*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.
Infographic: October 2015 Market Update for the Bonnie Brae Area
Homes sold in my Farm
for a Total of 59 sales over the last 3 months.
-Average Sold Price = $785,677
-Median Sold Price = $637,500
Price Per Square Foot (total) = $248
The Denver housing market remains one of the hottest in the country as we coast into Fall, but there is a slight cooling in Denver real estate, even if the fall weather temperatures remain high and decidedly un-autumnal in the Denver Metro area.
On the macro level, September marked a fourth consecutive month of overall price decreases in Denver — the peak was in May with an average sold price of $374,890, and September’s average sold price ticked downward for the 4th month in a row to $353,197. Inventory easing is a main contributing factor to this trend. Although inventory remains historically low, more sellers are bringing listings to the market to ease the ratio of under-supply and over-demand, which is having the domino effect of giving buyers relative greater selection, choice and hence, more control over run-away prices. Is the market still hot? Yes. Is it becoming just a little more balanced? Also, yes.
On the micro-local level, however, our neighborhood did not reflect the general trends in the Denver Metro Area. Bonnie Brae, Belcaro and Cory Merrill sales ended last month extremely strong with month-over-month increases in just about every area. 25 houses sold in September, up from 10 in August, and the Average Sold Price from the last three months increased from $785,677 to $790,960. The 3-month average price per total square foot increased from $248 to $263 with the addition of September’s strong sales data, as well.
As of this writing, there are 56 properties active on the market in our neighborhood, ranging in price from $1,870,000 to $350,000. More than half of these properties are priced over $1,000,000. According to the Denver Metro Association of Realtors, 83 homes closed for over $1,000,000 in September, and 9 of those homes were in the Bonnie Brae, Belcaro and Cory Merrill neighborhoods! That’s quite a percentage for our little piece of of the city.
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