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Dynamite Mountain Ranch Market Update – October 2007

October 27, 2007

Dynamite Mountain Ranch

There are currently 65 active properties for sale in the Phoenix subdivision of Dynamite Mountain Ranch, equal to the 65 properties one month ago.  The average asking price per square foot over all 65 properties is $155/sq foot, which is down from $161/sq foot one month ago.  The price per square foot reduction is the result of a few sellers making significant price reductions.   

 Size Range  Price/Square Foot  Number of Homes
 under 2000 sq ft  $168/sq ft  27
 2000-2500 sq ft  $148/sq ft  24
 2500+ sq ft  $151/sq ft  14

*data as of 10/27/2007, via ARMLS

As of today, 5 properties are in a sale pending status:

 Address  Size  Model  Price  Price/sq foot
2329 W Gambit Trl  1550 Sedona  $279,900   $181/sq foot
2407 W Oberlin Way 1782  Pinetop $294,200   $165/sq foot
2401 W Silver Sage Ln 2232  Cape Cod $314,000  $141/sq foot
2431 W White Feather Ln 2232 Cape Cod $315,900   $142/sq foot
2405 W Bent Tree Dr 3006 Cunningham $449,000  $149/sq foot

*data as of 10/27/2007, via ARMLS

In the last 33 days, 1 property has closed escrow:

 Address  Size  Model  Price  Price/sq foot
2242 W Dale Ln 2313 Brady $335,000 $145/sq foot

*data as of 10/27/2007, via ARMLS

In the last 33 days, 14 properties have been taken off the market.  These homes had an average asking price per square foot of $163.

While inventory did not reduce in the last month, it is encouraging that it also did not increase.  Sales are still very slow in comparison to the number of homes on the market, which implies that buyers still do not find the asking prices compelling enough to make a purchase.

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