McCormick Ranch Real Estate Market Report (January 2008)

The McCormick Ranch Real Estate Market in Scottsdale, Arizona maintained a fairly consistent level of performance through the late stages of 2007.

Looking back at the last three months, we can get an idea of the average rate of sale, list prices, days on the market, etc. Comparing the current crop of active listings to those that have actually sold is useful for extrapolating the length of time it will take to sell the existing supply by the current rate of sale.

Please take the data with a grain of salt. Trends do not necessarily reflect how your home will perform on the open market. Not all properties are priced properly, staged for the market properly or exposed properly. Others may have intrinsic factors, such as poor locations (ie on a busy street) or unusual floorplans, which negatively impact both the ability to sell and ultimate value.

Looking back to November 1st, here is quick snapshot of McCormick Ranch Real Estate activity.

• There are currently 119 Active Listings for Single-Family Homes in McCormick Ranch.
• These properties average a list price of $734,881, 2523 Square Feet ($291 per foot) and 136 Days on the Market.
• There are currently 17 Pending Sales for Single-Family Homes in McCormick Ranch.
• These properties average a list price of $709,700, 2564 Square Feet ($277 per foot) and 87 Days on the Market.
• There have been 21 Closed Sales for Single-Family Homes in McCormick Ranch since 11/1/07.
• These properties averaged a sale price of $553,904, 2366 Square Feet ($234 per foot) and 115 Days on the Market.
• Additionally, the difference between average final list price and ultimate sale price was $41,296 (6.9%).

With an average of approximately 7 closed sales per month, it would take approximately 17 months to sell off the existing supply at the current rate of sale.

It is important to note, however, that this snapshot reflects what is typically a slow time in our market. I fully expect the rate of sale to increase drastically as we get approach our high season. With interest rates dipping even lower and foreign currency very strong against the Dollar, it should make for an active spring.

Ray and Paul Slaybaugh are your sources for McCormick Ranch Real Estate. An Arizona native, Paul grew up in on the Ranch, and has specialized in the sale of these properties since 1999. Ray has been a licensed Realtor in Scottsdale since 1974. An original resident of McCormick Ranch, he continues to specialize in the community he has lived in and sold since 1979. When you think McCormick Ranch, think Ray & Paul!