This week mother nature has brought us full swing into winter! The weather in combination with the impending holidays, family gatherings, and travel home will cause home searches to take a back seat. This months data shows an expected seasonal slow down as average days on market increased from 17 days to 24 – a week longer. This is most likely welcomed news for buyers currently house hunting. While homes are sitting a bit longer values are still improving – the average price per square foot for Downtown Littleton increased from $172 to $175. The stats this month support my prediction from last month when I stated “I believe the end of 2015 may show longer days on market but average price points continuing to rise”
If I were a buyer right now I would make it a priority this holiday season to keep an eye out and be making offers! Most buyers have been waiting for less competition and now is the time, but it won’t last long. By mid January people who took a breather over the holidays will be back in the game! I’m still actively searching and sending listings to my buyers, encouraging them to really get out there the next couple of weeks. Now maybe the time to snag a great buy while everyone else is distracted with other priorities.
I know we will not see much new inventory in the next couple of weeks but I do know we’ll see price reductions. In addition, people who are listing a home for sale the very end of year and typically are in a position where they need to sell and are motivated (job relos, divorces, estate sales, foreclosures, short sales) you may have less to choose from right now but it a could be a good time for bargain hunting!
*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.