Currently there are 24 active listings ranging all the way from 310,000 to 4.2 million. The average price is $703,102 but the 4.2 million dollar listing could be squing this number. The average PPSF is $312 which is a little higher than normal for this area, but again the 4.2 million dollar listing could be affecting this number. Currently there are 5 properties under contract.
One listing that really stands out is the 4.2 million dollar listing. It is typical to see listings in the higher ranges all the way up to 800-850,000 but million dollar listing are not typical for this area.
During the month of August there were 27 listings that sold. These listings had an average CDOM of 266 and average PPSF of $301. Having a higher CDOM in this neighborhood is pretty typical given that many of the listings are new construction.
This neighborhood has quite an array of types of listings ranging from 185,000 all the way up to 739,900, with start at 1 bedrooms all the way to 4. I would say one common trend, even though there are such variations in price and square footage, etc, is that many of them are attached single family homes (condos, townhomes)
The current and sold data tells me that this is still a very active area with a lot of units/properties being sold but also a lot going on to the market. It appears that in these latter Summer months properties have been staying on the market a little longer than beginning Summer months. Two reasons why this area has a higher average CDOM is 1) there is a lot of new construction and 2) there tend to be price ranges a little higher in this area and those properties tend to stay on the market longer rather than properties 350 and below.
I predict that this area will continue to have a lot of new construction and stay very active. The market has cooled down just a little with families getting their kids settled into school but I predict it will pick up more in the months to come. Now would be a great time to buy with a lot more inventory in this neighborhood than previous months allowing buyers more options!
*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.