What do you Believe in? Watch this Verrado youtube video and tell me what you believe in?
Monthly Archives: February 2012
Snapshot of Verrado Market – February 16th 2012 56 homes listed for sale. 6 distressed properties. 20 traditional resale homes and 30 new builds. Of the 30 new builds 15 are not even started yet. Subtracting out these 15 leaves only 41 actual homes on the market today. Supply continues to remain low and we are starting to see multiple offers on many homes.
What do you believe in? I believe in great neighborhoods, walking my son to school and knowing my neighbors by name. Check out this video from Verrado
How many distressed properties are in your neighborhood? Visit this web site to see how your zip code compares:
When comparing zip codes within a specific town or city it is interesting to see just how different the numbers can be. For example in Buckeye you have two zip codes, 85326 which is south of I-10 and the 85396 zip code which is north of the freeway and extends from Verrado all the way north to Festival Foothills. Let’s take a look at the distressed property report as of 1/30/12. The 85326 zip code had a total of of 214 distressed properties which was 68% of the active listings, while the 85396 zip code had a total of 75 or 38% of active listings. Looking closer at the Verrado neighborhood (numbers pulled from MLS) you would find 3 distressed properties accounting for 5% of active listings.
Meanwhile in nearby Goodyear the 85395 zip code north of the freeway had 97 distressed properties or 40% of total active listings. The 85338 zip code had 202 distressed active listings or 60% distressed properties. Honing in on the 85338 zip code to the neighborhood of Estrella you will find 19 distressed properties which is about 19% of the active market (numbers pulled from MLS).
These numbers confirm that Real Estate Markets are local. Even within specific zip codes some neighborhoods are performing much better than others. For example neighborhoods like Verrado and Estrella that offer many amenities in a unique lifestyle are leading the market. When you are ready to buy or sell home consult with a local Realtor who understand the neighborhood market. If you are interested in buying or selling in the west valley contact me at firstname.lastname@example.org or 623-910-1733.
Signs of Recovery not limited to East Valley…In West Valley Verrado showing Exceptional Year-Over-Year Improvements
Here is a great post by Belfiore Real Estate Consulting that again shows the strength of the Verrado Real Estate Market.
The Phoenix inventory of homes for sale has remained relatively low as of late. The overall months of supply for the entire market at the end of December was 3.6 months. Backing out short sale homes that are under contract and waiting on bank approval the number drops to 3.0. Traditionally, 3 to 4 months supply is considered a balanced market. Meanwhile in Verrado there are 56 homes actively listed as of 2/2/12. Many of these listings are homes that are yet to be built. Backing these out of the equation to get a more accurate figure brings the number to 44 homes. Over the past 6 months Verrado is averaging 15.5 sales per month. Based on the 44 homes that are either finished or under construction the current months of supply is 2.8 months. Already, in January of this year we saw 25 closings. If this trend continues, the supply of homes will continue to shrink.
If you have considered putting your home on the market, now might be a good time. If your home is in the West Valley of Phoenix and you would like an idea of its worth I would be happy to help.
If you are looking to buy a home come prepared. If you are paying cash have proof of funds. If you are going to get a loan have a prequalification letter from a lender familiar with Arizona laws and practices. If you are looking in the West Valley I would be happy to help you with your search.
I can be contacted at email@example.com or 623-910-1733
Below is a list of the number of months of supply for various markets of Phoenix as of the end of December 2011.
* East Valley: 2.5
* NorthWest: 3.6
* Paradise Valley: 8.8
* Luxury ($1mil+): 16.4
* Southwest: 2.7
* Peoria/Glendale: 2.6
* Camelback Corridor: 3.7
* Cave Creek: 4.3
* Ahwatukee: 2.9
* Scottsdale: 5.7
* Apache Junction: 3.3
* Buckeye: 3.1