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Monthly Archives: March 2012

Verrado Market Snapshot – Pending Sales

As of March 22nd there were 29 Pending Sales in Verrado. With current existing inventory in the 40 to 50 range supply should continue to dwindle. Here is a breakdown of the current Pending Sales:

3 Bank Owned, 3 Short Sales, 8 Builder, 15 Traditional Resale

On February 1st I reported:

9 Bank Owned, 5 Short Sales, 9 Builder, 8 Traditional Resale

As the distressed property inventory continues to shrink we should see an upward movement in price per square foot for the overall market. With overall inventory of existing homes shrinking along with the builder spec inventory we should see more and more new builds being built. Most of the builders have taken price increases in the last month, including Ashton Woods whom just took a $3000 price increase this week. Look for an update on builder sales for Verrado in the coming weeks.

 
 

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Verrado Real Estate Market – Snapshot

Verrado Real Estate Market – Snapshot

Snapshot of Verrado Market – March 13th 2012 – 47 homes listed for sale. Down from 56 on February 16th. Of those listings there are 2 distressed properties, 21 traditional resale homes and 24 new builds. Of the 24  new builds 14 are not even started yet. Subtract these 14 and only 33 actual homes remain on the market today. That is down from 41 on February 16th. There are 27 Pending sales as of  today. If this continues, we could be down to a handful of resale listings and builder specs soon. Many of the builders are taking note as most have taken price increases this month. If inventory stays low expect more of the same. If you would like to know what your home is worth on the current market contact me at ahayslett@verradorealty.com and I will be happy to put together a competitive market analysis for you. Now could be a good time to sell.

 
 

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Verrado – I Believe Video

What do you believe? I believe it is a great time to enjoy the outdoors in Verrado. Check out this Video and come visit this weekend for more Music on Main. Details below.

 

Come enjoy the Island Calypso sound of Sean Michael Mireau and the Volcano Band Saturday March 17th.

http://us2.campaign-archive2.com/?u=28c9ab3e20a299502865fd6d0&id=1283debfa6&e=f4e315a8b6

 

 
 

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Aside

Verrado February closings – According to the Multiple Listing Service 25 homes closed escrow in the month of February. Nine were distressed sales (bank owned and short sale properties) while 16 were traditional sales. Of the distressed sales 4 were bank owned and 5 were short sales. The traditional sales were split 50-50 between 8 new builds and 8 resales. The average price per square foot sold came in at $87.01 for all sales, up from last year’s overall average of $82.66. Meanwhile in February distressed properties averaged $78.87 a square foot.Traditional sales, including resale and builder specs averaged $91.59 for the month.

Meanwhile, current inventory as listed on MLS has been hovering around 50 Active listings. However, as many as 15 of these listings are homes that have not started construction.They are listed as “To Be Built”. Based on the actual current inventory and February closings of 25 homes equates to less than a 1 1/2 month supply of inventory. Just a few weeks ago on February 2nd I calculated a 2.8 month supply of existing homes based on the average absorption rate of 15.5 homes closed per month over the prior six months. If demand continues to rise and supply continues to fall we should see more upward pressure on pricing. It will also continue to be difficult to find existing resale and builder inventory which should result in more new home construction.

Verrado February 2012 Closings

 
 

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Verrado – I Believe Video

“I Believe in the Great Outdoors”.  Check out this Verrado youtube video and read below about how you can enjoy a free concert in the Great Outdoors at Verrado this weekend.

Enjoy the Great Outdoors in Verrado this weekend. The Music on Main free concert series begins Saturday the 3rd from 3:00 – 5:00 pm. Come join us on the Village Green and enjoy the sounds of Jodi Light and the Shining Star Band. Visit the link below for details and up coming concert.

http://us2.campaign-archive2.com/?u=28c9ab3e20a299502865fd6d0&id=1283debfa6&e=f4e315a8b6

 
 

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