Paradise Valley, Mid-Year:
The Median Lies. The Land Doesn't.

The Q1 spike was real closings, not a data error: 105 houses closed, the most of any quarter, and an unusual share were new builds. New construction in Paradise Valley trades at a $9.1 million median and $1,250 per square foot, against $3.5 million and $757 for homes built before 2000, so a quarter heavy with builder deliveries drags the median up by millions without any individual home repricing.

Q2 told the quieter, truer story. Ninety-four closings, a $3,975,000 median almost identical to last summer, and $843 per square foot, which is 12% above the $753 of a year earlier. That per-foot climb, through two very different quarters, is the actual appreciation signal.

Pace stayed patient, as this market always is: 66 days in Q1, 70 in Q2, with sellers collecting 95 to 96% of final ask. The under-$4M older-home segment cleared fastest, which matches the age-split finding on the market report: the older homes sell in 56 days against 90 for new construction, because a $3.5M entry has more buyers than a $9M one.