February 2016 Market Update for Jefferson Park

There are currently 13 active listings in Jefferson Park. Looks like of those 13, 2 were listed during January. Average CDOM is 172 which tells me several of these have been on the market for some time now. This is normal for the neighborhood though given that so many are new construction and may not go Under Contract until further along in the building process.

Of the active properties, prices range all the way from 435K to 4.2 million. The property that is 4.2 is not normal for this area. Typically, there isn’t too many higher than 800k. This neighborhood that was once a hidden jem has become a hip area which has made it hard to find anything under 400k.

During the month of January only 2 listings sold here compared to December which was 6. This has been a very active neighborhood for months, so a little strange to see only 2 that sold last month.

Of the two listings that sold, one was on the market for 860 days while the other was on the market for 8 days. That is a big jump and here is why: The property that was on the market for 8 days was a 3 bed 1 bath for 330K. Prices like that are hard to come by in the area. Being such a hip area, anything at that price point is most likely going to go quick!!
The other listing was new construction which typically is on the market for longer anyways and being that it was listed at 700k probably contributed to the higher days on the market.
It appears that this area has been having properties stay on the market for long and are having fewer and fewer sold. Still a very active neighborhood with all of its listings and new construction but because of the higher price point of some of the listings may make some of the listings stay on the market longer.

I still predict this area to continue to be very active. It’s a popular and hip neighborhood but that being said that it is driving up some of the prices so some of the listings are taking longer to sell. It’s possible that when Spring and Summer hit some of those listings that have been active are going to start going UC. My advice to buyers is that if you have ever had interest in buying here, you may be able to have stronger negotiating power with some of the listings that have been on the market for awhile.

*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.

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