Inventory has risen greatly in Gainey Ranch. Let’s get into our Gainey Ranch market update for October 2022. Back in August, there were 13 active listings and that number now sits at 19. As of October 30, there are just two pending sales and one “coming soon” listing. The active listings which range in price from $509k to $4.87M have been on market an average of 57 days.
According to data compiled by the MLS, there is a 4.17 month supply of homes in the 85258 zip code; however, the monthly supply in Gainey Ranch is currently much higher. The increase in inventory is driving prices downward. The following graph shows how much the average sale price has declined over the past month in 85258–approximately $100K.
Since September 1, 2022, there have been seven closed sales. The closed sales were on market an average of 40 days and the average price per square foot obtained at sale was $546. Inventory levels have gone up all over Scottsdale and the Phoenix Metro area for the past five months. As we head into the winter visitor season, we expect to see some inventory sold off but an excess of inventory nonetheless. Thank you for reviewing our Gainey Ranch market update for October 2022. If you have any questions about Gainey Ranch real estate or real estate in Scottsdale/Paradise Valley, pleas reach out.
