November 2015 Market Update for City Park West

The fourteen current listings in City Park West range in price from 298K to 1.475M, and average $255 price per square foot. The anomaly is a 4K+ square foot house on Gaylord. There are currently several properties listed with high cumulative days on the market. These range from 494K-565K and are priced a little high for the market, averaging $320 per square foot.

Last October 2014, ten homes were sold, ranging in price from 660K-935K. Average price per square foot was $259. Average cumulative days to market was 58, ranging from 2-312 days to sell.

In October 2015, eight homes sold, averaging $311 per square foot. These were priced between 330K – 733K. Cumulative days on the market were very low in this hot market, at only 2-40 days. This accounts for the removal of the one anomaly mentioned above, that has been sitting on the market for 763 days. Homes sold in October 2015 went for 92% of asking price.

November 2015 sales have included 6 homes priced between 375K – 715K, and averaging $272 per square foot. Cumulative days on market were 4-76 days. Homes sold in November 2015, so far, have sold at 98% of list price.

Smaller square footage homes continue to fetch a higher average price per square foot. Larger homes fetch somewhat less, and usually take longer to sell, due to the higher list price and smaller market for homes over 500K.
Of recent homes sold since last year in City Park West, average price per square foot has risen considerably, as has most of downtown Denver. There are some nice homes available currently that are priced reasonably.

As interest rates continue to be low, it is still a good time to list or buy a home. Demand is likely to continue through the holiday season. Buyers may benefit from buying now, because average listing price per square foot has gone down some since the summer. It is critical to check listings weekly, as the good homes sell quickly. The good news for buyers is that the bidding war frenzy has slowed down some. With interest rates predicted to rise slightly in 2016 and despite the typical winter seasonal market slowdown, the data indicates that November into the new year, will continue to be a great time to buy or sell.

*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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