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January 2016 Market Update for Midtown

Crip Erickson Front Q4 (Marketing 8z Real Estate's conflicted copy 2016-01-20)

Midtown’s inventory and sales were solid for a December, with five sales during the month and two new listings hitting the market. Two more listings still remain from November as well, and there are currently no active properties. Even the top-of-the-market properties backing to the railroad tracks in not-perfect condition are under contract. The average sale price was $269,400, lowest sale was $232,500 and the highest was $321,000.

It is interesting to point out that the lowest sale (321 Del Clair at $232,500) had a relative price of $230/sq ft, compared with the median sale (3407 Lancaster at $268,500) at $176/sq ft. One could launch into lengthy discussion about why we don’t use price/sq ft on dissimilar properties and how smaller houses inherently have higher price/sq ft. The point is, the lowest sale isn’t necessarily the ‘cheapest’ house.

Last year’s December looked very similar, with six sold properties ranging from $215,000 to $294,500 and an average sale price of about $250,000. And it’s fitting that the ‘low’ sale of $215,000 was another little home at 304 Del Clair.

Even in the supposedly slow month of December multiple offers were common and most homes were contracting days after market exposure. As 8z has already predicted, 2016 shows no sign of being much different from 2015.
If you’re looking to sell, now is the time to prep your home for the coming spring and summer busy season.

The small rate hike is having a negligible effect on buying power, and if anything may be spurring buyers to act now before they believe the Fed will raise rates again. Look for another busy season in midtown this year.

*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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