There continues to be a shortage of active Old Town inventory, especially below $400K. At the moment, there are only 3 single family homes and one condo available under $400k. The remaining higher priced inventory is a mix of homes listed months ago, and proposed new builds that will not be completed until the summer of 2016.
There are 9 properties currently under contract for less than $400K, and a majority of these listings spent more than 2 weeks active prior to receiving and offer. This is highly due to the decrease in buyer activity during the fall as well as aggressive initial pricing.
Only 6 homes sold in October of 2015 with a majority of these homes receiving price adjustments prior to going under contract. The nicest listing that sold in October was on 130 N. Mack st; a 3 bedroom, 2 bathroom well maintained home on a quiet street between Laporte and Mountain. It was under contract in less than a week and settled for a few thousand above list price.
The total volume sold in October of 2015 was substantially less than October of 2014. Here are how the numbers played out:
Median Price: $310,000
Median Price: $406,425
Median Price: $350,000
We had a very strong summer as home values increased steadily from March until August. As the summer came to an end, buyer activity also slowed giving a bit more breathing room to those serious buyers still in the market. In the months of August-October, I have noticed more price adjustments to listings as opposed to new listings hitting the market. The market will start to slowly adjust as sellers, buyers, and realtors all recognize where the pricing threshold sits during the slower fall and winter months.
A well priced home can still sell quickly and above list price in this market with proper marketing, staging, and showing availability
With less active buyers in the market compared to spring and summer, this is a great opportunity to purchase a property. While you may have more time to deliberate on a property, it will still be important to know what you want be prepared to act when the right property comes along.
*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.