Desert Mountain AZ Real Estate – July 2010 Market Distress Update

The Cromford Market Distress statistics for July 2010 have just been released. The distress index is a measurement of the number of normal home sales versus the number of foreclosures in a particular zip code. It demonstrates how foreclosures are affecting the overall real estate market. The greater the number of foreclosure home sales, the greater the distress level. The zip code 85262, which includes all Desert Mountain real estate, has a distress level of 34.1 out of 100. This number has decreased from the distress level of 38.7 that we saw just last month showing that the market is steadily improving each month.

The zip code 85262 includes some of the most luxurious master planned communities of North Scottsdale such as Desert Mountain, Mirabel, and Estancia. As you can see from the chart below the Desert Mountain real estate market is doing well.

The pie-chart on the top left demonstrates the percentage of homes for sale that are normal listings, foreclosures, and short sales. The pie-chart on the top right demonstrates what percentage of these homes sold as a normal sale, foreclosure, or short sale in 85262. The two charts at the bottom demonstrate the price per square foot of homes for sale and the price per-square foot of homes that actually sold last month.

As you can see 8% of the active listings in June 2010 were foreclosures and 26% of these sold. Seventy percent of the listings were normal sales and of these 62% sold. Thirty-six percent more of the total home sales in June 2010 were normal resale properties as opposed to lender owned properties. The average price that foreclosures sold for was $152.90 per square-foot, while normal sales averaged $285.40 per square-foot.

Feel free to contact me with any of your Desert Mountain real estate questions. I am always happy to review the current real estate market conditions in Desert Mountain with you. I specialize in the selling real estate within the finer golf clubs of Scottsdale including Desert Highlands, Mirabel, Troon and Estancia among others.