Monthly Market Snap Shot - Highland December 2011

December 2011 sales in Highland remained fairly consistent with sales in December 2010 and with the sales over the last several months.  The median and average sales price is up from December 2010, and the average Days on Marlet (DOM) has decreased.  As with most of the Denver Metro area, Highland is experiencing very low inventory, especially in the condo/town home market $400K and below.  I am begging people to sell their houses, town homes and condos right now so there is something for the buyers out there to purchase!  The low inventory plus the continued sales in the neighborhood make single family and condo/town home market are very strong seller's market.  The market for new contruction is currently a balanced market with 6 MOI.  Many of the properties in this segment are pricier, $400K and higher, which have been taking longer to sell.

Single Family

# of Sales  8                                                                                
Median Sales Price  $307,500
Average Sales Price  $349,500
Average PSF  $236
Average DOM  51
Average List to Sold  96.5%
MOI  2.2

New Construction
# of Sales  2
Median Sales Price  $651,250
Average Sales Price  $651,250
Average PSF  $238
Average DOM  59
Average List to Sold  92.6%
MOI  6

Condos

# of Sales 3                                                                        
Median Sales Price  $359,000
Average Sales Price  $321,300
Average PSF  $214
Average DOM 103
Average List to Sold  101.5%
MOI  2

Highland Condo/Town Home Inventory $400k and Below Frightenly Low!

As you know, Highland, or LoHi, has become an increasingly popular neighborhood in Denver.  New restaurants, coffee shops and businesses have made this the neighborhood to be in and a “hot spot” in the real estate market.  Who wouldn't want to call Highland home.......right? 

With popularity comes demand……..and demand requires supply.  Currently there is a shortage of condo/town home properties below $400,000 for sale in Highland.  There are currently 5 condo/town homes on the market that meet this criteria.  There are many people wanting to purchase a property in the neighborhood and it is difficult to help them find a property suitable for them.  Most are looking below $350,000.....which brings the selection to 3.

Condo sales in the neighborhood have remained steady over the past 6 months with and average of 4.8 sales per month and an average of 90 days on the market.  There is currently 1.2 months of inventory, making this segment of the market a seller’s market.  Sellers are getting an average of 97% of their asking price on the sale of their condo/town home.  Now is a GREAT time to put a condo/town home on the market.  If priced well it should get a lot of activity and move quickly!!!

Monthly Market Snap Shot - West Highland November 2011

Every segiment of the West Higland real estate market is very much a seller's market at this time.  Single Family Homes with 2.15 months of inventory (MOI), New Builds at 2 MOI and even condos at 2 MOI give sellers the upper hand in this market.  Currently inventory is low all across the Denver Metro area, not only due to the seasonal decreases of the winter months and holidays, but due to sellers waiting on the side lines.  There is alot of uncertainty for sellers right now.  Some owe more than their house is worth and others are feeling the need to stay put during this time of economic uncertainty.  One thing is for sure in West Highland......buyers are buying, and if you house is priced properly, in good condition and in a good location (and the Highlands is still a good location) it will sell. 

Single Family                                                                                     
# Sold  13
Median Sales Price  $339,000
Average Sales Price  $324,050
Average PSF  $217
Average DOM  59
Average List Price/Sales Price  93%
Current Active Listings  28
MOI  2.15

New Builds
# Sold 2
Median Sales Price  $451,560
Average Sales Price $451, 560
Average PSF  $190
Average DOM  101
Average ListPrice/Sales Price  84.8%
Current Active Listings  4
MOI  2

Condos
# Sold  3 
Median Sales $137,000
Averages Sales $183,667
Average PSF  $184
Average DOM  75
Average List Price/Sales Price  89.9%
Current Active  6
MOI 2