January 2016 Market Update for Northridge-Highlands Ranch

Vanessa Hamm Front Q4

Currently there is a low inventory in Northridge with 3 active listings. Homes under $400,000 seem to go under in under 10 days.

625 Ridgeglen was listed on January 13th and under contract on the 18th. This home was nicely staged and updated with new kitchen cabinets and vinyl flooring. It showed nicely at the open house and is no surprise that it is under contract so quickly.

1085 Cobblestone has been sitting 6 days already because they are not allowing showings until Feb 1st. This home is priced at $350,000. Without seeing this home, I would say it is overpriced. The few pictures that are up show that is outdated and will need TLC as the MLS indicates. The home across the street just sold for $343,000 after sitting on the market for 105 days.

So far for the month of January, 5 homes have sold. The median sales price for these homes was $343,000 and $144 per finished square foot. This compared to last years 7 homes that sold at $327,000 and a price of $144 per square foot.

Last month we saw a total of 19 homes close at a median sales price of $350,00 and a price per square foot of $185.

We are not seeing anything unusual, or that we have not seen over the last year. It continues to be a sellers market. The homes that continue to move quickly are the homes under $350,000.
Northridge houses more of the starter 2-3 bedroom homes ranging from $300,000-$400,000. These homes continue to hit the market and turn quickly.

This months numbers are on track to match or exceed what we saw in the market this time last year. These numbers further indicate that he market is strongly favoring sellers.

My predictions for 2016 are that it will continue to be a sellers market. With the recent announcement of mortgage rate increases over the next 3 years, the competitive nature of the market may decrease, but I do not for see that happening this year. If you are looking to upgrade to a long term, larger home, I recommend doing so now, because home prices will continue to hike over the next 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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