Our neighborhood currently has 2 active homes on the market as of March 14th. The average listing price per finished square foot is $142/psf and current active days on the market is averaging 7. The townhome that is currently active will be going under contract on 3/15 (per the MLS) so really, we are back to extremely low inventory!
We are seeing the really nice homes sell even higher than predicted. There are bidding wars that bring the purchase price over the listing price and sellers are usually able to negotiate really good terms as buyers have learned they need to be flexible to win deals. The way the homes are marketed, staged, and shown are extremely important to help get the best possible price.
Ralston Estates had 5 homes sell in February compared to 4 homes in January. The average days on market was 14 with the average price per finished square feet at $166/psf.
The average days to contract dropped in February most likely due to the market picking up. The mild weather made buyers want to get out and look at homes.
Here’s how February 2016 stacks up to this time last year:
Median home price= $401,000
Average days to contract= 14
Price per finished square foot= $166
Median home price= $280,000
Average days to contract= 5
Price per finished square foot= $142
We saw a much more active February than January and buyers are getting back out there and buying homes quickly while the interest rates are still low. Home values are still slightly increasing compared to last year and it is certainly a great time to 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.