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