The real estate market has been buzzing the past few months.
Let’s get right into our Gainey Ranch market update for October 2020. As of October 30, 2020, there are 23 active listings and 14 pending sales. The active listings have been on market an average of 66 days. Since last month, active listings have increased slightly.
In September, we reported 18 sales over a 60 day period–over the past thirty days, there have been 5 sales–this slow down is typical for this time of year. The recently sold properties were on market an average of 96 days–this figure is up 11% from last month.
This chart shows supply v demand in the 85258 zip code. Overall, there is about a 1.25 months’ supply–in Gainey Ranch, the supply is closer to five months.
Here are some key stats regarding recent Gainey Ranch sales:
- Average sale price $1,111,000
- Average price per sq ft obtained at sale $344
- Average list to sale price ratio .96–sellers are negotiating 4% on average off the list price
We expect to see moderate sales over the next 30-60 days–beyond that, it will be largely dependent upon COVID and the upcoming election. Across Maricopa County, inventory remains low and this is true for Scottsdale as well. Rates are at or near historic lows and demand for housing remains strong. If you have any questions about our Gainey Ranch market update for October, reach out any time.
