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January 2016 Market Update for Indiana Pulse

Dan Thomas Front Q4

December saw 9 new listings come on the market which brought the total available listings to 35 listings. There were also another 7 listings under contract that brought the inventory total to 42 listings.

The active inventory this December equaled the active inventory of December 2014. It was also just slightly less than the inventory level in November which was 38 active listings.

The higher higher inventory totals for our community compared to the rest of the Denver metro area is still being fueled by new construction. Two thirds of the December’s inventory were new builds.

The two interesting notes about the active inventory is the increase of ranch style homes and the rise of higher priced homes.

There are currently eleven ranch style homes. In all of 2015, there have only been 28 ranch style homes that have sold. It’s also worth noting that there are ranch style homes like 9514 Moss Way which are family style homes. Often the ranch style homes you see are the patio style ranch that is limited in square footage and bedrooms. Those homes are often not conducive to families.

The other note was the rise of higher priced homes. Currently there are 7 homes (3 active, 4 under contract) with a price point of $600,000+. For perspective, in 2014 there was not one home that sold for over $600,000 and there were 7 total for the entirety of 2015.

After a few stagnant months from September – November, sold homes rose in December. There were 12 sold homes for a total sales volume of $5,576,894. Sold homes in December were up 33% from November, 58% from October and 41% from September. December sales were slightly below, 14% down from December of 2014.

A majority of the homes were typical single family homes in the areas powerhouse price range of $400,000 – $500,000. There was the rare opportunity for a townhouse purchase There was one townhouse sale – a B unit on 83rd Place in Five Parks.

Demand is still high as the builders are still moving dirt and the amount of permit requests are causing building delays. I have also felt a spike in the demand of resales as buyers who cannot wait 6-8 months to build are jumping on those homes.

The amount of available inventory has produced a healthier real estate market for our neighborhood(s). 2015 saw a 9% spike in the average monthly median sales price compared to 2014. The average monthly median price in 2015 was right around $495,000 compared to $445,000 in 2014. 9% provides a healthier number as our area will not need to worry about any possible bubble in the market.

For 2016, another healthy appreciation number of 6% – 9% is reasonable. We already discussed the rise in higher priced homes which will only help the entire community with home values. Additionally, there is a nice balance of supply and demand which should provide sustainability.

For January, there will be an increase in the number of sold homes as I personally know there were new construction homes that were set to close in December and for various reasons got pushed to January.

*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.

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