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Tag Archives: Phoenix southwest valley home values

Verrado August 2012 Closings

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.

 

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Verrado July 2012 Closings

Verrado July 2012 Closings

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 ahayslett@verradorealty.com or 623-910-1733 if you wish to buy or sell in Verrado or the west valley.

 

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Verrado Active Listings

Verrado Active Listings

Snapshot of Verrado Market – July 17, 2012 – 42 listings on the market today. That is up from 39 listings on June 16th. Current listings are broken down as follows 2 short sales, 3 bank owned, 22 traditional resales, 15 new homes, many of which are not started. Today there are 32 Pending Sales. One of the interesting things to note is that bank owned homes are listed at per square foot prices similar or higher than traditional resales and new builds (see earlier post at http://wp.me/p27Q4g-9q )

With continued low inventory, less competition from bank owned and short sales, and upward pricing now might be the time to put your home on the market. Contact me for a listing appointment at 623-910-1733 or at ahayslett@verradorealty.com

 

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Bank owned properties or new builds – Where are the deals?

Bank owned homes often sell at a discount due to many factors including condition of the home, lack of warranties, not to mention the extra hassle one might have to go through in the process. I often get clients asking to see the “Foreclosed Deals”. Recently I showed a prospective buyer the listings below. These compose of builder inventory and lender owned properties in the Verrado neighborhood.

The lender owned properties have the following per square foot pricing:

Listing  #2 $136.21, listing #6 $97.9, and listing #7 $108.1

The new build inventory homes have the following per square foot prices:

#1 $96.8, #3 $104.8, #4 $129.2, #5 $116.3

So as of recently the Bank Owned homes are not coming in at a discount compared to new build inventory homes and in some cases they are coming in at even higher per square foot prices than new build inventory homes. So what would you buy the a new home with a warranty or a lender owned home “AS IS”?

 

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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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Verrado Homes – 2012 mid year report

Verrado Homes – 2012 mid year report

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 ahayslett@verradorealty.com

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

 

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Verrado June 2012 closings

There were 28 closings in June as reported by the Multiple Listing Service (MLS). That is up about 21.7% from 23 closings in May. Of the June closings, 2 were bank owned, 2 were short sales, 16 were traditional sales, and 8 were builder homes.  The average price per square foot rose by 8.7% to $99 from May’s number of $91 and is 26% higher than last June’s average of $78. Meanwhile the mean price increased by 23% from May when it was $221,000 to $272,113 and increased 60% over last June’s mean price of $170,000.

We are starting to see more traditional listings come on the market and many home owners are pushing pricing to see when the market will meet their price. Today there are 41 listings and 22 Pending sales compared to 48 and 32 at the beginning of last month. Inventory remains tight and it is becoming more challenging to find homes for prospective buyers.

If you are looking to buy or sell in Verrado or the West Valley e-mail or call Amy Hayslett at ahayslett@verradorealty.com or 623-910-1733.

 

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Verrado Active Listings

Snapshot of Verrado Market – June 16, 2012 – 39 listings on the market today. That is down 13% from May 18th when there were 45 listings. June’s listings are broken down as follows 3 short sales, 1 bank owned, 16, resales, 19 new homes of which 9 have not yet been started. With 9 homes listed but not started that leaves 30 actual homes are on the market. Today there are 27 Pending Sales, supply remains tight and homes continue to sell quickly when priced right.

If you have thought about putting your home on the market contact me for a listing appointment at 623-910-1733 or at ahayslett@verradorealty.com

 

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Verrado May 2012 Closings

There were 23 closings in May as reported by the Multiple Listing Service (MLS). That is up about 9.5% from 21 closings in April. Of the May closings, 5 were bank owned, 12 were traditional sales, and 6 were builder homes.  The average price per square foot rose by 8% to $91 from April’s number of $84. Meanwhile the mean price increased just slightly to $221,000 over $220,000 in April. The number of active listings for sale and Pending sales are holding steady. As of today there are 32 Pending sales and 48 actively listed homes in Verrado. If you are thinking about selling your home now could be a great time. Many traditionally sold homes in good condition  are selling in the $100 per square foot range. E-mail or call Amy Hayslett at ahayslett@verradorealty.com or 623-910-1733.

