May 2016 Gainey Ranch Market Recap
As expected, the Gainey Ranch market has slowed considerably–here is our May 2016 Gainey Ranch market recap. Currently there are 60 active real estate listings in Gainey Ranch and the average days on market for those listings is 158. There are just six pending sales and the average days on market for those six properties is 272. To get an idea of the absorption rate, we must look at the number of sales over the past 30 days. Since April 23, 2016, there have been five sales–based upon the current supply, this means there is a 10 month supply of homes. For would-be sellers, here are a few other data points to consider: the average dollar per square foot for the five recently sold homes is $272 and the sale to list price ratio is .93.
Let’s take a look at how the 85258 zip code compares to the rest of Maricopa County
This graph shows the median sales price (in purple) for 85258 versus Maricopa County for the past three months:
This graph shows the average sold to original list price ratio for 85258 (in purple) versus Maricopa County–the higher priced homes in Scottsdale and elsewhere are being negotiated much more heavily than the sub $300K market:
Although Gainey Ranch is just a microcosm of the 85258 zip code, what’s happening within the ranch is similar to what’s happening throughout 85258 and in fact the rest of the county at the higher price points. There is some talk of a looming recession, but short of that sort of event, we believe the Gainey Ranch market will continue to slow until early fall. If you have a question about a particular home or community within Gainey Ranch or anywhere in the Scottsdale/PV area, please contact us day or night–we’d be honored to assist you.
