I haven’t done a market report on Scottsdale 85258, home to the “Ranches”…. McCormick, Gainey, and Scottsdale. In January, I posted this same chart in the post: McCormick Ranch Real Estate – Least Distressed Area of Scottsdale.
A few changes have occurred in past ten months, while some metrics stayed the same.
What you will see when you compare now and then:
- The percentage of homes on the market that are foreclosures or short sales remain under 25% and in approximately the same ratio, with more short sales than foreclosures.
- The percentage of sold properties that are short sales or foreclosures are about the same, approaching 33%. However, foreclosures now make up a greater portion of those sales. Even more importantly, 67% of the homes sold today in this part of Scottsdale are traditional sale, with no bank involvement.
- The biggest differences you will see are in price.
- Homes were being listed at an average of $200-300 per square foot at the beginning of the year. Now, that range is $175-250/sf.
- Sold prices are averaging in the $150-200 per square foot range, while earlier this year, they were $175-275. The biggest change has been in the short sales.
What is missing here are the number of sales that are being used to calculate these statistics. I’ll be taking a look at those figures in the future.
For now, know that the McCormick Ranch is fairly stable, even though average home prices have dropped considerably.
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