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Monthly Archives: July 2012

Verrado Active Listings

Verrado Active Listings

Snapshot of Verrado Market – July 17, 2012 – 42 listings on the market today. That is up from 39 listings on June 16th. Current listings are broken down as follows 2 short sales, 3 bank owned, 22 traditional resales, 15 new homes, many of which are not started. Today there are 32 Pending Sales. One of the interesting things to note is that bank owned homes are listed at per square foot prices similar or higher than traditional resales and new builds (see earlier post at http://wp.me/p27Q4g-9q )

With continued low inventory, less competition from bank owned and short sales, and upward pricing now might be the time to put your home on the market. Contact me for a listing appointment at 623-910-1733 or at ahayslett@verradorealty.com

 

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Bank owned properties or new builds – Where are the deals?

Bank owned homes often sell at a discount due to many factors including condition of the home, lack of warranties, not to mention the extra hassle one might have to go through in the process. I often get clients asking to see the “Foreclosed Deals”. Recently I showed a prospective buyer the listings below. These compose of builder inventory and lender owned properties in the Verrado neighborhood.

The lender owned properties have the following per square foot pricing:

Listing  #2 $136.21, listing #6 $97.9, and listing #7 $108.1

The new build inventory homes have the following per square foot prices:

#1 $96.8, #3 $104.8, #4 $129.2, #5 $116.3

So as of recently the Bank Owned homes are not coming in at a discount compared to new build inventory homes and in some cases they are coming in at even higher per square foot prices than new build inventory homes. So what would you buy the a new home with a warranty or a lender owned home “AS IS”?

 

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Verrado vs. Estrella – Housing Update

You have probably heard the phrase “Real Estate is local”. So while the media throws out statistics about the national housing market recovery or lack there of, it probably doesn’t mean much to your local neighborhood.

Let’s take a look at two leading west valley neighborhoods to see how they are fairing.  The Verrado and Estrella Communities are located in the southwest valley about a 15 minute drive from each other. Both are starting to see prices moving upward and over the last 30 days have been averaging in the $90+ per square foot range. Some of the highest priced homes to close in the west valley this year have been in these two neighborhoods. The  Multiple Listiing Service reports the following average price per square foot for the following west valley neighborhoods, Verrado $97.54, Estrella 93.38, Palm Valley $81.35, and Canyon Trails $68.76.

Now let’s compare Verrado and Estrella over the 1st half of 2012 (see table below). Verrado leads Estrella in some key areas. Verrado’s average price per square foot outpaced Estrella’s both in the 1st half of this year as well as in the last 30 days as stated above. Both communities are seeing a return of Traditional sales with 74% of Verrado sales being traditional while 57% of Estrella’s sales are Traditional. While this is good news for owners, there is still a long way to go. Many owners are still under water making it difficult to sell without any liability. For Buyers there are still some great values out there but how long will pricing and interest rates remain this low is the question.

If you are looking to buy or sell in the west valley of Phoenix contact me at 623-910-1733 or ahayslett@verradorealty.com

Estrella As a % Verrado As a %
Total Closings 174 134
Distressed 75 43% 35 26%
Traditional 99 57% 99 74%
Average Price per square foot $87.94 $90.28
 

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Verrado Homes – 2012 mid year report

Verrado Homes – 2012 mid year report

At the 1/2 year mark there were 134 homes closed in Verrado as reported by the  Multiple Listing Service (MLS). Last year during the same time frame 98 homes closed. That is a 37% increase in volume, which would more likely be higher if builders reported all of their sales on MLS. Typically builders only list spec home inventory on MLS. Watch for a report on Verrado Builder sales in an upcoming post.

Traditional sales are taking over the market this year with 74% of the market or 99 closings. While the 35 distressed homes closed comprised 26% of the market. Last year during the same time distressed sales comprised 41% of the market.

Pricing continues to increase as the average price per square foot sold in the 1st half of 2012 was $90.28 verses $84.88 last year. More recently in the month of June pricing is averaging $99 per square foot. Typically during the hot months volume slows down and prices soften resulting in a dip in pricing for 3rd quarter closings. It will be interesting to see what happens this year as inventory is extremely low and listing prices are higher as more home owners are waiting to see what the market will bring.

If you would like a list of the homes that have closed so far this year in Verrado or any other west valley market send me an e-mail with your request at ahayslett@verradorealty.com

If you are thinking about buying or selling in the  west valley e-mail me or call me at 623-910-1733.

 

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Verrado June 2012 closings

There were 28 closings in June as reported by the Multiple Listing Service (MLS). That is up about 21.7% from 23 closings in May. Of the June closings, 2 were bank owned, 2 were short sales, 16 were traditional sales, and 8 were builder homes.  The average price per square foot rose by 8.7% to $99 from May’s number of $91 and is 26% higher than last June’s average of $78. Meanwhile the mean price increased by 23% from May when it was $221,000 to $272,113 and increased 60% over last June’s mean price of $170,000.

We are starting to see more traditional listings come on the market and many home owners are pushing pricing to see when the market will meet their price. Today there are 41 listings and 22 Pending sales compared to 48 and 32 at the beginning of last month. Inventory remains tight and it is becoming more challenging to find homes for prospective buyers.

If you are looking to buy or sell in Verrado or the West Valley e-mail or call Amy Hayslett at ahayslett@verradorealty.com or 623-910-1733.

 

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