The Verrdo community experienced a great year for residential home sales, up 5% from 2015. In addition, home values saw a modest increase of 3.2% with an Average Sales Price of $303,818 or $125/sqft. There was over $84 Million in total real estate sales in Verrado in 2016. The largest statistical drop we saw was in Days-on-Market which fell from 120 days to 110 days, down nearly 10%. The majority of sales (over 50% of the total market) were priced between $200,000 – $300,000 with over 30% priced between $300,000 – $400,000. There was also a 60% increase in homes sold between $500,000 and $600,000 which rounded out the total home sales at 279 homes.
The future looks bright for the Verrado community and its housing market. The supply of resale homes currently on the market for sale is low at only 55 homes, this is a mere 1.5% of the total homes built in Verrado. Under basic economic principals, Verrado should experience a year of increased home values with the potential of a Seller’s Market in our near future. Higher interest rates may curb this trend a bit but ultimately, statistics tell us that it the housing market is stabilizing and continuing to grow. Overall, 2017 appears to be a great year with the Grand Opening of The Victory Golf Course sometime in the 1st quarter, along with new commercial businesses coming into Verrado including a Storage Facility, Pediatric Dentist and Optometrist. Verrado is the premier community in the West Valley and I am proud to call it home for the last 11 years.
Submitted by Tim Klimek
Associate Broker at Verrado Realty