Quarterly Market Report First Quarter 2013

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 DOM                                 49

Average List to Sold Price            94%

MOI                                             .81

New Construction

# of sales                                          11

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

Condo

# 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

WEST HIGHLAND

Single Family                                 

# of sales                                        41

Median Sales Price                    $387,500

Average Sales Price                   $398,750

Average PSF                               $245

Average DOM                              36

Average List to Sold Price          104%

MOI                                             1.09

New Construction

# of sales                                           2

Median Sales Price                      $440,000

Average Sales Price                     $440,000

Average PSF                                 $268

Average DOM                                44

Average List to Sold Price           96.8%

MOI                                                6

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

Condo

# of sales                                             4

Median Sales Price                        $318,875

Average Sales Price                       $277,188

Average PSF                                   $215

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 PSF                                   $317

Average DOM                                 141

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