 

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Verrado Closings – year to date

So far this year in Verrado 98 homes have closed escrow via the multiple listing service. Prices are trending up with an average per square foot closing price of $88.09. Of the 98 homes that closed escrow only 30 were distressed sales. The average price per square for the remaining 68 homes was $92.88. Prices are closing close to listing price. On average the homes closed within 2% of the asking price. Below is a table of all of the homes that have closed escrow to date. If you would like to know what your home is worth contact Amy at 623-910-1733 or ahayslett@verradorealty.com

MLS # Address Bed Bth SqFt List Price Sold Price Sold Price per sq. foot
4718017 3886 N Evergreen ST 4 2.5 3,235 359,000 345,000 106.65
4714828 20906 W Ridge RD 2 2 1,915 189,000 182,500 95.30
4743575 20973 W Prospector WAY 3 2 2,036 210,000 210,000 103.14
4739910 20947 W Prospector WAY 3 2.5 2,474 269,000 261,000 105.50
4727269 21139 W Sunrise LN 4 3.5 2,291 223,500 218,000 95.15
4609127 20997 W Eastview WAY 4 4.5 3,528 264,929 264,929 75.09
4734863 20760 W WHITE ROCK RD 4 2 2,167 229,950 223,297 103.04
4605364 2518 N SAIDE LN 3 2.5 2,011 128,000 132,199 65.74
4717027 21118 W Prospector WAY 3 2.5 2,545 184,900 192,000 75.44
4755187 20376 W Summit PL 3 2 2,412 277,916 261,416 108.38
4735255 20421 W White Rock RD 4 3 2,683 184,000 185,000 68.95
4732779 20751 W Hamilton ST 3 2 1,738 158,000 158,000 90.91
4721829 2942 N Evergreen ST 3 2.5 1,705 148,900 148,900 87.33
4623275 20909 W RIDGE RD 3 2.5 2,219 155,000 161,500 72.78
4695718 20873 W EASTVIEW WAY 4 3.5 3,777 259,900 255,000 67.51
4704610 20787 W Western DR 4 3.5 3,921 367,000 341,250 87.03
4733756 20857 W EDITH WAY 4 3.5 4,032 360,000 357,500 88.67
4717245 3483 N Hooper ST 2 2 1,994 180,000 190,000 95.29
4579405 20718 W PARK MEADOWS DR 3 2.5 2,227 209,700 207,000 92.95
4704848 20536 W WHITE ROCK RD 4 2.5 2,214 225,000 220,000 99.37
4689670 2459 N RILEY RD 3 2.5 2,329 184,658 180,000 77.29
4703042 21123 W PROSPECTOR WAY 3 2.5 2,545 229,050 220,000 86.44
4691550 20959 W Eastview WAY 3 3 2,234 221,416 222,237 99.48
4599607 3835 N SPRINGFIELD ST 4 3 2,739 178,000 188,000 68.64
4657596 2937 N ACACIA WAY 4 3 2,657 234,900 230,900 86.90
4682299 3271 N BLACK ROCK RD 4 2.5 2,868 325,000 290,000 101.12
4724427 20761 W White Rock RD 3 2.5 1,756 144,000 140,000 79.73
4616167 20610 W CANYON DR 5 4 4,021 369,932 369,100 91.79
4716485 4085 N Point Ridge RD 3 2.5 1,988 153,000 153,000 76.96
4641530 3406 N ACACIA WAY 4 3.5 4,827 385,000 379,000 78.52
4705679 21143 W COURT ST 3 2 1,760 153,450 165,726 94.16
4656439 21164 W SYCAMORE ST 3 2 1,531 174,900 174,900 114.24
4721132 20399 W Springfield ST 4 2.5 2,474 209,900 213,000 86.10
4693221 20982 W Eastview WAY 5 3.5 2,886 250,704 240,454 83.32
4676511 4548 N REGENT ST 3 3.5 4,018 799,000 719,000 178.94
4685087 2312 N ALSAP RD 4 3.5 2,911 208,609 206,729 71.02
4600517 4058 N GOLFVIEW DR 4 3.5 3,211 275,000 275,000 85.64
4707521 20385 W SHADOW ST 4 3.5 2,739 299,000 288,000 105.15
4718184 3819 N Denny WAY 5 4 3,806 349,000 349,000 91.70
4685105 2241 N PARK MEADOWS DR 3 2 1,888 176,698 174,500 92.43
4708303 20922 W SUNRISE LN 3 2 1,932 188,000 183,000 94.72
4694714 21054 W Saide CT 3 2.5 2,111 213,072 213,272 101.03
4656528 21128 W Sycamore DR 3 2.5 1,856 135,000 150,000 80.82
