In October in Southern Hills we saw 8 new homes come on the market and 6 properties sell. While the number of sales is down slightly from September of this year, we’re actually remaining fairly steady from an inventory perspective as we speed toward the holiday season.
Consistent with the general pace of real estate in 2015, compared to last year at this time, our days-to-contract (i.e. the number of days from MLS listing to contract) is down. The three-month average from August – October in 2014 was 31 days to close, while this year we are at 21 days. What does that mean? It means that if you’re a buyer in this market, you need to be prepared to move quickly even during the supposed “slower” time of year.
This all points back to our low inventory situation in Southern Hills and the rest of Denver. We’re finding that if you move slow (know your market, see as many homes as possible to get a good handle on values, are fully pre-qualified with a lender and have all your ducks in a row) you’ll be in the best position to pounce at the house you want. With 50% of October’s sold properties going under contract in 7 days or less, there just isn’t time in that process to wait.
*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.