January 2016 Market Update for South Broadway

Well, with 2015 officially closed out, it is safe to say it was a stellar and interesting year in the Denver real estate market! Double digit appreciation for the Denver Metro and heavy anticipation for another big year in 2016. This all funnels down to the specifics of the Broadway Estates and Southwood neighborhoods…

Luke Corbitt Front Q4
Not unusual for the holiday season, we saw only 3 new listings come available, all in Broadway Estates. I expect the listings to continue to trickle in slowly in January, but with the pace at which homes are selling, I imagine the selling season will ramp up early as it did in 2015.
Of the sales in the final quarter of 2015, the average number of days from listing to under contract was just over 17. However, that figure dropped to 13.5 days in December and even further to 6 days if two homes are removed from the average as one was overpriced and sat for longer than usual and the other was priced over $1M, which tends to extend the average listing period. Let’s recap that…the average home sold in December in Broadway Estates and Southwood in December 2015 went under contract in just 6 days! Pretty staggering.
Another staggering number…comparing the average price per square foot of sold homes in December 2015 versus the prior year. The average price point for sold homes in December was just over $155 versus $117 a year earlier. That is some incredible appreciation on the average.
Stay tuned for another exciting year ahead. I expect the appreciation to continue on the uptick, albeit at a slightly lesser rate that 2014 and 2015, but this means that it is still a good time for buyers to get in and reap the benefits of increasing prices and thus, increasing equity. On the other hand, with homes selling so quickly and so much equity in the coffers of many homeowners, it certainly isn’t a bad time to sell either.
Cheers!

*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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