Yesterday I was in Gainey Ranch and I pulled some analysis from the MLS for a client. The results had me a bit shocked.
Single Family Detatched Homes Only
Active For Sale: 23
Under Contract: 0
Pending Sale: 0
So What’s Happening in Gainey Ranch?
So 23 single family homes for sale. None under contract or pending and only 6 sales in the last 7 months.
This represents 19.7 months of inventory. (6/7 x 23 = 19.7).
Here’s the months supply inventory in all the properties covered by Arizona Regional Multiple Listing Service (ARMLS).Source: ARMLS STAT newsletter.
Only 3.75 months of supply. Sure the supply is a bit higher at the luxury end of the market but 19.7 months is a bit off the charts.
So why is this happening? And what can sellers do about it?
This is an example of collective mis-pricing. Some sellers in Gainey Ranch start by over pricing their homes for sale. Then as new home sellers decide to list their homes they rely on what else is for sale in the area to price their homes, as opposed to what has actually sold. Result everyone is happy with their list price, and no homes get sold.
One thing I do know. Gainey Ranch is still very desirable to buyers. It’s gorgeous. The homes are gorgeous. But buyers are finding they can get better deals elsewhere.
If you are a home seller in Gainey Ranch and you really want or need to sell your home analyse what has actually sold recently. The answer almost always comes in closed data, rather than in watching your neighbors listing for sale.