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%

 

2012 Highland Haunt

This past Saturday was the annual Highland Haunt....a wonderful neighborhood Halloween block party providing fun for the entire family.  This year's event drew a large crowd dispite the cold and snow just days earlier!  The clouds parted and the day was a beautiful fall afternoon in Highland!   West 32nd Ave. between Zuni Street and Clay Street was blocked off for a safe and fun event.  There was definatley some great costume watching as children, adults and pets came out in their creative Halloween gear!  The event provided lots of activities with a costume contest and parade, hay rides, pinatas, street prformers, live music, bouncey castles, face painting, food venders and a petting zoo!  Check out the Highland Haunt Facebook page for additional photos of the awesome costumes!  https://www.facebook.com/#!/highlandhaunt

Lower HIghland's (LoHi) Visionairies

LoHi contiues to grow with new and exciting resturaunts and shops, as well as in new residential developments.  The LoHi real estate market is HOT and nnay of these multi-unit developments are selling out prior to breaking ground!!  Businesses are attracted to LoHi and so are new residents!  It is hard to say what makes a neighborhood take off in popularity.......what makes it the hot spot.  It usually starts with an individual or individuals having the faith and vision to invest in a particular area.  Here is a great article providing some history on the vision of LoHi........and the visionaries behind some of LoHi besr spots!

http://www.bizjournals.com/denver/print-edition/2011/06/03/high-times-for-lohi-now.html?ana=fbk 

Sunnyside Music Fest 10th Anniversary

The Sunnyside Music Fest was this past weekend in Chaffee Park in Sunnyside.  Celebrating their 10th Anniversary, this year's event, once again, did not disappoint.  The weather was beautiful and the crowd was large.  Chaffee park was filled with bikes, strollers, dogs, and food and craft venders, as young and old came out to this community event to hangout with friends and neighbors and listen to some great local music.  What makes Sunnyside Music Fest so unique is that it is Denver's ONLY community-owned, grass roots neighborhood event.  The FREE event is held each year the Saturday after Labor Day. Proceeds for this year's event went to the local non-profit Bienvenidos Food Bank.  Check out the link below for more information on the Sunnyside Music Fest, the history and how to get involved next year! 

http://www.sunnysidemusicfest.org/about/our-organization/                      

Monthly Market Snap Shot June 2012

June was HOT, and not just in temperatures.....the Highlands real estate market was HOT as well.  All areas saw an increase in the number of sales from May to June 2012.  Even with low inventory, buyers continue to purchase property at a rate that is higher than this time last year.  There are many serious buyers searching the Highlands for homes to meet their needs.  They search the internet at home and on weekends circle for Open Houses in hopes they are the first to find that home that meets their needs.  Historically low interest rates are keeping buyers interested in the market and low inventory is helping sellers obtain close to asking price for their home.  The HIghlands continues to be seller's market in all areas. 

Interest rates are expected to remain low through 2012.....it will be interesting to see what the next few months bring to the Highlands real estate market.  Will the typical seasonal slow down at the end of the summer effect the market??  Stay tuned!

Highland

# of Units Sold                         32

Median Sales Price            $380,000

Average Sales Price          $452,200

Average PSF                        $254

Average DOM                         79

Average List to Sold Price    97%

Months of Inventory (MOI)       1.25

West Highland

# of Units Sold                           33 

Median Sales Price               $335,000

Average Sales Price             $374,300

Average PSF                            $221

Average DOM                            43

Average List to Sold Price       99%

MOI                                           1.22

Berkeley                                     

# of Units Sold                          34

Median Sales Price              $294,000

Average Sales Price            $331,400

Average PSF                          $223

Average DOM                           53

Average List to Sold Price     98.4%

MOI                                              1

Sunnyside

# of Units Sold                           15

Median Sales Price               $279,000

Average Sales Price             $273,500

Average PSF                             $198

Average DOM                            20

Average List to Sold Price        98.2%

MOI                                              2.26

It's Not Just About the Ice Cream

Saturday night in LoHi is hopping and the line is around the corner at Little Man Ice Cream.  This popular milk can ice cream shop draws people from inside and outside the neighborhood.  The ice cream alone is worth the trek, but the great thing about Little Man is that it is not just great ice cream, gelato and sorbet......visiting Little Man Ice Cream is an experience.  Throughout the summer Little Man offers Vintage Movie Nights, Blue Grass Sundays  and even a hula hoop contest.  Check out their events calendar that offers fun events for the entire family throughout the year http://littlemanicecream.com/calendar/.  It is great to see a successful business in the community go above and beyond for the betterment of the community as whole!  YAY Little Man Ice Cream!!!

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