4651890 20379 W THAYER ST 5 3.5 3,232 200,000 200,000 61.88
4711867 21019 W Court ST 4 3.5 2,089 164,900 165,700 79.32
4676444 20864 W RIDGE RD 3 2 1,915 159,900 159,900 83.50
4651969 2296 N ALSAP RD 3 2.75 1,911 160,862 160,000 83.73
4696695 3873 N PARK ST 3 3.5 2,987 369,000 338,000 113.16
4660304 20822 W Ridge RD 3 2.5 1,926 139,900 136,000 70.61
4699378 4571 N POINT RIDGE RD 3 2 1,760 179,000 179,000 101.70
4563835 20717 W Delaney DR 3 2 2,221 224,920 217,000 97.70
4699869 2965 N EVERGREEN ST 3 2.5 1,756 135,900 135,000 76.88
4617865 21117 W GLEN ST 4 2.5 2,090 160,000 150,000 71.77
4651962 2328 N ALSAP RD 3 2 1,639 157,433 155,433 94.83
4657371 20617 W HAMILTON ST 2 2 1,725 163,070 160,000 92.75
4685067 20692 W HAMILTON ST 2 2 1,551 151,216 151,216 97.50
4685058 20594 W WHITE ROCK RD 3 2 1,341 148,209 148,209 110.52
4691740 3858 N SPRINGFIELD ST 4 3 3,638 319,900 315,000 86.59
4697144 21051 W COURT ST 3 2 1,531 159,900 155,000 101.24
4703609 20442 W LOST CREEK DR 3 2.5 2,474 190,000 190,000 76.80
4698500 20465 W HAMILTON ST 3 2 2,727 256,214 247,500 90.76
4664608 20399 W SPRINGFIELD ST 4 2.5 2,474 179,900 162,500 65.68
4667110 3067 N BLACK ROCK RD 4 2.5 3,538 201,033 209,000 59.07
4567833 4060 N PARK ST 0 3 3 3,190 278,000 278,000 87.15
4692026 21072 W SAGE HILL RD 5 3.5 3,680 345,000 339,000 92.12
4613710 20998 W EDITH WAY 4 2.5 2,465 224,900 205,000 83.16
4679641 20718 W MAIDEN LN 3 2 1,357 124,900 124,900 92.04
4691554 21049 W Wycliff DR 3 2.5 1,997 173,620 167,620 83.94
4604305 3882 N PARK ST 5 3.5 4,663 300,000 300,000 64.34
4588607 3889 N SIDNEY ST 4 2.5 3,235 264,000 264,000 81.61
4686871 3202 N EVERGREEN ST 4 2 2,235 253,670 253,670 113.50
4663037 20987 W WHITE ROCK RD 3 2 1,541 136,000 135,000 87.61
4677424 21015 W WESTERN DR 4 2.5 2,868 276,900 268,000 93.44
4655137 20588 W SUMMIT PL 5 3.5 4,102 314,500 302,500 73.74
4675119 20757 W WHITE ROCK RD 3 3.5 1,765 137,750 135,000 76.49
4692064 20735 W Ridge RD 2 2 1,551 179,900 160,000 103.16
4645078 2956 N Point Ridge RD 3 2 1,991 176,900 172,000 86.39
4682475 21170 W SUNRISE LN 3 3.5 2,135 199,900 190,000 88.99
4680538 2885 N RILEY RD 3 2 1,991 199,000 192,000 96.43
4650945 2532 N Riley RD 507 3 3 2,167 209,950 208,392 96.17
4694069 20457 W SPRINGFIELD ST 4 3.5 2,739 249,900 242,500 88.54
4659040 3116 N SUMMER ST 4 2.5 3,340 314,900 310,000 92.81
4611236 20650 W HAMILTON ST 2 2 1,887 156,339 156,339 82.85
4650713 20658 W HAMILTON ST 2 2 1,750 162,339 162,339 92.77
4647266 2779 N HERITAGE ST 4 3.5 2,952 211,000 215,000 72.83
4682059 20988 W Eastview WAY 4 4.5 3,528 254,986 248,990 70.58
4689685 3819 N DENNY WAY 5 3.5 3,806 236,300 236,500 62.14
4651259 3745 N SPRINGFIELD ST 5 3.5 3,460 329,900 323,000 93.35
4654342 20723 W MAIN ST 5 4.5 4,600 419,900 390,000 84.78
4639726 21135 W GLEN ST 3 2.5 1,856 150,000 150,000 80.82
4675525 21037 W PROSPECTOR WAY 4 2.5 3,638 319,900 315,000 86.59
4591636 21104 W GLEN ST 3 2 1,934 185,000 179,000 92.55
4611690 3952 N Point Ridge RD 4 2 1,933 155,000 155,000 80.19
4674497 20481 W THAYER ST 6 3.5 3,900 375,000 365,000 93.59
4562566 20697 W DELANEY DR 5 5.5 3,528 348,688 320,000 90.70
4634014 20702 W FOUNDER CIR 4 2.5 4,052 339,500 324,000 79.96
4658500 20881 W MAIN ST 5 4.5 4,768 379,900 365,000 76.55
4648024 20697 W Founder CIR 4 3.5 3,870 342,000 328,000 84.75
 

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