It would seem the drought of new construction listings in the Maple Valley, WA market is over. There for awhile, as the standing inventory of the 2007-2008 market was reduced and slowly absorbed, many builders found it increasingly difficult to obtain spec financing. Local neighborhoods under construction began to resemble ghost towns.
I’ll never forget previewing homes for a client relocating to the area back in mid-2008. It was a Monday afternoon and as I walked from home to home with my MLS key in hand, I suddenly stopped and realized that it’s Monday afternoon! Where was everyone? There wasn’t a single truck or construction worker to be seen. The entire plat was eerily quiet.
Some builders/developers have since sold their lots, while others have made product adjustments in order to meet the demand of first time buyers eager to cash in on the home buyer tax credit. Even though some buyers may lose out on tax credit dollars, due to the fact these listings are being sold as presales (meaning the home isn’t yet built), many are opting for these homes rather than the even greater risk/unknown of the short sale purchase.
Currently there are 65 Active Single Family New Construction Listings available in the greater Maple Valley area. The average price of these homes is $348,132.
Pending sales total 28 with an average asking price of $308,620
There have been 43 closed sales since September for which buyers paid an average of $329,986.
All totaled, New Construction sales represent approximately 21% of all pending sales activity in our area and closed sales have increased by about 41% over the same time period as last year.
I’ll take that as a good sign.
What can I say? I’m an optimist!
