As of 9/18, the Cole & Whittier neighborhoods have 48 active & under contract listings with 23 of those active and 25 under contract. We have seen 19 new properties listed since Sept 1 with 14 still available and 5 under contract. The average DOM for the properties already under contract is 5 days! I continue to hear some agents saying that the market is slowing down but in Cole & Whittier I can honestly say that properties priced right and in good showing condition are still receiving multiple offers and going under contract in 6 days or less. While the average DOM for the last 3 months hovers at 16 days for detached SF homes & 17 days for attached SF homes, I still see the “creampuff” homes going under contract in less than a week with multiple offers.
Here are a couple active properties that have hit the market in the last week:
2827813 2849 N Race St $519,900 3/2 2,316 tot SF $224/PSF.
4298024 3928 N Williams St $399,000 3/2 1,716 tot SF $232/PSF.
4251356 1424 E 25th Ave $295,000 2/1 968 tot SF $304/PSF.
All of these homes are above the Cole/Whittier 3 month average $216/PSF for single family homes however they are all in good condition and I wouldn’t be surprised if many are under contract by the beginning of next week.
Last month we saw a total of 24 sold properties in Cole & Whittier. 17 of those were detached SF and 7 were attached SF properties. This is slightly higher than July but only by 2 properties. The properties ranged in price from $261k up to $537k with the majority falling in the mid $300k-mid $400k price range. Our 3 month average for sold SFHs jumped up another $5,000 and the DOM went down by 2 days. This data continues to show we are in an increasing market that still favors sellers.
Here are a couple properties that sold in August:
8974359 2811 N Gaylord St Listed $435,000 Sold $465,000 3 DOM 4/2 2,304 tot SF $201/PSF.
2424869 2522 N Vine St Listed $429,000 Sold $455,000 4 DOM 3/2 1,455 tot SF $312/PSF.
2580859 2755 N Race St Listed $424,500 Sold $436,000 4 DOM 3/2 1,815 tot SF $240/PSF.
For the 3rd month in a row the close price to list price ratio has been at 100.0% for combined detached & attached SF homes. I cannot stress enough that overpricing your home is detrimental in this market! Buyers in this market are very savvy and extremely sensitive to pricing. If they deem a property overpriced then instead of offering the seller a lower than list price offer they will not offer at all. A seller who overprices their home will ultimately end up getting less money than if they priced their home at or slightly under market value and then had multiple offers causing buyers to “bid up” the price.
Here are a couple year-over-year figures showing the increase from Aug 2014 to Aug 2015:
Aug 2015 Aug 2014
Avg DOM 17 23
Median DOM 7 20
Price per sf (PSF) $228 $196
Avg Sales price $399,381 $354,376
Our average sales price has gone up over 12% year-over-year while the PSF has gone up over 15%. These are record setting numbers that homeowners absolutely love hearing! Buyers on the other hand do not like to hear that they are paying 12-15% higher than they would have a year ago, especially those who have been looking for over a year and have been unable to win the bidding war.
For buyers I would say keep on keepin’ on! I know it’s rough out there and you want to give up but just think how much more you will pay next year if you decide to take a year off and values continue to rise. For sellers I say strike while the iron’s hot! There is still a lack of inventory and with interest rates staying low there are still many buyers in the market. Chances are you have more equity in your home than you think and if you have a dream of moving up to your “forever home” this is a great market to sell and afford to buy more.
*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.