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McCormick Ranch Homes Monthly Real Estate Report- January 2011

By Bob Hertzog

Real Estate Broker/Owner with Summit Home Consultants

February 02, 2011 03:49 AM

McCormick Ranch Homes Monthly Real Estate Report-January 2011

McCormick Ranch is what I like to call "Classic Scottsdale", located in the 85258 Zip Code. Because 85258 is home to what many consider to be the best school district in Arizona (Scottsdale Unified School District), and offers such amazing dining/shopping opportunities and miles of walking/biking trails along it's many greenbelts within the community, this area has become extremely popular for people looking for their next home. Add to that it is proximity to the Loop 101 Freeway, and you get the perfect combination when looking for your next home. The 85258 zip code is commonly referred to as McCormick Ranch, and for the purposes of this report, I have included all real estate activity that has occurred in the past month within 85258.

Subscribe to my blog to get a copy of the McCormick Ranch Homes Monthly Real Estate Report each month. The report is meant to keep you up-to-date on the latest real estate trends in the community.

85258

Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.

Active: Listings that are currently listed as being "Active" in the MLS.

Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.

Closed: These are homes that closed escrow during the month of January / 2011.

Traditional: These are listings that are "non-distressed" (i.e., not short sales or bank-owned).

Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.

Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.

Other/Misc.: These are listings that are classified as owner/agent, probate, court approval required, etc.

There are currently 431 Active Listings on the market:

345 Are Traditional Listings

44 Are Short Sales

26 Are Bank-Owned

16 Are Other/Misc.

There are currently 101 Pending Listings:

37 Are Traditional Listings

34 Are Short Sales

19 Are Bank-Owned

11 Are Other/Misc.

During the month of January / 2011, there were 44 Closed Listings:

24 Were Traditional Listings

5 Were Short Sales

12 Were Bank-Owned

3 Were Other / Misc.

Finally, in the McCormick Ranch Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in January / 2011:

The Average Price/Square Foot for homes sold in December / 2010 in McCormick Ranch was $143.04 per square foot.

The Average Price/Square Foot for homes sold in January / 2011 in McCormick Ranch was $136.57 per square foot.

This represents a 4.7% decrease in price/square foot within the community from December to January / 2011. The fact that 12 of the 44 homes that closed escrow were bank-owned homes probably had a great deal to do with this.

If you are looking to buy in the McCormick Ranch community, feel free to contact the Mccormick Ranch Scottsdale Team for a more in-depth analysis of area. We pride ourselves on our long-standing reputation of representing buyersin the McCormick Ranch market, as well as surrounding neighborhoods in the area.

Or, if you are looking for the Best Phoenix/Scottsdale MLS SearchEngine on the internet, you've come to the right place. Our MLS Search allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you'll love it!

If you currently live in the McCormick Ranch market, and are looking to sell your home, look no further. Call the McCormick Ranch Homes Team to discuss your options.

As I said at the beginning, I will be posting this information on a monthly basis. If you'd like to keep abreast of the latest happenings, feel free to subscribe to the McCormick Ranch Homes blog to receive the McCormick Ranch Homes Monthly Real Estate Report.

Below is a map of all available homes currently listed in the McCormick Ranch Scottsdale-85258 area. If you would like to conduct your own search, simply click on the red "Search" tab, type your parameters in the boxes, and you can search anywhere in the Metro Phoenix/Scottsdale markets. Unlike most companies, we DO NOT ask for your name or email address to use this amazing search tool. Enjoy!

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