Verrado March closings – According the Multiple Listing Service (MLS) 18 homes closed escrow in the month of March, down from February’s high of 25 closings but still higher than what we were averaging at the end of last year at about 15-16 closings per month. Much of this can be attributed to the fact that more homes are being built to suit by the builders. Builders don’t list these on MLS as they do spec homes. 4 builder specs closed in March verses February’s number of 8. March saw 6 distressed closings (4 short sales and 2 bank owned), down from February’s total of 9. Meanwhile, traditional re sale homes stayed steady at 8 closings. Expect to see less of the builder sales to show on MLS going forward as builders sell out of existing spec inventory and increase orders of homes to be built. Again builders don’t list these on MLS as they are already sold.
Prices also trended up in March. The average price per square foot for March closings was $93.95 vs. February’s $87.01 number. That is an increase of almost 8%. Meanwhile traditionally sold homes, including builder specs and re sale homes averaged $101.42 vs.$91.59 for February. That is close to an 11% increase. Distressed sale pricing was more level as many of the short sale prices were agreed upon many months ago and are just now closing. March’s number was $79.01 up only slightly from $78.87 in February. Overall, the average difference between asking price and closing price was less than 2% as the average list price for March was $95.59 per square foot vs. closing price of $93.95.