Only 14 homes closed escrow via the Multiple Listing Service in July. That is one of the lowest levels in quite sometime and down from 28 closings in June. July was the first month in several years that did not see a single distressed property close escrow. Six of the homes that closed were traditional resales and 8 were new build homes. The price per square foot average dropped by 1% to $98 down from $99 the prior month. Meanwhile the mean price came in at $304,592, a 12% increase over last month. Traditionally the summer months are slower pushing prices lower. While the number of closings did drop significantly , the per square foot pricing remained steady and the mean pricing increased significantly. If you are thinking about purchasing a home the summer months are often a good time as there is less competition from out of state buyers. As of this post there are 51 Active listings which is one of the highest seen over the last year. Inventories could fall heading into the cooler months forcing pricing up even more. Contact me at firstname.lastname@example.org or 623-910-1733 if you wish to buy or sell in Verrado or the west valley.
Monthly Archives: August 2012
Leave a comment