Quarterly Market Report 3Q 2012 July - September

The third quarter of 2012 saw a bit of a slow down in the Highlands real estate market; however, buyers continued to buy property and pay close to list price. Sunnyside experienced a steady number of sales from 2nd quarter to third quarter 2012, while Highland, West Highland and Berkeley saw a bit of a decrease in the number of sales.  This decrease in the number of sales is expected as this as the busy summer season winds down at the end of August and into September. The number of sales of new construction properties in HIghland saw a significant dip in the third quarter; however, there are 20 new construction properties under contract showing that this segment of the Highland market remains in high demand.  The average sales price for new construction has also increased from 2nd quarter to 3rd quarter by 8%.  

All across the Highlands' neighborhoods the theme remains the same........seller's market!  with all 4 neighborhoods with less than 2.5 months of inventory (MOI), sellers are seeing offers very close to list price and in some cases they are seeing multiple offers within a very short time period!! 

HIGHLAND

Single Family    

# of Sales                                          28

Median Sales Price                        $349,500

Avg Sales Price                              $384,242

Avg PSF                                            $226

Avg DOM                                           53

Avg List to Sold Price                      97%

New Construction

# of Sales                                           6

Median Sales Price                       $564,000

Avg Sales Price                             $609,900

Avg PSF                                          $253

Avg DOM                                           253

Avg List to Sold Price                      96.2%

Condos

# of Sales                                        22

Median Sales Price                      $285,000

Avg Sales Price                            $302,450

Avg PSF                                          $269

Avg DOM                                         126

Avg List to Sold Price                     96.2%

WEST HIGHLAND

Single Family    

# of Sales                                     55

Median Sales Price                   $335,000

Avg Sales Price                         $350,000

Avg PSF                                    $2

Avg DOM                                     63

Avg List to Sold Price                92.7%

New Construction

# of Sales                                    6

Median Sales Price                 $512,550

Avg Sales Price                       $525,850                                                             

Avg PSF                                   $207

Avg DOM                                    40

Avg List to Sold Price               97.2%

Condos

# of Sales                                    7

Median Sales Price                 $295,000

Avg Sales Price                      $265,750

Avg PSF                                     $230

Avg DOM                                    22

Avg List to Sold Price               98.5%

BERKELY

Single Family    

# of Sales                                   49

Median Sales Price                $287,000

Avg Sales Price                      $294,510

Avg PSF                                    $223

Avg DOM                                    36.5

Avg List to Sold Price                 98.1%

New Construction

# of Sales                                  5

Median Sales Price              $420,000

Avg Sales Price                   $433,20

AvgPSF                                  $22                                                          

Avg DOM                                 45

Avg List to Sold Price            95.2%                                                   

Condos

# of Sales                               2

Median Sales Price             $330,000

Avg Sales Price                  $330,000

Avg PSF                               $230

Avg DOM                              23

Avg List to Sold Price           98.5%

SUNNYSIDE

Single Family                     

# of Sales                               54

Median Sales Price             $241,750

Avg Sales Price                  $258,200

Avg PSF                                $186

Avg DOM                               50

Avg List to Sold Price           97%

New Construction

# of Sales                               1

Median Sales Price            $505,000                                                  

Avg Sales Price                  $505,000                                                 

Avg PSF                             $259

Avg DOM                             27

Avg List to Sold Price          101% 

Condos

# of Sales                              1

Median Sales Price             $65,000

Avg Sales Price                   $65,000

Avg PSF                               $128

Avg DOM                              191

Avg List to Sold Price           86.6%

 

Quarterly Market Report - Highlands 2nd Quarter 2012

The Second Quarter of 2012 was extremely busy in the Highlands real estate market.  All areas saw a significant increase in the number of sales from first quarter 2012 to seond quarter 2012.  In most instances the average days on market (DOM) decreased as buyers had to act fast to get the property they wanted due to low inventory throughout the Highlands.  The largest increase in sales can be seen in new construction projects in the Highland/LoHi area.  The number of sales of new construction properties jumped from 3 in the first quarter to 24 in the second quater of 2012.  Many projects reached completion in the second quarter and buyers were able to close and move into their new property.  Developers are having no problem selling their properties in HIghland......in fact it seems as if new properties can not be built fast enough. 

