Desert Ridge Market Report 2/08
There were 5 homes sold in Desert Ridge in February, 2008, with an average listing price of $571,760 and an average sale price of $551,980.
As expected, closings were low reflecting slower traffic during the holiday season. January traffic picked up, and that may be reflected in the 11 currently pending or contingent properties. A consistent factor shows that sale prices are 97% of the list price, an amount that has remained fairly steady.
Traffic is up with many bargain hunters and investors looking for the deals. One unfortunate aspect that has placed a downward pressure on prices is the growth of short sale and foreclosure properties. While these are still a low percentage of the overall market, the significant price cuts on these properties have come into play on standard sales. Foreclosures are always around, but buyers are now more aware of them and may unduly be weighing pricing on distressed properties when considering offers on non-distressed ones.
The above data does not include New Construction sales, or Condos and Townhomes in the Toscana or Bella Monte Communities
For more info on Desert Ridge, please feel free to contact us at info@WeAreAZRealEstate.com
Adam Tarr PC, ABR, ePro, Assoc. Broker
RE/MAX Excalibur
Scottsdale, AZ
480-236-7374
adam@WeAreAZRealEstate.com