The Cole & Whittier markets have not seen much of a slowdown when it comes to available inventory. We have just recently started to see a slight lull in new listings which tends to happen in between Thanksgiving and the end of the year. Most sellers are not interested in listing during these times unless they absolutely need to sell. We currently have 58 active listings with 33 of those under contract. This leaves 25 available listings ranging from $215,000 up to $750,000. In October we saw 26 new listings which is only down 1 from September. I predict we will see quite a bit less for November & December but this is to be expected.
Here are some new listings that have hit the market in the last 2 weeks:
8744618 3724 York St $524,900 4/2 2,709 SF $193/PSF
3576539 2732 N Gaylord St $310,000 2/1 1,968 SF $157/PSF
8063739 3049 N Vine St $299,000 2/1 1,374 SF $217/PSF
I am seeing a lot more “investor special” homes being sold As Is. I think a lot of the residents who have lived in our neighborhood for 20+ years and may be getting elderly are seeing the high demand and high prices to match and are taking advantage of the current market to sell their homes.
Last month we had 17 sold properties throughout Cole & Whittier which is slightly more than we saw in September. We traditionally see strong numbers in October before we start to see a decrease in sold properties that usually comes in Nov & Dec. Out of the 17 properties that sold in Oct we only saw 5 that sold for over list price. Back in the spring & summer we were seeing a lot more properties that were being bid up which in turn caused the list/sold ratio to jump above 100%. In Oct the list/sold ratio was at 99.6% which is only the 3rd month we’ve seen the average below 100%!
Here are a few properties that still sold for over list price:
4251356 1424 E 25th Ave List $295,000 Sold $325,000 2/1 968 SF 5 DOM $335/PSF
2819965 3049 Williams St List $299,000 Sold $317,000 2/2 1,126 SF 6 DOM $281/PSF
9705477 1319 E 31st Ave List $200,000 Sold $225,000 2/1 1,054 SF 4 DOM $213/PSF
Many of the homes that sold at or over list price were found at the $350k and under price point which is still a very desirable price point throughout the Denver metro market but especially in Cole & Whittier. Many buyers in the market can afford to buy a home under $350k and still pay less than they’re currently paying in rent. With home price appreciation going up double digits year-over-year many buyers want to get into the market now before interest rates go up and they cannot afford to buy as much home.
Here are some year-over-year statistics that I think are very insightful:
Oct 2015 VS Oct 2014
Avg DOM 23 19
Median DOM 6 13
Sold/List % 99.6% 98.1%
Months of Inventory 2 3
# of new listings 26 17
PSF $232 $209
Sales $ Avg $375,911 $358,550
Sales $ Median $375,550 $342,500
Sales Volume $6,766,402 $3,585,500
# of sales 17 10
All of the statistics above are representative of a strong, forward moving market. We are seeing more new listings, selling in less time, at a higher price per square foot and ultimately higher sales price!
During this time of the year I would actually not suggest listing your home unless you absolutely need to sell. The time in between Thanksgiving and the New Year is a good time to maybe finish up some projects and start thinking about listing in 2016. With the holidays we tend to see buyers go into hibernation for a short time because they are busy with travel or finishing up work. As a buyer I understand that you may want to tap the breaks during the holiday season. This is totally a natural reaction but I would urge you to continue your home search and if you see a property that will work for you then go ahead and offer on it. You may be surprised that you are not up against a lot of competition and a strong offer at or slightly over list price (depending on the property) may get you under contract and possibly closed before the New 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.