Verrado Market Recap
by Tim Klimek, Associate Broker at Verrado Realty and 15-year Verrado Resident
Our Verrado Real Estate market is prospering with statistics up across the board. Looking back recapping the sales stats from 2019 from the stats recorded in 2018, our sales volume is up over 12%. Homes in Verrado sold quicker and for more money in 2019 than they did in 2018 with community home prices up over 3.5% and price per square foot up over 7%. The average sales price of a Verrado home in 2019 was slightly over $348K representing the highest average sales price recorded since 2007. In addition, the overall sales volume for 2019 was up over 17% in 2019 from 2018 with a total sales volume of over $138 million. This is the highest sales volume in the community’s history project-to-date. The good news doesn’t stop there, average days-on-market is down 13% from a 92-day average in 2018 to an 80-day average in 2019. This means Verrado homes are selling for more money and faster than they have in nearly a decade.
The Custom Home and Homesite markets are also seeing their fair share of success. The number of custom homes sold in 2019 was up over 33% from 2018 with an increase in the sales price of over 11%. There were also 21 custom homesite sales recorded in 2019 with golf course lots leading the way fetching over $66k premium than non-golf course homesites. The custom homes and homesite market are starting to see significant traction and neighborhoods are taking shape with increased activity, more rooftops and construction projects underway. Currently, there are at least 9 custom homes under construction with several in various stages of design. There has never been a better time to start planning your custom dream home in Verrado.
Finally, basic Economic principals of Supply and Demand should have home prices in 2020 surpassing these milestones set in 2019. With interest rates remaining low along with a robust economy and stock market should see homes values rise again this year. Supply in Verrado and across the country continues to be at record low levels. Verrado currently has approximately 40 resale homes listed on the MLS (Excluding New Builder Specs), which is an anemic number representing approximately 1% of total homes built in Verrado. Whether you are moving up or moving down, 2020 will be another historic year for real estate.