Verrado newly listed homes has slowed over the summer as we currently sit at 63 active Verrado homes for sale (including 7 under contract but accepting back up offers), with 5 short sales and 3 REO lender owned homes. There are now currently 34 pending with 14 homes new construction. Overall, new construction home activity remains brisk, but overall the market has slowed due to the hot summer weather and a spike in interest rates. Long term a move up in interest rates should allow for more balance in the market and allow inventory to catch up with demand.
Now when shifting over to sold homes in Verrado, we find a total of 80 homes sold over the last 90 days, up substantially from earlier this summer. The average closed price of these homes was $273,879, which was 98% of the asking price and 61 cumulative days on market. This price was a increase since the last report, but does encompass all price points. Of this 59 were Verrado real estate resales and 21 were new construction homes, a great sign for the resale market at Verrado.
When looking at only resale Verrado homes, the average price was $271,366 (97% of asking price), with an average size of 2538 sq ft; resulting in an average of $108.08 and an average days on market of 64 days. The average size has continued to stay in the middle of the range and price per square foot continues to climb. The selling price at 3% below asking would indicate that Verrado home sellers are starting to push the price up, but not so much that buyers are not willing to make offers. Overall this a good sign for the real estate market as we head into the fall.
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 new home builders. In addition, be sure to ask about our $1195 closing cost credit through Axia Home Loans. As local residents, we not only know the area, we want to bring additional value when you choose us as your local Realtor.Posted by The Cascade Team Real Estate on