This month we’re actually experiencing the most balanced market we’ve seen all year in Southern Hills. What does that mean? It means that the supply of homes on the market is actually keeping pace with the demand. Part of this is due to the fact that as of today, of the 14 active single family homes, ten of these have been on the market over 2x the average days on market for the area which is 12 days. I’ve personally toured each of the homes on the market and with the exception of only a couple, the reason is that they are overpriced.
In a market favorable to sellers as we’ve seen throughout 2015, it’s always a good time to sell houses that have undesirable features. Whether it’s a bad location, limited bedrooms, bathrooms or living spaces or even a cumbersome floor plan, it’s a good time to get the maximum value for a house that might be more difficult to sell in another market. Right now, that’s the story with the active listings in Southern Hills that aren’t moving. Even in a hot market like this, sellers and their agent still need to understand that the price needs to be in line with what buyers are willing to pay for homes with flaws that either can’t be corrected or would need significant investments to correct.
Aside from this micro-phenomenon, Southern Hills’ market is strong. We saw 11 new listings, five homes go under contract and 10 homes sell.
*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.