Let’s jump into our Gainey Ranch market update for March 2023. Active inventory has gone up slightly from 17 units in February to 19 as of March 31. The average days on market for active listings has increased 13% to 71 days while the average list price per square foot has dropped from $597 last month to $554.
There are seven pending sales which is only a slight drop from February. Since March 1, there have been seven closed sales–this represents a 350% increase from the previous 30 day period. Here are some MLS stats for recently closed sales:
- Average days on market: 60–down tremendously from the average of 96 in February though there were only two sales that month–not enough data to say that 60 will be the near future trend
- Average sold price per square foot: $532–down from $586
- Average list to sale price ratio: .93–though overall trends in Scottsdale indicate that the market might be in favor of sellers, this number has dropped from .94 and reveals that sellers are negotiating a fair amount off the listing price
The original list price average in Gainey has declined and this is true for all of 85258–see the chart below.
Though active listings in Gainey have increased, overall, housing inventory has decreased around Maricopa County–with inventory dipping below 14,000 units in the past week. There are some indications that we are moving into another seller’s market though much will depend upon interest rate movement. Thank you for reviewing our Gainey Ranch market update for March 2023. If you have a real estate need or question, please reach out anytime–we are here to help!
