McDowell Mountain Ranch Real Estate Market Report for August 2010
Let’s get to the numbers. Currently in MMR there are
97 home for sale up 20% from last month
37 home Pending or under contract, up 5% from last month
but only 9 homes closed escrow in August down 53% from last month
The average price per sf in MMR was $175.50 for August, which is more than double the average for the valley of $80 per sf. But it is down about 10% from January’s $192 per sf.
There is a 10.7 month supply based on last months closings, but it was an unusually slow month. we have averaged about 20 closing per month which would give us a 5 month supply, which is better than the rest of Scottsdale.
In a nut shell, until we work through the Short Sales and the bank owned that are distressed property values will be under pressure.
At the same time, we are seeing nice homes in all categories sell at higher prices.
If you have any questions about the real estate market, short sales and bank owned property. Call me JeffrCameron at Keller Williams 480-502-7699
480-652-2004