Another year is almost in the books so it’s time for our Gainey Ranch market update for December 2022. Last month there were 16 active listings and as of 12/30/2022, there are 13 active listings with two more “coming soon”–the active listings which range in price from $849,000 to $4,897,000 have been on market an average of 74 days. The average asking price per square foot is currently $597 while the average for the 85258 zip code is $450–the graph below shows how the price has changed in the 85258 zip code over the past two years.
There is one pending sale in Vaquero Drive and since December 1, 2022, there have been four closed sales. The closed sales were on market an average of 80 days. The average sold price per square foot was $505 and perhaps the most telling figure is the average list to sale price ratio which was .92–this indicates that on average, sellers reduced the price of their home 8%–it wasn’t that long ago that the average list to sale price ratio was above 1.0. Predictions for 2023 are all over the place with some pundits predicting a crash more profound than 2008 while others are more bullish about what’s to come.
Our opinion is that active listings, like the rest of Maricopa County and Scottsdale will continue to fall and that prices will continue to drop–at least for the next few months. Interest rates and overall economic conditions will of course determine the course of our market. Thank you for reviewing our Gainey Ranch market update for December 2022.
