Desert Ridge Market Report – December 2011

Desert Ridge Market Report – December 2011 Phoenix, AZ 85050

As a Realtor living and working in the Phoenix Metro Area I am often asked what parts of the Valley are selling well? What areas are seeing price increases or at least holding their values and where will buyers get the best deal: Lender Owned (REO), Short Sales (SS) or Traditional (Norm)? Below is an example of research, (from the Cromford Report), that I supply to buyers and sellers when they are interested in a specific area of the valley. It can be narrowed or expanded to meet the needs of the client. Here’s a quick look, (30 days), at a small part of the north valley, Desert Ridge, AZ 85050.

Desert Ridge is a unique North Phoenix Community with a variety of high quality homes built by some of Arizona’s finest home builders. As one of Arizona’s largest master-planned communities, Desert Ridge will ultimately be home to more than 50,000 residents; and a variety of residential, commercial, recreational, healthcare and employment opportunities.

Looking at this community year to year there are several things worth pointing out. Active listings are on a slight up tick but for the year listings have fallen from a monthly average of approximately 220 to 140. The Notices of Foreclosures and the number of Trustee Sales with occasional spikes in January and March and October are trending down. This means active listings of all types REO, Short Sale and Normal (traditional pre-owned) are trending down and the community is very stable.

When supply tightens in a desirable community like Desert Ridge prices will rise and with Sales per month numbers trending up for much of the year the pressure to push prices higher should continue. And as you can see after price per square foot fluctuating for much of the year it is on the incline for the last three months and ended the year dead even with price per square foot last year.

The biggest difference is that inventory is substantially down by comparison to last year at the same price per square foot and that should push prices higher over the next few months. Currently there are no active

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REO properties in 85050 and only 6 pending.

If you are considering buying a home in Desert Ridge the next 30 to 90 days is a great time to do so. Call (602) 793-1627 for a free no obligation market report or email Nancy@NancyLaswick.com