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.