Infographic: November 2015 Market Update for Downtown Littleton

2015 11. Nov - Downtown Littleton Infographic
Third quarter saw a lot of real estate activity in Downtown Littleton.  62 new listings and 69 homes sold, demonstrating homes are selling faster than they are being listed for sale.  We currently have 10 active listings on the market, or 2 months of inventory, meaning if no new homes were listed, in the next 2 months those 10 homes would be sold and we’d have no inventory left.  To give you an idea of what kind of market this is, a balanced market between buyers and sellers typically has about 6 months of inventory, so we are still strongly favoring sellers currently.
It appears the majority of homes that did not sell in 3rd quarter are sitting because they are overpriced.  The average price per square foot of homes sold in Downtown Littleton is $178 while the average price per square foot of homes currently listed for sale is $230.
With the lack of inventory and demand for homes, any property listed that is priced right and shows well should be sold in less than 2 weeks.  If a home is sitting longer then that, it is priced too high.
We will see a seasonal slow down due to weather, shorter days, and the holidays, but I predict we’ll see a lot more activity 4th quarter than historically seen.  Buyers are still ready to buy.  Interest rates have remained low and rents continue to rise prompting more first time buyers into the market.  In the past I may have told a potential seller to wait until spring to get top dollar but with fewer people listing and buyers still hungry this winter maybe a good time to sell.  Winter also tends to eliminate “looky loos”.  A buyer willing to tromp around in the snow on a chilly weekend or evening is serious about buying, so for a seller it stream lines the process a bit.  I believe the end of 2015 may show longer days on market but average price points continuing to rise, gearing up for another active Spring!

 

*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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