Quarterly Market Report 4th Quarter 2012

The real estate market in the Highlands ended the year strong. All neighborhoods in the Highlands saw an increase in the number of sales from 4Q 2011 to 4Q 2012.  Low interest rates and the popularity of the area are keeping sales strong despite extremely low inventory. First quarter 2013 would be an excellent time to put a property on the market to avoid the competition that will hit the market in the spring.

Highland– New construction properties continue to be in big demand, despite a dip in the number of sales in 4Q 2012, there are 40 properties under contract, most properties going under contract before construction is completed. The condo market appears to have taken a big dip (nearly 50%) in the number of sales from 4Q 2012 compared to the 3Q. However, the decrease in sales can be more accurately explained by sheer lack of inventory. New  condo inventory is very much needed. Highland is experiencing a strong seller’s market meaning that sellers have the upper hand in negotiation.

West Highland—The number of sales of single family homes saw a decrease from 3Q 2012 to 4Q. West Highland saw a very strong 2Q and 3Q and a decrease in sales can be attributed to the seasonal slow down of the market.  The new construction market has seen a decrease in inventory throughout 2012 with a very limited number on the market currently. West Highland remains a strong seller’s market with very low inventory and high demand. 

Berkeley– The sales for single family homes in Berkeley remained fairly stable to end the year strong. The average sales price for single family homes saw a 12% increase from 4Q 2011 to 4Q 2012. The number of sales for new construction properties saw a decrease from 3Q 2012 to 4Q; however, the new construction market is suffering from low inventory which may attribute to the decrease in the number of slaes. Berkeley is a strong seller’s market.  

Sunnyside– Sunnyside saw a large decrease in the number of sales of single family homes from 3Q 2012 to 4Q (36%); however, the average sales price increased during that same time. Sunnyside saw an extremely strong 2Q and 3Q 2012 and the decrease can be attributed to the seasonal slowdown in the market. Sunnyside has not been known for a large new construction or condo market; however, there have been a few new construction properties in the area in 2012. Sunnyside remains a very strong seller’s market as well.

HIGHLAND

Single Family

#of Sales                                                       35                                                   

Median Sales Price                                 $325,000

Average Sales Price                               $344,600

Average PSF                                              $246

Average DOM                                             47.5

Average List Price to Sold Price              95.7%

New Construction

# of Sales                                                      5

Median Sales Price                               $635,000

Average Sales Price                             $662,300

Average PSF                                           $229

Average DOM                                          107

Average List Price to Sold Price           97.7%

 Condo

# of Sales                                                   12

Median Sales Price                               $294,000

Average Sales Price                             $357,800

Average PSF                                            $286

Average DOM                                            59

Average List Price to Sold Price           96.3%

WEST HIGHLAND

Single Family

# of Sales                                                 39

Median Sales Price                             $360,000

Average Sales Price                           $381,750

Average PSF                                        $247

Average DOM                                          52

Average List Price to Sold Price         94.6%

New Construction

# of Sales                                                 8

Median Sales Price                            $626,250

Average Sales Price                          $691,050

Average PSF                                        $236

Average DOM                                        113

Average List Price to Sold Price         98%

Condo

# of Sales                                                7

Median Sales Price                          $242,500

Average Sales Price                        $223,750

Average PSF                                      $187

Average DOM                                      45

Average List Price to Sold Price        91.7%

BERKELEY

Single Family

# of Sales                                                46

Median Sales Price                            $330,825

Average Sales Price                          $330,375

Average PSF                                         $229

Average DOM                                         50

Average List Price to Sold Price          99.9%

New Construction

# of Sales                                                 2

Median Sales Price                            $427,000

Average Sales Price                          $427,000

Average PSF                                         $244

Average DOM                                         38

Average List Price to Sold Price         98.8%

Condo

# of Sales                                                 5

Median Sales Price                           $149,900

Average Sales Price                         $170,925

Average PSF                                         $186

Average DOM                                         58

Average List Price to Sold Price         94.1%

SUNNYSIDE

Single Family

# of Sales                                              35

Median Sales Price                        $279,900

Average Sales Price                      $315,625 

Average PSF                                     $188.5

Average DOM                                      49.5

Average List Price to Sold Price       96.3%

New Construction

# of Sales                                                 0

Median Sales Price                                0

Average Sales Price                              0

Average PSF                                          0

Average DOM                                        0

Average List Price to Sold Price         0

Condo

# of Sales                                             2

Median Sales Price                        $111,500

Average Sales Price                      $111,500

Average PSF                                     $162

Average DOM                                      22

Average List Price to Sold Price      97.5%

Holiday Events in the Highlands

Again this year, there are many fun holiday events in the Highlands for families to enjoy!  There are many great opportunities to get outside and enjoy the holiday season while supporting the local community!

• Holiday Lightening with caroling, chestnuts and photos with Santa and his reindeer!  This event held at Littleman Ice Cream is sponsored by the LoHi Merchant Associtation.  Sunday, December 2, 2012 at 6:00.
• Sunnyside Sleigh Rides.  Sleigh rides ($2 suggested donation) and a visit from Santa.....complimentary hot coco! Happy Hour specials and Ernie's dinner for four specail!  Ernie's Bar and Pizza (2915 W. 44th Ave.) 5:00 p.m. - 8:00 p.m. https://www.facebook.com/#!/events/483526501692493/
• Jingle and Mingle on Tennyson Street.  Enjoy breakfast with Santa, story time with Mrs. Claus, resturants and businesses offering specials and Berkeley the Snowman handing out freebes....all this while supporting local businesses with your holiday shopping!  Saturday, December 8, 2012 in the Berkeley Business District along Tennyson Street (W. 38th Ave - W. 46th Ave.) 8:00 a.m. - 5:00 p.m.  https://www.facebook.com/BerkeleyDistrict
• Winter Market and Holiday Fair. The Holiday Fair offers over 30 local artisan and crafters for an opportunity to get those last minute gifts and support local artisits and crafters. This is a free community event with photos with Santa, live music, sing-alongs featuring your favorite holiday tunes, craft-making stations, interactive kids activities and more! Saturday, December 8, 2012 at Valdez Elementary (2525 W 29th Ave.)  10:00 a.m. - 3:00 p.m.  http://www.winter-market.com/
• Holiday in the Highlands and 32nd Avenue Shop Night.  Saturday December 8, 2012 is Shop Night where Highland Square Business with remain open late to provide opportunitie for holiday shopping and to take advantage of specials for restruants and retail establishments  The tree lighting ceremony with be that evening at 7:00 p.m. at the Highland United Methodist Church.  Sunday, December 9th, is Holidays in the Highlands....and afternoon of fun for the entire family.  There will be carriage rides, pony rides, tree lighting, photos with Santa and free hot coco and cider!  http://highlands-square.com/
• Highland United Neighbors, INC (HUNI) annual HUNI Hour Holiday Party.  Celebrate the holiday season wtih friends, neighbors and local merchants.....appetizers and drink specials, plus opportunities to win fun door prizes and a grand prize!  Tuesday, December 11, 2012 at Highland Tap and Burger (2219 W. 32nd Ave.)!  Festivities begin at 5:30 p.m. with door prizes announced at 6:40 p.m.  http://www.denverhighland.org/

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/