MARKET UPDATE FOR QUARTER 1 OF 2018
We have good news to report again!
There’s been a well-deserved uptick in selling prices of homes in Las Campanas in the first quarter of 2018. Modest sales – there have only been 12 – but all upticks are great news. There are 52 homes actively on the market in the Multiple Listing Service which is a very low inventory for a community this size. The prices range from $479,000 to $3,795,000. Sizes range from 1,917 square feet of living space to 9,700 square feet. We have a very vibrant community with something for everyone! A tight inventory, active showings, and prices that compare very favorably with other resort markets may make this a very auspicious year to market Las Campanas homes.
There are only 4 homes in the “pending” status with listing prices from $535,000 to $1,139,000. We won’t know the sale prices until they close. The 12 sales this year range in price from $775,000 (2,565 square feet) to $2,811,000 (9,728 square feet). As you see from the graphs, the sale prices have gone up in all categories. Prices per square foot have been static. The $2.8 M sale skews the sale prices higher with the small number of sales. Days on the market are immensely hard to report. I’ve sold several homes recently virtually before they’ve gotten into the MLS system. Other homes have been on the market for multiple years, with gaps in the dates on the Multiple Listing active list, thus clouding the Days On Market statistics. There’s one property that sold this year, for example, that was on the market several times over a period of years with cumulative days on the market of over 1,400. So… don’t be deceived by everything you read about days on the market!
Residential sales data in our community is all very good. As I‘ve reported, we had a record number of sales last year. We could be due for a bit of a breather this year. So far, we’re on right on pace with the first quarter of last year.
Lot sales are ticking up a bit too! 13 have sold this year, although 5 of these have been developer lots with memberships and other benefits included so it’s difficult to figure out real sale prices. There are 82 lots on the market right now. While the lowest price lot sold this year brought a shockingly low price of $34,000 there have been some high-priced sales in the new Black Mesa area. These are the sales that include memberships and other benefits. With the inventory of homes so low, I’m hoping that lot sales will rebound this year.