Inventory in Crestview is the lowest we have seen all year. There were only 2 new listings bringing active listings up to 13 with 6 under contract. Both of the new listings went under contract with in the first few days of being on the market. The remaining active listings have been on the market for 90 days or longer.
1525 Redwood at $699,000 with a .34 lot and 2111 Norwood at $527,000 for .47 lot have homes that will be scraped for a spec or custom home to be built. The home on Norwood was non insurable HUD home but still had 30 some cash offers to work through as $527,000 for almost a half acre of land is a steal in this market. 1/3-1/2 acre lots have been selling between $600-800,000 in 2015.
Inventory is void in the condo market as well as with homes priced under $700,000. 2590 Sumac Ave reduced it’s price again and is now down to $1,199,000 or $329/psf. This property has a large home office with a separate entry. It could be great for a family or empty nesters. Although their yard had a ton of flood damage in 2013, their home did not have any water damage expect for the crawl space.
2505 Agate finally went under contract after being on and off the market since 2006. This unique property with .7 acres is under contract with a family who plans to do a renovation after they close. It will be fun to see how it is transformed.
Two of the new Porchfront Homes on Sumac closed in November at $420/psf. A fully remodeled home on 26th street sold before hitting the market for $1.8M/$618psf with a .5 acre lot, 2914 finished sf and 4 bed/3 bath. The exterior of this home did not change much but the finishes inside were greatly improved.
The median home price is up 19.32% from last November. Closings were down 50% and the number of under contract and new listings were down 2%.
Closings for December should be high and make for a nice close to the year. I am not expecting to see many new listings for December but look forward to seeing the inventory increase in Q1 and Q2 2016.
Embrace the season and enjoy this time of giving and sharing with family, friends and neighbors. Happy Happy Holidays to all!
*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.