At the end of May 2024, we reported that inventory had risen in Gainey Ranch and now, two months later, there are ten less active listings–a total of 15 active listings ranging in price from $569,000 to $2,850,000. The active listings have been on the market for an average of 65 days–similar to recent months.
There are only two pending sales and no “coming soon” listings–by the time the pending sales close, overall sales activity in Gainey Ranch will have been cut in half versus previous months. Since June 1, 2024, there have been 11 total sales. Here are some MLS stats for recently closed sales:
- Average days on market: 67
- Average sold price per square foot: $515 (down from $624 at the end of May)
- Average list to sold price ratio: .95 (unchanged)–on average, sellers are reducing the price 5% to get an accepted contract and closed sale.
- Average sold price: $1,308,736 (up from $1,250,000)
The entire market, including all of Scottsdale and the Phoenix metro area, has moved into either a balanced market or buyer’s market–depending upon a multitude of factors. Total housing inventory across the county remains close to 18,000 units and though rates have dropped some, the still relatively high rates, combined with high inflation have led to a flat and/or declining market in many areas. Thanks for reviewing our Gainey Ranch market report for July 2024. If you are a Gainey Ranch home seller and would like a free opinion of value or have a question about the market, reach out anytime.
