Our last report showed that September sales activity had dropped compared to previous months. Let’s jump into our Gainey Ranch market report for November 2023 which will cover sales data for October and November. There are 11 active listings ranging in price from $515K to $5.5M. The average days on market for active listings is 149 and the average asking price per square foot is $589.
There are three pending sales and four “coming soon” listings. Sales activity for October and November did pick up considerably compared to September. Since October 1, there have been 12 sales. Here are some key MLS stats for recently closed sales:
- Average days on market: 36
- Average sold price per square foot: $588
- Average sold price: $1,212,000
- Average list to sale price ratio: .96
Although sales activity was decent the past two months, the overall trend in 85258, Scottsdale and across the Phoenix metro area, is declining sales. This graph shows how the number of homes under contract in 85258 have changed:
With interest rates near 8%, the real estate market has slowed significantly. We expect slower than normal sales into early 2024. If rates fall enough, demand will kick in and we’ll see more sales volume. On a positive note, the average sold price per square foot remains quite high in Gainey. Thank you for reviewing our Gainey Ranch market report for November 2023.
