There were 9 homes sold in Desert Ridge in October 2007, with an average listing price of $551,333 and an average sale price of $528,666.  Sale prices were 96% of list prices.  Sold Price per Square Foot was $231.87.  The range of sold homes was $343,000 to 755,000.  As of November 1, there are 8 pending or contingent homes under contract.  As of November 1, there are 143 active listings with an average list price of $728,288 and average list $/sq.ft. of $236.61

October's sold home average price was significantly lower, which is not a concern as it reflects less high end homes sold during that month.  As we pointed out last month, pendings were low, which resulted in this months lower sales.  With only 8 pending or contingent sales at the beginning of the month, closings show again be low in November.  Based on active listings and last months sale, the is a 16 month supply of homes in Desert Ridge.  Despite this, sold listings were on the market for an average of 115 days (less than 4 months).  This shows that correct pricing will get the home sold.  Active listings increased by approximately 5% over the previous month and price per foot on active listings is down slightly.  Percentage of list price for solds remains high at 96%.  Desert Ridge pricing has continued to achieve these high percentages showing a submarket that is ripe for the turnaround.  It will take time for that to occur however with the high inventory levels. 

For more info on Desert Ridge, please feel free to contact us at desertridge@WeAreAZRealEstate.com. 

Adam Tarr, ABR, e-Pro
Sharon Kotula, ABR
RE/MAX Excalibur
Scottsdale, AZ
Your Phoenix Area Real Estate Source
info@WeAreAZRealEstate.com
480-483-3333