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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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Southwest Valley home sales December year over year

Southwest Valley home prices as reported by the Multiple Listing Service were fairly steady from December 2010 to December 2011. With the exception of the 85395 area the average price per square increased in all zip codes.This was also the only area that had a year over year drop in median home price. While the overall number of MLS closings dropped  new build sales could be picking up the difference. Builders generally only list spec homes and there are several new build communities in the southwest valley. The Verrado neighborhood for example saw an increase in yearly builder sales from 98 in 2010 to 153 in 2011. Below is a comparison of December 2010 to December 2011 numbers by zip code.

85340 The Litchfield Park area went up in overall closings with 55 in December of 2010 to 69 in December of 2011. Prices improved in December of 2011 with the average price per square foot increasing from $69.04 to $76.54. The median price home went from $140,000 in December of 2010 to $175,000 in December of 2011.

85338 This area of Goodyear south of the freeway includes Estrella. While overall sales as reported on MLS decreased from 137 in December of 2010 to 119 in 2011 the median price remained the same at $120,000 and price per square foot increased from $62.70 to $63.90.Keep in mind these numbers only include those homes reported on the multiple listing service. This area of Goodyear has quite a few new home subdivisions. Builders usually only list spec homes on MLS so the gap in overall sales from 2010 to 2011 may have been eliminated if these numbers were included.

85395 This area of Goodyear north of the freeway includes the Palm Valley neighborhood. This is the only area where all numbers were down. Closings dropped from 65 December 2010 to 48 December 2011. Price per square foot went from $89.13 to $85.11 and the median price went from $192,000 to $187,000.

85326 This area of Buckeye south of the freeway has the lowest values in the southwest valley. Although the number of sales on MLS dropped from 160 to 138 the other news was positive.Both the average price per square foot and median pricing were up. The price per square foot  average went from $44.26 to $47.15. Median price improved from $78,650 December 2010 to $84,450 December 2011.

85396 This area in Buckeye includes Festival Ranch to the far north and down to the Verrado neighborhood just north of the freeway. While the volume of sales listed on MLS dropped from 54 to 48 both the average price per square foot and median price increased. The drop in sales in MLS is likely more than offset by new build sales. Verrado for example sold 98 new homes in 2010 and 153 in 2011. The average price per square foot for December 2010 was $68.89 and increased to $77.94 December 2011. Median price increased from $147,750 to $159,245.

If you would like more information on your neighborhood or if you would like to know what your home is worth send Amy an e-mail at ahayslett@dmbinc.com

 

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