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 firstname.lastname@example.org
|Estrella||As a %||Verrado||As a %|
|Average Price per square foot||$87.94||$90.28|