January 2016 Market Update for West Colfax

Morgan Riss West Colfax Front Q4

Currently there are 4 active listings and 4 listings under contract. The average price of the listings under contract is $330,000 with an average ppsf of $301. It appears that there are more listings under contract during the month of December than the month of November which tells me things may be picking up again here.

The prices of the listings under contract range from $295,000 to $375,000 which is pretty typical for this area. However, out of the active listings, there is one listed at $625,000 which is higher for the area. The reason this listing is priced the way it is is because it is brand new construction. It is typical to see this in Jefferson Park, The Highlands and Sloans Lake but not as common in this neighborhood so this listing stands out.

During the month of December there were 4 listings sold which is exactly the same as the amount of listings sold in November. The sold data tells me things remain steady in this neighborhood but the current inventory tells me that things may be picking up again.

The average CDOM of the sold listings was 56 which is a little higher for this area. There was one listing that contributes to the CDOM being higher because it was on the market for 116 days. The reason being was that it was overpriced for the condition of the property.
The sold data tells me that things have remained fairly steady in the neighborhood but the current and under contract listings tells me that things might be picking up just a tad.

I predict as we move into the Spring months we will start to see more listings come up in this area. There is a lot of development going on in the West Colfax neighborhood (St. Anthony’s Redevelopment, Starbucks opening on Colfax, Alamo drafthouse opening on Colfax, new brewery, etc…) With all this new development I believe we are going to see a lot more people coming to the area. Best to get in now before prices increase!! Call me for showings of the current listings or for more information on West Colfax!

*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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