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Infographic: August 2015 Market Update for Cole/Whittier

2015 8. Aug - Cole Whittier Infographic

The Cole & Whittier neighborhoods continue to see a steady stream of new listings coming on the market. We currently have 45 active listings, with 21 of those under contract. So far in August we have seen 13 new listings hit the MLS ranging in price from $250,000 up to $850,000.

Here are a couple new listings of interest:
2673607 2832 Humboldt St $450,000 4/2 2,496 tot SF $180/PSF. (Check out my recent listing review for this property.)
9206273 2717 Vine St $599,950 4/3 2,430 tot SF $246/PSF.
5746314 2808 Humboldt St $550,000 3/3 3,003 tot SF $183/PSF.

The average PSF continues to stay right at $225. I personally have seen a slight shift towards a more balanced Denver metro market but we still favor sellers in Cole & Whittier.

We still tend to see multiple offers and much more competition at the $400,000 and under price point. While in the spring you may have been up against 10 or more offers, now you may only be up against 5. Still tough competition for buyers but if you stay positive and make sure you are putting in strong & creative offers then your time will come.

The July average sales price for attached & detached single family homes in Cole & Whittier was $370,475. This is down slightly from $413,523 in June. This number can sometimes end up skewed if there were more properties that sold in a lower price range than the upper ranges. The average PSF jumped from $219 in June to $226 in July. While the highest PSF for 2014 was $222 which was in July 2014, we have seen $254 as the highest so far in 2015 and that occurred back in May. It is not uncommon to see a slight decrease in activity during July & August due to summer trends including family vacations and back to school times.

We had 22 sold properties in July and the price ranged from $141,000 up to $539,000. The average DOM for these properties was 21 days which is up from June which was 12 days and the lowest we had seen for 2015. 21 days is still quite a bit lower than the average for July 2014 which was 38 days. I prefer to look at the median DOM data because I feel it is a better statistic to represent our current market. The median DOM for July was still in the single digits at 8 days!

Regardless of the average sold price, I believe we continue to see an increasing market when we see the DOM low and the sold to list price ratio at or over 100%. This means we are still experiencing a sellers market because buyers are willing to pay at or over list price and homes are only on the market for a matter of days. July’s sold/list price ratio was right at 100% exactly. Except for January, every month in 2015 has been at or over 100% sold/list price!

I predict we will continue to see a strong fall market in our neighborhood that still favors sellers. A word of caution to sellers who want to overprice…don’t do it! Buyers are very savvy and already very sensitive to pricing so I suggest listing your property where you will get multiple offers because this is the way to ultimately get a higher price.

Buyers if you have lost out a few times and are getting frustrated, trust me, I understand your pain! Continue to be creative with your offer terms. Remember it’s not always the highest price that wins. Sellers like to see buyers who are willing to purchase a property AS-IS (this doesn’t mean you can’t do an inspection) and others like buyers who will pay the purchase price regardless of appraisal. When you think you’ve had enough of this “crazy” market just take a look at rising rental rates and perhaps you’ll reconsider.

*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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