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February 2016 Market Update for West Colfax

There is currently 3 active listings on the market in West Colfax. These 3 listings have been on the market thought for an average CDOM of 105 days. The best explanation that I can give as to why these have a higher CDOM and have remained on the market for more than the average is because 2 of the 3 are overpriced. One just did a $10,000 reduction within the last day so this could possibly help drive in a little more interest. There is one listing that I do not believe to be overpriced. The reason I believe this listing is still on the market is because the price point is higher than the norm in this neighborhood (600K). The norm is around 340-350K. If this listing were in Sloans Lake, Highlands or Jefferson Park it would be under contract by now.

Of the properties that are under contract, the average CDOM is 22 days. This tells me that the properties were probably priced right therefore going under contract quickly. There are two properties at 600k, one went under contract after 84 days and one has been listed since 11/30/15. As mentioned before, these listing are just priced higher than what is normally seen in this area. However, I would not say they are overpriced just may take longer to sell because they are not typical for the neighborhood.

During the month of January there were 5 listings that sold which was one more than the month of December which was 4. Hopefully this is a sign that the neighborhood is starting to pick up. Average price of the homes sold in January was $280,000 with an average PPSF of $256.

The average CDOM for January was 31 which was lower than December which was 56. This doesn’t necessarily mean that things are moving quicker in January but that one or two properties sat on the market a little longer during December making the average CDOM higher.
This month’s data tells me that things have remained pretty steady in this area for the last few months. Some neighborhoods have remained very hot throughout the “slow” months but I think this neighborhood is one that will get back to being “hot” in the busy months (Spring-Summer).

I predict that this area is not going to remain steady like it has in the last few months for long. Because of all the new retail opening up in this area, Starbucks, new brewery, Alamo Drafthouse, etc… more people will flock to this area because the prices will be more appealing since surrounding neighborhoods have much higher prices. Don’t wait to get into this neighborhood before too long, get in while you still can!

*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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