16 homes closed escrow in August as reported by the Multiple Listing Service as of this morning. Of those sixteen, 3 were distressed properties. The price per square foot average remained steady at $98 over the same number last month. Last year in August ten of the sixteen closings were distressed properties and the overall average per square foot price was only $82. Per square foot pricing is up almost 20% from last year in Verrado. The mean price in Verrado dropped significantly to $242,500 from the prior month but it is up from $174,000 from last year. With so few closings per month we should see wide fluctuations in the mean price on month to month comparisons. The market steady in these usually slower hot months when we tend to see prices softening. As we head into the cooler season it will be interesting to see where prices head, especially as the builder inventory of existing lots diminishes and as builders raise prices. If you are thinking about buying you may want to take advantage of the current low interest rates and pricing. If you are thinking about selling prices have not been stronger in many years. Call Amy at 623-910-1733 if you think you might want to buy or sell in Verrado or the west valley.
Verrado August 2012 Closings
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