Ten homes are currently on the market in this area at an average price of $319,000. Five of these are under contract, and three just came on the market in the last two days. The other two that are not yet under contract have been on the market three and a half weeks or more. I’ve been in both of them & I would say the only reason they aren’t under contract yet is that they are over priced. The market has slowed enough that over-priced homes will sit for awhile.
Many sellers are still trying to stretch the limits of pricing in these areas near Rolland Moore Park, while signs have indicated a slowing market (at least for the time being). I notice that homes that are currently priced well are still going under contract in a matter of days, while the ones that are priced on the higher end or beyond are sitting for weeks & many are having to do price adjustments.
Another indicator of a slowing market is only four homes sold in July in this area, compared to seven in July 2014. The average price increased greatly, though, at $305,000 (compared to $267,000 last July). Another interesting thing is that not all of the homes sold for over asking price, as they have been doing for most of this year. In fact, one sold for 29k under asking price and one for at asking price, while the other two did go over asking & one as much as 21k over! That one was just in the next cul-de-sac over from my house, so great news for those of us who live in the area! Now may be the time for that home equity loan if you’ve been thinking about some improvements.
The Mid Town location is still (and will continue to be) a large draw for this area Yards are also big, trees & landscaping are established, and homes are a good size. All of these things attract buyers. The trends in the highest priced homes remain the updated or remodeled type. Another good point in going ahead with those improvements you’ve been considering.
The data from July & heading into August, with some homes staying on the market longer & even experiencing price drops or receiving less than asking offers indicates a slowing market. Whether it’s due to the time of year, or the start of a changing market, only time will tell.
My advice to home owners would be not to wait too long to sell. You may not get as top of dollar for your home now than you would have two months ago, but it may slow down even more this winter & possibly start turning back toward a buyer’s market. There is no predicting this, however, & the market could remain a strong buyer market next year. For buyers, start shopping, because you may not be competing as badly right now.
*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.