As of March 30, 2020, there are 21 active listings in Gainey Ranch. Here’s our Gainey Ranch 1st quarter update for 2020.
January through the end of April is generally the busiest time of year for real estate sales in Gainey Ranch, and in Scottsdale for that matter, but this year we are dealing with a global pandemic.
While there are currently seven pending sales, some of those may fall through due to COVID-19–this is what we are seeing around the Phoenix metro area.
It is encouraging that there have been 20 sales in Gainey Ranch since January 1, 2020. The sales have ranged in price from $279,000 for a two bedroom condo to $1,137,500 for a 4200 square foot home. Average days on market for closed sales was 112 and that average sold price per square foot was $305. On average, sellers reduced their asking price 3% in order to effect a sale.
Here is a graph showing supply v demand for the 85258 zip code last month v 2019:
With COVID-19 ramping up across Arizona and the winter visitor season coming to an end, we expect a fairly sharp decline in sales. Inventory around the valley has increased with fears of the virus decimating the economy–Gainey Ranch has been no exception.
We appreciate you taking the time to read our Gainey Ranch 1st quarter update for 2020. If you have any questions about Gainey Ranch or Scottsdale real estate, please reach out–we’d be honored to serve you.
