New Vs. Old
This is an interesting chart on new (newer homes 2015-brand new), and re-sales (everything prior to 2014) in Paradise Valley and Arcadia areas. There have been slightly more home sales for new construction in Arcadia to date, but homes in Arcadia are selling at less per square foot than new home sales in PV. This is likely due to smaller lot sizes in Arcadia. Arcadia has been quite popular as a new home destination in the last 3 years. Re-sales (homes built “prior to 2014”) are at 187 in PV year to date, but look at the sales per square foot? On average it’s less than a resale in Arcadia.
Note: Homes sales in Mountain Shadows in Paradise Valley may be skewing the average sales per square foot in PV, as those are on small lots and for the most part are newer.