Check out this increasingly positive new for the Scottsdale real estate market. In searching through the Cromford Report for Scottsdale, I discovered something fairly remarkable.

As you can see in the chart above, the percentage of distressed sale listed is almost identical to those sold.  And these distressed sales make up only 25% of the market, which is as low as you will see in all of Scottsdale.

The third important point is that the average price per square feet for sold properties is almost identical for normal and pre-foreclosures.  Typically, pre-foreclosures (or short sales) are much more aligned with lender-owned pricing.

Good to see some improved market strength in central Scottsdale 85258, home to the Ranches – McCormick Ranch, Gainey Ranch, and Scottsdale Ranch.

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:

1. 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.
2. 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.
3. 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.

The condo market in the same zip code has a totally different look.  The median list price for condos is increasing, as inventory increases. 

This is one of those trends to keep an eye on.  With the significant commercial development going on to the east of this zip code, homes in this area should maintain their values better than many other areas. 

Major subdivisions in Scottsdale 85258 include:  McCormick Ranch, Gainey Ranch, and Scottsdale Ranch.