There were 7 homes sold in Desert Ridge in November 2007, with an average listing price of $769,842 and an average sale price of $719,642.  Sale prices were 93% of list prices.  Sold Price per Square Foot was $204.79.  The range of sold homes was $343,000 to 755,000.  As of December 1, there are 8 pending or contingent homes under contract.  As of the first week of December, there are 156 active listings with an average list price of $712,725 and average list $/sq.ft. of $233.95

November's sold home average price shot back up reflecting some larger homes in the mix.  Additionally, the price per foot was down significantly but may have been skewed by a couple of homes that sold for significantly less per foot than the rest of the range, which may indicate distressed sellers (one was on the market for 14 months.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 should again be low in December.  Based on active listings and last months sale, there is a 22 month supply of homes in Desert Ridge.  This might seem scary, but it reflects a low number of sales.  December should follow suit, but realize that just 3 more sales per month drops the inventory to 15.6 months and doubling to 14 (which is by no means out of the question) drops inventory levels to under a year.   Percentage of list price for solds remains high at 93%,although down from a 96-97% number in the previous months.    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
RE/MAX Excalibur
Scottsdale, AZ
Your Phoenix Area Real Estate Source
info@WeAreAZRealEstate.com
480-483-3333