January 2016 Market Update for Cole/Whittier

Lyndi Martoia Front Q4

 

The active listings in Cole & Whittier are pretty sparse right now. We only have 19 properties currently available including attached, detached & condo properties with another 10 properties under contract. About half of the currently active properties are stale listings, meaning they’ve been on the market for more than 2 weeks. We have already seen 13 new listings hit the market already in January and we still have 11 days remaining in January. Last January we only had 7 total listings hit the market during the month so the fact that we’re not even through January and we’ve already seen nearly double the new listings in certainly a great sight to see!

Here are some new listings that hit the market in the last week:
7342564 2343 N High St $459,900 3/2 2,112 tot SF $217/PSF
9451759 3409 N Gilpin St $430,000 3/2 2,407 tot SF $178/PSF
1930172 1826 E 31st Ave $295,000 3/2 1,545 tot SF $190/PSF

We have active properties ranging from $250,000 all the way up to $825,000. The average list price for January is still hovering right around $420,000. This number tends to fluctuate based on the current inventory available but it is not far off from the 2015 average sales price which was $397,000. We still primarily see homes for sale in our area under $500,000 but the averages continue to increase which is indicative of a forward moving market.

Oddly enough we saw the most closings of any month happen in December with 27 closings! Comparing year-over-year stats in which we only saw 15 closings in December 2014. While we traditionally tend to see a slowdown in the winter months I think these statistics are a great indicator, especially to sellers, that there are still many buyers in the market and deciding to list in January or February may be a smart decision.

Here are a few sold properties in December that went under contract in 5 days or less:
9453475 3842 N Gilpin St List $315,000 Sold $337,000 2/1 1,082 tot SF 1 DOM $311/PSF
6164619 1777 E 39th Ave, #305 List $249,900 Sold $270,000 1/1 760 tot SF 5 DOM $355/PSF (listed by 8z real estate)
2116855 3021 N Williams St List $185,000 Sold $210,000 1/1 800 tot SF 2 DOM $262/PSF

Year-over-year statistics
Dec 2014 Dec 2015
Avg DOM 41 23
Median DOM 28 12
Sold/List % 99.3% 99.8%
Months of Inventory 1 1
# of new listings 6 6
PSF $199 $270
Average Sales $ $368,960 $384,179
Median Sales $ $365,000 $340,000
Sales Volume $5,534,395 $11,141,200
# of sales 15 27

From the data listed above we can definitely see how much the market continued to appreciate through 2015. The PSF jumped up by over $70 and the DOM was nearly cut in half!
The listing & sold data tells us that the Cole & Whittier markets are strong and continuing to move forward in 2016! We are still seeing desirable properties that are priced well going under contract with multiple offers in a matter of days. Our neighborhood seems to be on par with many other neighborhoods across Denver proper. With the new lightrail from Union Station to DIA opening this spring I’m sure we will continue to see new redevelopments popping up around our neighborhood. Our neighborhood has flourished over the last 3 years and I don’t anticipate a slow down anytime soon!

I certainly anticipate Q1 to be very strong which will most certainly lead towards another fast & frenzied spring market. As a seller I would suggest getting your home in top shape before listing for sale. You want to appeal to a vast majority of buyers so perhaps neutralizing your paint colors or having the home professionally staged are 2 ways to maximize your net. As a buyer I would suggest striking while the iron is hot. If you are pre-approved and ready to go you can pull the trigger right away if you find your dream home. You may find that this winter market will provide a bit less competition than the upcoming spring market.

*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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