November 2015 Market Update for Highlands Ranch-Northridge

Northridge currently has a low inventory of homes for sale at only 8 listings. Three of these listings have been sitting for a month or more. Recently I visited 1046 Cobblestone Dr. which has been on the market since August. This home is a beautiful and large home. I believe it is priced in line for the finished square footage provided, however, for its location and comps along Cobblestone, it is priced high. I would price this home more in the $330,000 price range.

If you look at this month’s active listings, in comparison to October’s, you can see a significant slowdown in the number of homes being listed. With half the amount of listings, buyers will continue to struggle with the purchase of a home.

The homes we are seeing at this point in the year are sitting between $330,000 – $450,000. Any home that is priced below the $330K mark are not lasting long. Do not let this discourage you from purchasing a home during the winter seasons. Often times, this is the best time to find a great deal.

There are fewer sales for the Month of October, than months prior, but this is to be expected for the time of year. The homes that sold, and moved quickly where 2 and 3 bedroom homes, more of the started homes located in Northridge.

Seven homes sold last month, compared to the 20 that sold in September. The median price was $325,000 and the average days to contract were 23. Five of the Seven homes that sold, sold at asking price. The two homes that did sell at the asking price, sold within 4 days. It is important to remember, if you are looking for a quick turnaround on your sale, price at, or just below the market. This will bring you more buyers, and likely more offers.
The supply of homes is decreasing, as the year comes to an end. It is important to not take yourself out of the game completely if you are looking to buy. Many sellers at this time of year are motivated to move, so now is the time to find a great bargain. While the numbers for Northridge may seam low, compared to last year, Northridge has nearly doubled the amount of listings. Douglas County, in comparison to last year, is also up with an almost 4% increase.

I believe Northridge is going to continue to turn. Many homes in the area are starter homes. Few homeowners in this area are still original owners, but they do exist. I believe that next year we will see a large number of homes listed for sale. While interest rates remained flat over the last few weeks, it is anticipated that the Fed will raise the short term rates by the end of the 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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