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Las Campanas Q2 – 2017 Market Update

July 11th, 2017 by Burbic Yoder Team

Q2 – 2017 Home Sales

We are halfway through the year and Las Campanas continues to post another strong quarter of positive performance.  20 properties sold this quarter, compared to 15 sold properties during the same period last year, or a 33% increase in unit sales.   The average sold price per square foot also increased, from $260 to $275 or 5.6%.

The average sold price decreased from $1,039,710 to $976,214 or -6%. This was expected, and it reflects a growing demand in buyer preference, from larger homes to smaller, newer homes.  The long awaited crop of new homes addressing this lifestyle shift is here. Buyers are snapping them up quickly, helping to push the overall values higher in our community.

How do we look YTD compared with last year?  Well, pretty good!  During the first half of 2o17, 35 homes sold in Las Campanas, compared with 31 homes sold during the same period in 2016.  As of July 10th 2017, we have 17 homes under contract and from 7/1/17 though 7/10/17, seven homes have sold, absolutely amazing!  Compare this to 12 homes sold during the entire third quarter 2016.   Looking forward, we are going into the second half of the year with a strong wind at our back.

Q2 – Land Sales

Land sales continue to struggle.  We had a slight decrease, down from 13 sales in Q2 2016 to 12 sales Q2 2017.  Average sold price declined, down from $103,423 to $80,958. We believe lands sales will rebound during the second half of the year as new developer inventory hits the market at much higher prices.   Some of the new developer inventory is in the most sought after locations within our community and should be well received.   Long term, the higher priced developer lots should help bolster the resale market, but for now with 91 active lots, pricing appropriately is paramount.

Bottom Line

Interest in Las Campanas continues to grow and demand for housing is on the rise.   Las Campanas has a balanced portfolio of new and resale homes across all price points, ready to fit the needs of any buyer looking for the extraordinary lifestyle found only in our community.  At our current pace, home sales are expected to exceed last year’s sales.  Could we set a record?  We will keep you posted next quarter. But for sure, it will be another great year!

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