Somersett seems to be moving along better these days. 47 homes have sold since May 1 at an average rate of 7.8 per month. 18 of these were in Del Webb, putting their sales rate at three per month. (Keep in mind, these are resales or builder MLS listed stock only). These properties were on the market for an average 133 days. The average asking price was $216 per square foot, with an average sold price of $204 per square foot. The median sold price was $530,000.
Currently there are 12 pendings, including my Castlehawk listing which was definitely priced to move. These have been on the market an average 143 days at an average $195 per square foot asking price… we’ll see what the final prices are when they close. Median asking price is $509,450.
We still have 102 active listings, with 29 of those in Del Webb. They’ve been on the market an average 122 days with an average asking price of $235 per square foot. The median asking price is $577,450. Quite a difference compared to pendings and solds.
And yes, okay, with only 7.8 homes out of 102 selling per month, absorption rates are still low. But they’ve been worse.
8 comments
It appears that prices in Somersett are dropping, no?
Of the 47 houses actually sold since May 1, the median sales price was $204 a sq. ft. The 12 current pendings are at an average of $195 a sq. ft. That’s a 5% reduction, and that’s just the ASKING price. Of course, the actual sales price per sq. ft. will be lower. If the actual sales price is 5% under asking price, we are looking at a 10% decline in value.
The median sold price for the houses sold since May 1 was $530,000. Of the current pendings, the median ASKING price is $509, 450. That’s also about a 5% decline, and again, that’s just ASKING price.
So we could be looking at about a 10% decline in value between the houses currently in escrow and houses sold earlier in the year.
Increased sales volume is not always necessarily good news for prices and values. The only way a market can decline is through closed deals.
I have to agree with RR on this one.. How much can you possibly candy coat it! yea somersette is finnally selling and prices are deteriorating! great news Diane! lol
what does somersette have to offer than winfield springs (redhawk) doesnt? anwer= NOTHING! Infact winfield (redhawk) is considerably more desirable with MANY more amentities available by walking or short drive.. oh and you can buy a absolutely beautifull home for $165/sqft. Somersette is sooo over-rated it isnt even funny.
Prices do indeed appear to be deteriorating in Somersett.
And look at the difference between the asking price per sq. ft. of those listings that have no pending offer, and those 12 listings with an offer. Almost 17% higher. Not hard to understand why they have no offer, is it? These dream on listings will languish forever until these sellers move out of delusion and see what is actually selling in Somersett and what it is selling for.
Great data Diane.
Hate to be the party pooper, but 10 of those 47 sales (21%) were Builder MLS listings.
In Somersett, 9% of all new construction was sold as Builder MLS listings over the May - current time period. If you extrapolate that across our entire market which runs about 60/40 resale : new construction, it would mean the MLS is overstating actual resales by about 6% in their monthly data.
Personally, I like the Somersett area. I like the open spaces, views, elevation, outdoor feel about the place.
Guy & Diane crunch the numbers. I have my own methodology of madness:
12/06- Looked at MDG* Versante homes. Prices close to 800K and up+++
4/07- Returned to town and looked at homes in Somersett & Arrowcreek. Many homes were vacant and most had price reductions. Two homes had caught our attention in Somersett.
House #1 was listed in the 660’s and closed over the summer at 615K.
House #2 was listed at 640K and recently closed at 543K.
I’ve been tracking homes, within my price spread, for about 10 months now. I see an exceleration in both price reductions and foreclosures. Some listings disappear and show up “new” with a lower price. Some are showing up REO’s, etc. But then, this isn’t headline news for anyone reading this blog.
Bottom line? Doesn’t matter what I think about the market. What matters is what I’ll pay for a house.
* I think MDG has sold out.
anyone notice the caughlin ranch which was listed as “HOTBUY” So hot infact its price has been reduced by $1,000,000. I guess it wasnt such a hot buy afterall!
Where can I find the “Builder MLS”? As an out-of-stater, it’s very difficult to find real info on these new homes. If I hadn’t come to town and driven around I wouldn’t have found a couple of my favorite small developments.