Welcome to October! While traditionally a slower time in the real estate world, September was historically busy all across the Front Range and Vista Ridge was as popular as ever, with two more closings in the month of September than in August (19 and 17, respectively)!
Particularly active in the month of September were the Condo’s at Blue Sky; this month alone there were 9 closings at Blue Sky, which makes up nearly half of all of the closings! Furthermore, every condo that sold this last month was on the market less than 10 days (with the exception of one). These Condo’s have been gaining value steadily for the past year, and we are seeing the largest of the 2/2 units selling for over $220,000 consistently, with one unit reaching over $230,000. As Erie and the surrounding area grow, especially with all of the businesses coming just south of us in neighboring Broomfield and Thornton, the Blue Sky Condo’s are going to be highly sought after, increasing their price even more than they are now.
In Single-Family homes this past month we saw 10 homes sell all over the price, but none over $700,000. The busiest price range still remains the $400,000 and under bracket with 4 homes selling this month and all 4 of them were on the market for less than 10 days before being put under contract. Just like we are seeing in Blue Sky, there is such a demand for affordable homes that anything under $400,000 is being looked at immediately. Homes above $400,000 aren’t necessarily having a hard time either, with the vast majority of them falling under contact in less than 30 days, but it is a noticeable trend in price points.
Currently there are 26 active homes in Vista Ridge, which is a little over a month’s supply of homes, but none of them are Blue Sky Condos. Just to reiterate, there are no condo’s available to purchase at this time, confirming the incredible demand for their units.
The Single family homes that are available are all across the entire price range, from 325,000 to well over a million. Additionally, there are 4 new construction homes deep in Vista Ridge at the new neighborhood of Reserve; these homes come at around $500,000 and are exquisite finished, but come at the cost of having nearly no yard space.
One pair of abnormal listings does exist though, 2225 and 2211 Dogwood Drive. These two homes are both under $350,000 and one would have expected at that price for them to have sold very quickly…Yet they are still on the market after more than a month and a half. These two homes present quite the challenge… they’re both smaller homes and at a very competitive price point, they both lack the upgrades that one expects to find… They both have composite counters, the stock appliances and simply lack anything that would make them stand out. However, if their prices continue to drop, they may become quite the deal for someone who doesn’t mind the upgrading themselves.
Things are looking great for Vista Ridge, with more and more homes being sold every month. The Winter months are upon us however, and they tend to be slower months as the holidays descend upon us. But, if there was ever a time to buck the trend, it would be now; with the market as hot as it is now, it is hard to imagine anyone backing away from such good terms for both buyers and sellers. There is likely to be some cooling, but the market isn’t going to slow down much.
*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.