The Highlands real estate market remained hot in the first quarter of 2013 with the number of sales increasing, or remaining stable, in most areas from 1Q 2012 to 1Q 2013. Extremely low inventory remains the theme in the market for all of the Highlands. Properties in good condition that are priced well are seeing multiple offers, and in many cases are receiving offers at list price or above. This remains true for all price ranges on the market. Second quarter 2013 is a good time to list a property in the Highlands.
Highland– The number of sales of new construction properties increased year over year as many new construction projects reached completion. Many of these new construction properties were purchased in the construction phase and have been under contract for months. The average price per square foot (PSF) increased 15% for new construction properties from 1Q 2012 to 1Q 2013. First quarter 2013 saw a 12% increase in the number of sales of single family homes from 1Q 2012, as the average sales price increased 5%. Condo properties in Highland remain in high demand. When new condo properties came on the market in the first quarter, they went fast. The days on market from 1st Q 2012 to 1st Q 2013 saw a significant decrease.
West Highland—The number of sales of single family homes increased from 1Q 2012 to 1Q 2013. The days on market decreased significantly year over year, and on average, sellers received above asking price (104%). This is due mainly to low inventory and many buyers competing for properties that do go on the market. New construction has slowed down a bit over the past several years in West Highland. New construction properties on the market are purchased quickly and at premium prices (average of 99% of list price). The condo market has remained steady in the number of sales from 1Q 2012 to 1Q 2013. The average sales price for a condo property increased significantly from 1Q 2012 to 1Q 2013.
Berkeley– The sales for single family homes in Berkeley increased from 1Q 2012 to 1Q 2013 by 15%. The average sales price for single family homes saw another year over year increase in the 1st quarter as well. Low inventory continues to effect the DOM for properties in the area as DOM remains below the Denver metro average. The number of sales for new construction properties saw a increase from 1Q 2012 to 1Q 2013 with the average sales price increasing as well (23%). New construction properties are also getting premium price at an average of 99% of list price. Condo sales have increased year over year as well, and the average sales price saw a large increase.
Sunnyside– Sunnyside saw a decrease in the number of sales of single family homes from 1Q 2012 to 1Q 2013; however, the average sales price increase saw an increase of 11%. Sunnyside had another new construction sale in 1Q 2013 which was a higher priced property from the new construction property in 1Q 2012. As the real estate market continues to improve in the Highlands, expect to see more new construction in Sunnyside.
HIGHLAND
Single Family
# of sales 34
Median Sales Price $356,000
Average Sales Price $395,925
Average PSF $237

Average List to Sold Price 94%
MOI .81
New Construction
Median Sales Price $499,000
Average Sales Price $502,700
Average PSF $287
Average DOM 43
Average List to Sold Price 99.5%
MOI 2.77
# of sales 6
Median Sales Price $309,000
Average Sales Price $425,000
Average PSF $265
Average DOM 57
Average List to Sold Price 95.8%
MOI 2.3
Median Sales Price $387,500
Average Sales Price $398,750
Average List to Sold Price 104%
MOI 1.09
New Construction
Median Sales Price $440,000
Average Sales Price $440,000
Average List to Sold Price 96.8%
Condo
# of sales 6
Median Sales Price $256,250
Average Sales Price $248,000
Average PSF $220
Average DOM 53
Average List to Sold Price 97.7%
MOI .50
BERKELEY
Single Family
# of sales 41
Median Sales Price $325,000
Average Sales Price $331,600
Average PSF $215
Average DOM 44
Average List to Sold Price 88.7%
MOI .80
New Construction
# of sales 8
Median Sales Price $538,000
Average Sales Price $531,500
Average PSF $200
Average DOM 70
Average List to Sold Price 99%
MOI 3.8
Median Sales Price $318,875
Average Sales Price $277,188
Average DOM 69
Average List to Sold Price 91.4%
MOI 3.125
SUNNYSIDE
Single Family
# of sales 35
Median Sales Price $235,000
Average Sales Price $234,885
Average PSF $196
Average DOM 77
Average List to Sold Price 95.5%
MOI 1.18
New Construction
# of sales 1
Median Sales Price $494,000
Average Sales Price $494,000
Average List to Sold Price 95.9%
MOI 0
Condo
# of sales 2
Median Sales Price $172,000
Average Sales Price $172,000
Average PSF $222
Average DOM 143
Average List to Sold Price 101.6%
MOI .66