January 2016 Market Update for Northside

Peggy Wood Front Q4

A YEAR IN REVIEW for Louisville Homes on the “Northside” of S. Boulder Rd.

2015 was one of the best years for real estate appreciation in decades. There are lots of intangible factors that determine market value for a specific home but averages are a great way to analyze how things are generally trending in our market. The average price of a home on the Northside of Louisville jumped to $561,000 (up an extraordinary 35% from $417,000 in 2014).

Here are some interesting comparisons from 2014 to 2015 that can be used as a barometer of real estate growth. (Data only includes Single Family Homes and does not include condo/townhome data)

2014
• 39 single family homes sold for an approximate volume of $20,000,000.00
• Average price per sq. ft.: $205 (only Resales, no new construction was calculated)
• Average Days to Offer: 31 (only Resales, no new construction was calculated)
• Average of list to sales price was 99%
• Highest priced home sold for ~$743k; Lowest priced home was ~$338k

2015
• 49 single family homes sold for an approximate volume of $27,500,000.00.
26% more homes sold and with a 38% increase in overall volume from 2014 to 2015
• Average price per sq. ft.: $217 (only Resales, no new construction was calculated)
• Average Days to Offer: 15 (only Resales, no new construction was calculated)
• Average of list to sales price was 102%
• Highest priced home sold for ~$820k; Lowest priced home was ~$330,500

Here are some real life examples of the same home selling twice sometime between 2010 and 2015 and the difference with the appreciation. (Remember that condition is a major factor these days. Many seller’s made upgrades to meet the market demands so it’s possible that these are not strictly apples to apples comparisons).

*New build, Original sale
2537 Evans Ave $360,000 (2014) $435,000 (2015)
2155 Dogwood Cir $296,000 (2012) $376,950 (2014)
2478 Senator Dr $280,000 (2012) $400,000 (2015)
2424 Evans Ave $284,000 (2012) $403,000 (2015)
2016 Strathmore St $344,000 (2013) $455,000 (2015)
2148 W Centennial Dr $399,000 (2010) $460,000 (2014)
235 Regal St $340,000 (2010) $478,000 (2015)
984 Treece St $388,758 (2011)* $511,000 (2014)
1130 Paschal Dr $435,548 (2012)* $515,000 (2013)
1714 Polk Ct $332,500 (2012) $520,000 (2015)
2261 Golden Eagle Way $486,015 (2011)* $535,000 (2014)
795 Bluestem Ln $540,000 (2014) $625,000 (2015)
2193 Wagon Way $475,435 (2012)* $554,040 (2014)
2296 W Hecla Dr $413,630 (2012)* $562,500 (2015)
1313 Snowberry Ln $535,336 (2012)* $589,000 (2014)
1001 Treece St $490,081 (2013)* $620,000 (2015)
2217 Wagon Way $509,041 (2012)* $620,000 (2014)
2143 Charles Ln $459,873 (2012)* $629,900 (2015)
211 Matchless St $412,000 (2009) $640,000 (2015)
959 Treece St $491,176 (2012)* $640,000 (2015)
2085 Wagon Way $500,031 (2012)* $648,000 (2014)
2366 Park Ln $510,100 (2012) $712,000 (2015)
2181 Wagon Way $586,335 (2012)* $744,000 (2015)
2308 Wynonna Ct $618,388 (2013)* $775,000 (2015)

Here is a fun snapshot on just how much things have changed since 2010, when our market started its road to immoderation.
YEAR Average Home Price(% change) Median Home Price(% change)
2010 $416,802 $399,500
2015 $561,167 (up 35%!!) $579,900 (up 45%!!)

These gains are pretty incredible for just one year. Inventory remains tight and demand is very high to secure housing in Colorado. Honestly, I feel like most of you that all of this is both a positive and a negative but I choose to focus on the positives. The secret is out that this is a great place to live. I expect more of the same at least for 2016.

*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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