For the first time in nearly 2 years we are seeing a balanced market in Cole & Whittier. Now that does not mean we are no longer seeing multiple offers and bidding wars but it means that the supply of new inventory is equal to the sales for the previous month and we are seeing average sales prices at or even sometimes slightly under list price. In Sept we saw 26 new listings come on the market and so far in Oct we’ve seen 16 new listings hit the market with 5 of those already under contract. Amazingly we have 52 properties currently for sale in Cole & Whittier however nearly half (24 properties) are under contract which leaves 28 active.
Here are a couple new properties that have hit the market in the last week:
4715562 3026 N Williams St $349,000 3/2 1252 SF $278/PSF.
8369851 3435 N Humboldt St $514,900 3/3 1721 SF $299/PSF.
5061833 3100 N High St $375,000 2/2 1013 SF $370/PSF.
Within the 28 active properties we see prices ranging from $274,900 up to $975,000. 82% of those properties fall between $314k and $550k. I still tend to see the average detached SF home prices falling around the low $400k mark for our neighborhoods. Comparing the average list price from Sept 2014 to Sept 2015 we see over a 9% increase year-over-year! I still continue to see some neighbors renovating their current home by adding on an addition or popping the top but in this market it might makes sense for more homeowners to sell their current home and then buy something that fits their needs better as opposed to building on to their current home.
The amount of sold properties dropped quite a bit in Sept. We saw nearly half as many sales as we saw just one month before in August. However I do not see this at all as an indicator that our market is slowing. We tend to see less properties going under contract in August because the summer is coming to an end and many families have kids going back to school. I believe this is also why we saw less new listings in August (21) than we had seen previously in July (27) and after in Sept (26). The Avg DOM jumped up slightly from 16-18 for SFH properties while Attached dwellings stayed exactly the same at 17 days.
Here are a few notables sales from Sept:
9206273 2717 N Vine St List $599,500 Sales $624,000 4/3 2430 SF 10 DOM $256/PSF.
5169399 1417 E 24th Ave List $434,900 Sales $440,000 3/2 1677 SF 10 DOM $262/PSF.
8605871 3451 N Humboldt St List $375,000 Sales $375,000 3/2 1369 SF 2 DOM $273/PSF.
We still continue to see the toughest part of the home buying experience for buyers is just getting under contract. Once a buyer can get under contract the balance of power tends to equal out between both parties.On the listing side, I would still counsel sellers to list at or even slightly under market value in order to get multiple offers. This is still the best way to maximize your net in this market.
Here are some year-over-year statistics comparing Sept 2014 to Sept 2015:
Sept 2014 Sept 2015
Avg DOM 10 12
Median DOM 6 10
Close/List % 100.3% 100.0%
# of new listings 19 26
PSF $217 $242
Avg Sales $ $369,613 $384,279
Median Sales $ $396,000 $372,500
Sales Volume $7,022,655 $4,611,344
# of sales 19 12
The DOM for both average & median went up slightly from 2014 to 2015 while the PSF increased. The average sales price only went up about 4% but keep in mind this number can be skewed based on the sales price of properties for any given month. We also saw less overall sales year-over-year but more new listings coming on the market this year vs last year. Overall all indicators point to an increasing market in Cole & Whittier!
A balanced market has roughly 6 months of inventory. We have failed to see more than 1 or 2 months of inventory until last month when we jumped up to 3 months. For buyers now is a great time to keep pushing on, even if you feel like you’ve been looking for months. As we head towards fall & winter we traditionally see a slow down in competition. This may be the perfect time to re-visit some homes that you ruled out a month or 2 ago. If they are still sitting then you may have more negotiating power and be able to get an offer accepted for under list price. For sellers I still think now is a great time to list because there are still many motivated buyers in the market. With the current list/sold ratio at 100% you are still likely to expect showings in the double digits and very strong offers. Fall is a beautiful time in our neighborhood and the cooler weather is always refreshing so let this be a time of rejuvenation!
*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.