2011 Verrado Custom Homesite update – The custom homesite market seems to be stabilizing in Verrado. The market is trending toward more traditional sales and away from the distressed sales such as bank owned and short sales. Of the 18 home sites sold on MLS in 2011 only 2 were distressed. Meanwhile as of 1/26/12 there were 18 Active listings of which only 2 are distressed and 7 Pending homes of which only 1 is distressed. Pricing appears to be moving up as well. Seven home sites sold through MLS for $100,000 or more in 2011. One custom home site closed this January at $240,000 and 3 are pending with a list price of over $100,000. If you would like a list of available custom homesites either here in Verrado or in the west valley please contact me at email@example.com or 623-910-1733.
Monthly Archives: January 2012
Southwest Valley home prices as reported by the Multiple Listing Service were fairly steady from December 2010 to December 2011. With the exception of the 85395 area the average price per square increased in all zip codes.This was also the only area that had a year over year drop in median home price. While the overall number of MLS closings dropped new build sales could be picking up the difference. Builders generally only list spec homes and there are several new build communities in the southwest valley. The Verrado neighborhood for example saw an increase in yearly builder sales from 98 in 2010 to 153 in 2011. Below is a comparison of December 2010 to December 2011 numbers by zip code.
85340 The Litchfield Park area went up in overall closings with 55 in December of 2010 to 69 in December of 2011. Prices improved in December of 2011 with the average price per square foot increasing from $69.04 to $76.54. The median price home went from $140,000 in December of 2010 to $175,000 in December of 2011.
85338 This area of Goodyear south of the freeway includes Estrella. While overall sales as reported on MLS decreased from 137 in December of 2010 to 119 in 2011 the median price remained the same at $120,000 and price per square foot increased from $62.70 to $63.90.Keep in mind these numbers only include those homes reported on the multiple listing service. This area of Goodyear has quite a few new home subdivisions. Builders usually only list spec homes on MLS so the gap in overall sales from 2010 to 2011 may have been eliminated if these numbers were included.
85395 This area of Goodyear north of the freeway includes the Palm Valley neighborhood. This is the only area where all numbers were down. Closings dropped from 65 December 2010 to 48 December 2011. Price per square foot went from $89.13 to $85.11 and the median price went from $192,000 to $187,000.
85326 This area of Buckeye south of the freeway has the lowest values in the southwest valley. Although the number of sales on MLS dropped from 160 to 138 the other news was positive.Both the average price per square foot and median pricing were up. The price per square foot average went from $44.26 to $47.15. Median price improved from $78,650 December 2010 to $84,450 December 2011.
85396 This area in Buckeye includes Festival Ranch to the far north and down to the Verrado neighborhood just north of the freeway. While the volume of sales listed on MLS dropped from 54 to 48 both the average price per square foot and median price increased. The drop in sales in MLS is likely more than offset by new build sales. Verrado for example sold 98 new homes in 2010 and 153 in 2011. The average price per square foot for December 2010 was $68.89 and increased to $77.94 December 2011. Median price increased from $147,750 to $159,245.
If you would like more information on your neighborhood or if you would like to know what your home is worth send Amy an e-mail at firstname.lastname@example.org
The Verrado 2011 Real Estate Market ended on an up note with a 4th Quarter price per square foot average of $83.42 and a median price of $215,600. Here is how the rest of the year looked.
Quarter 1 – $81.45 per sqft and median price $209,975
Quarter 2 – $85.54 per sqft and median price $186,000
Quarter 3 – $79.01 per sqft and median price $178,500
Overall the year ended with an average price per square foot of $82.66 and a median price of $197,951. The builders have reported a total of 153 closed homes in 2011 up from 98 in 2010. Combined MLS and builder closings for 2011 were 354 a 23% increase over 2010’s number of 287 combined closings. Inventory remains low. As of today 64 homes are listed on MLS, 38 are builder spec homes. Some of which have not started construction. That leaves 38 resale homes on the market as of today. The distressed home inventory remains low with 4 total. One short sale listing and 3 bank owned.
Things seem to be improving over 2010 in Verrado what do you think?