, we’ve been trudging through the snow — and what’s out there in our price range is insulting,” Bigness says. She hopes the listings will improve as home-selling season ramps up. The Bignesses are at the front end of a wave of some 5.2 million renters who plan to buy homes in the next year, according to the Zillow Housing Confidence Index (ZHCI), which is sponsored by Zillow and developed by Pulsenomics LLC. That’s an almost 25-percent boost from the same time last year. Homeowners remain more confident overall than renters, but renter confidence is growing faster than homeowner confidence in 14 of the 20 metro areas surveyed. People with the most confidence about the housing market are in San Jose, Miami and San Francisco. Confidence rose the most since last year among respondents in Dallas, Detroit and St. Louis. “As home affordability continues to look great and rental affordability looks abysmal, many current renters clearly seem to be re-thinking their attitudes toward homeownership, and are expressing more confidence in the overall housing market as a result,” says Zillow Chief Economist Stan Humphries. Still, Humphries cautions, wanting to buy is not the same as being able to. “Saving a down payment, qualifying for a mortgage and finding an affordable home to buy all remain formidable challenges for many,” he says. The ZHCI polls homeowners and renters about housing market conditions, expectations for the future and their attitudes toward homeownership in general, across 20 large metro areas. You can read more about the results at https://www.zillow.com/research/housing-confidence-jan-2015-9097/. Survey respondents were most confident in these places: 1. San Jose, CA 2. Miami, FL 3. San Francisco, CA 4. Dallas, TX 5. Los Angeles, CA 6. San Diego, CA 7. Washington, DC 8. Denver, CO 9. Phoenix, AZ 10. Seattle, WA Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Tax Benefits of Homeownership By Joe Szabo, Scottsdale Real Estate Team

March 12, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Owning real estate can make tax season more complex, but many homeowners receive considerable benefits — especially if they sold a home or relocated for a job in the previous year. Here’s a look at three ways homeownership can pay off at tax time.

Mortgage interest

When you purchase a home, you will likely get a mortgage. Your monthly mortgage payment is made up of both principal (paying money to pay down the loan) and interest (what the lender charges for supplying the loan). As a way to incentivize homeownership, the federal government provides a tax benefit when it comes to the interest portion of your mortgage payment. A homeowner can write off, dollar for dollar, the interest portion of their mortgage payment. Say, for example, a homeowner’s annual salary is $100,000. Their mortgage payment is $1,200 per month, and the interest portion of that payment is $1,000. At the end of the year, they have a $12,000 tax write-off. In essence, their taxable income is reduced to $88,000.

Capital gains

Homeowners also get a tax break when they sell their home. If you purchase your home for $200,000 and sell it for $400,000, you have a $200,000 gain — that’s income. If you have an income by way of a job, a contract position or the sale of stock or mutual funds, you pay income tax on that gain. With homeownership, it’s different. If you are single and lived in the home for at least two of the past five years, you do not have to pay any income tax on that $200,000 gain — in fact, you don’t have to pay on gain up to $250,000. Married couples filing tax returns jointly and following the same owner occupancy guidelines are exempt up to $500,000. Where else can you generate income without paying taxes on it?

Tax credits for moving

If you purchase a home in one state and sell one in another, you should check with a CPA in both states. There may be benefits realized in one state but not the other, such as tax credits for moving expenses, if the move is a part of a job transfer. And, for the year you are between states, you will likely need to file a return in each state. It’s always smart to check with a CPA before a real estate transaction. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Mortgage Rate Update By Joe Szabo, Scottsdale Real Estate Team

March 10, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.73 percent, up 3 basis points from this time last week. The 30-year fixed mortgage rate rose Friday to 3.83 percent, where rates hovered through the weekend before dipping to the current rate on Tuesday.

“Rates remained flat for most of last week but jumped sharply after Friday’s exceptionally strong jobs report, before easing back down early this week,” said Erin Lantz, vice president of mortgages at Zillow. “We expect rates to hold steady this week due to little incoming data and the official start of the European Central Bank’s bond purchases.” Additionally, the 15-year fixed mortgage rate this morning was 2.92 percent, and for 5/1 ARMs, the rate was 2.89 percent. Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

February 2015 Paradise Valley Arizona real estate market

March 10, 2015 Joe Szabo

Can you believe it’s already March? The Valley is swarming with snowbirds and sports fans and with all of the poor weather conditions around the country more and more people seem to be eyeing the Phoenix area as a possible new home. Let’s take a look at how the Paradise Valley real estate market faired in February. New listings are down 48.4% from January with a total of 64 new listings vs. 124 in January. The new listings in January were driven by homeowners waiting until after the holidays to list their home; it is typical for February numbers to be lower than January for this reason. New contracts were up in February by 14% with 49 new listings and closed sales remained consistent with January numbers at 24 closed sales. The median sale is up from $947,000 in January to $1,304,125 in February. February closed with some motivating numbers – Sellers on the fence are strongly encouraged to take advantage of the low inventory and high demand! During these up and down activity months it is more important than ever to consult a real estate professional that knows the Paradise Valley market.