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Verrado Area Real Estate & Pending Homes Update

Verrado, AZ currently has 88 active homes for sale (including those under contract but accepting back up offers), with 5 short sales and 3 bank owned homes listed.  There are now 38 pending homes in Verrado, with 7 homes being new construction.  Overall, the new construction activity remains brisk, but the numbers continue to show a very strong increase in the resale activity at Verrado.  This is good for the resale market overall and has started to translate into an increase in prices for the resale homes.

When looking at sold homes in Verrado, we find a total of 61 homes sold over the last 90 days, with an average closed price of $256,372; which was 98% of the asking price and 72 cummulative days on market.   This price was about a $10k drop since the last report, but does encompass all price points and is reflective of homes sold during this time frame.  Of this 38 were Verrado real estate resales and 23 were new construction homes.  Pending home sales in Verrado for the resale market again lead new construction.

When turning to only resale Verrado homes, the average price was $238,930 (98% of asking price), with an average size of 2395 sq ft; resulting in an average of $99.78, up a $0.37 per sq ft since the last report two weeks ago.   The average size and top line selling price is down, but price per square foot is up slightly, which is typical of smaller square footage homes.  The average days on market for these Verrado resale homes was 83 days, and increase of 11 days over the last report.  This figure would indicate the Verrado real estate market is starting to slow; most likely driven by the increasing inventory.

If you are looking to purchase a home in Verrado, especially if you are interested in any new construction, be sure to contact us first.  It is very important to have your own representation when working with a home builder.  In addition, be sure to ask about our $1195 closing cost credit through Axia Home Loans for clients of The Cascade Team.  As local residents, we not only know the area, we want to bring additional value when you choose us as your Realtor.  If you are looking to sell, be sure to learn more about what we offer home sellers and how much you can save when selling your Verrado home.

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