HIGHLAND

Single Family

# of Sales                                       33

Median Sales Price                    $314,000

Avergae Sales Price                   $401,000

Avergae PSF                               $239

Average DOM                              59

Average List to Sold Price           94.1%

MOI           

                                    1.9

New Construction

# of Sales                                      24

Median Sales Price                     $540,500

Avergae Sales Price                    $569,800

Avergae PSF                                $255
Average DOM                              109
Average List to Sold Price           98.6%
MOI                                              1.14

Condos/Town Homes

# of Sales                                         21

Median Sales Price                      $315,000
Avergae Sales Price                     $315,250

Avergae PSF                                  $267

Average DOM                                 57

Average List to Sold Price             96.4%

MOI

WEST HIGHLAND

Single Family

# of Sales                                      82

Median Sales Price                  $353,750

Avergae Sales Price                 $363,350

Avergae PSF                             $230

Average DOM                             41
Average List to Sold Price         98.5%
MOI                                            1.4

New Construction

# of Sales                                      1

Median Sales Price                   $605,000
Avergae Sales Price                 $605,000
Avergae PSF                               $206

Average DOM                             324

Average List to Sold Price          97.7%

MOI                                              18

Condos/Town Homes

# of Sales                                     6

Median Sales Price               $232,250
Avergae Sales Price              $265,500
Avergae PSF                            $194
Average DOM                         56
Average List to Sold Price       94.1%

MOI                                          2.5

BERKELEY

Single Family

# of Sales                                  66

Median Sales Price              $299,200
Avergae Sales Price             $297,950
Avergae PSF                          $213
Average DOM                        72.6
Average List to Sold Price      98.5%

MOI                                           2

New Construction

# of Sales                                   11

Median Sales Price               $415,000

Avergae Sales Price              $444.750

Avergae PSF                            $209

Average DOM                           89

Average List to Sold Price      96.1%

MOI                                           3.5

Condos/Town Home

# of Sales                                      2

Median Sales Price                  $479,950

Avergae Sales Price                 $479,950

Avergae PSF                             $189

Average DOM                           79

Average List to Sold Price        98%

MOI                                            5

SUNNYSIDE

Single Family

# of Sales                                   53

Median Sales Price                $250,000

Avergae Sales Price               $248,500

Avergae PSF                            $177

Average DOM                         41.5

Average List to Sold Price       97%

MOI                                          1.81

New Construction

# of Sales                                     0

Median Sales Price                     0 

Avergae Sales Price                    0

Avergae PSF                                0

Average DOM                             0

Average List to Sold Price          0

MOI                                             0

Condos/Town

# of Sales                                   2

Median Sales Price                $179,500

Avergae Sales Price              $179,500

Avergae PSF                           $209

Average DOM                         27

Average List to Sold Price       98.6%

MOI                                          2

Highland 4th of July Parade

This year was the 5th Annual Highland 4th of July Parade and once again the event drew many families, nieghbors and business owners to the parade and picnic in the park.  The festivities began with an old fashion parade led by a vintage fire engine from the Berkeley Gardens fire department.  Scores of children and adults on decorated bikes, wagons, roller blades and scooters followed behind.  The parade route went down W. 32nd Ave. ended in Hirshorn Park for live   music, hotdogs, a bouncy castle and games.  Children lined up to participate in the three legged, potato sack and wheel barrow races while their parents cheered them on and awaited their chance to participate in the races as well.  The Firemen from Station 7 stopped by to provide a surprise cool down to the crowd by spraying us all with their fire hose which then kicked off the water balloon fight (2,500 water ballloons!!!).  The event wound down with a 60 foot ice cream sundae provided by Little Man Ice Cream.  Children lined up for an opportunity to dig into the giant sundae topped with whipped cream, spinkles and chocolate sauce.  This is a great family event that has grown in attendance year after year.  It provides a fun and safe environment for the kids and allows friends and neighbors to gather to celebrate the holiday.  As the neighborhood continues to draw more trendy bars and resturants, and as Highland is touted in news papers and magazines as the "hip" and "hot" neighborhood in Denver, it is nice to experience the sense of small town and community which originally drew many of us to Highland before it really took off.



October 2011 Monthly Market Snapshot - West Highland Real Estate

Single Family
# of Sales  8
Median Sales Price  $285,000
Average Sales Price  $344,000
Average PSF  $198
Average DOM 78
Average % List Price to Sales Price  94%
Months of Inventory  5.12

New Contruction/New Builds
# of Sales  2
Median Sales Price  $634,100
Average Sales Price  $634,100
Average PSF  $206
Average DOM  0
Average % List Price to Sales Price  99.3%
Month of Inventory  3

Condos
# of Sales  1
Median Sales Price  $110,000
Average Sales Price  $110,000
Average PSF  $75
Average DOM  165
Average % List Price to Sales Price  78.6%
Months of Inventory  9

Highland Quarterly Market Statistics........3rd Quarter 2011

Highland is a very diverse community, and the real estate market is no exception.  The homes in Highland vary significantly with older single family homes, newly constructed modern homes and townhomes and condos.  Keeping and eye on the sales activity in each of these catergories is important to help determine trends in the market, as well as help advise clients on the market.

                                                                                               
Single Family Homes
# of Sales  27
Median Sales Price  $270,000
Average Sales Price  $272,500
Average PSF  $209
Avergage DOM  114

New Construction/New Builds
# of Sales  26
Median Sales Price  $410,000
Average Sales Price  $496,500
Average PSF  $248
Average DOM  134

Condos

# of sales 13                                                                      
Median Sales Price  $230,000
Average Sales Price  $263,750
Average PSF  $233
Average DOM  57