Monthly Market Snap Shot - HIghland February 2012

Sales increased a bit in the Highland real estate market in February 2012. There are many buyers wanting to take advantage of the historically low interest and wanting to move to one of Denver’s hottest neighborhoods.   Inventory remains a challenge as it remains low, especially in the $400k and below price range.  Several properties in this price range have gone under contract in less than a week with multiple offers.  The market remains a seller's market with 4.5 MOI for single family homes, and an even hotter seller’s market for condos with 1.42 MOI.  A seller’s market means the seller has the upper hand in the negotiation process and sellers can expect to get very close to asking price for their property. 

If you are, or have considered putting your home on the market, now is a great time.  The further into the spring and summer selling months we get, the more competition there will be on the market .

Single Family

# of Sales                          9

Median Sales Price           $279,450

Average Sales Price          $298,425

Average PSF                        $228

Average DOM                       101

Average List to Sold Price      90.6%

Months of Inventory                4.5

Condos

# of Sales                            9

Median Sales Price            $315,000

Acerage Sales Price          $371,200

Average PSF                     $236

Average DOM                     210

Average List to Sold Price    97.6%

Months of Inventory             1.42

Monthly Market Snap Shot - Highland January 2012

Sales remained consistent in the Highland real estate market as we entered the new year. The typical slow down of the winter and holiday months did not seem to effect buyers looking to purchase proper in the area.  With the months of inventory (MOI) below 6 months for both single family and condo properties, the Highland market is a seller’s market.  A seller’s market means the seller has the upper hand in the negotiation process and seller’s can expect to get very close to asking price for their property. 

One struggle in the Highland market is low inventory of properties below $400K.  Properties in good condition and priced well are going quickly, and some receiving multiple offers.

 Single Family

# of Sales               7

Median Sales Price  $400,000

Average Sales Price  $400,500

Average PSF      $186

Average DOM      133

Average List to Sold Price  87.9%

Months of Inventory  4.8

Condos

# of Sales     5

Median Sales Price   $390,000

Average Sales Price   $405,500

Average PSF       $221

Average DOM      309

Average List to Sold Price  96.2%

Months of Inventory   2

Quarterly Market Report - October - December 2011 Highland

Highland saw a steady forth quarter of sales.  As interest rates remained low, buyers continued to keep this "hot" neighborhood top on their list.  Unfortunately, inventory has been and remains low, especially in the price range of $350K and below.  Condos in the area and in this price range are hard to come by. With 3 months and less of inventory on the market  (MOI), we are in a strong sellers market.  And we all know from Economics 101........high demand and low supply equates to increases in price (value).  If a property is in good condition, has a good floor plan and is priced well.......it will sell and will sell for , or close to, asking price.

Single Family
# of Sales  30

Median Sales Price  $305,000                                                 
Average Sales Price  $315,000
Average PSF  $223
Average DOM  85
Average List to Sold Price  92.5%
MOI  2.25

New Construction
# of Sales  7
Median Sales Price  $520,000
Average Sales Price  $474,650
Average PSF  $256.50
Average DOM  62
Average List to Sold Price  97.9%
MOI  3

Condos
# of Sales 10

Median Sales Price  $238,950                                                       
Average Sales Price  $250,850
Average PSF  $238
Average DOM  78
Average List to Sold Price  98.2%
MOI  2

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

Monthly Market Snap Shot - Highland November 2011

The majority of the segiments of the Highland real estate market remain a seller's market.  The New Build market, with 5 months of inventory (MOI), is leaning towards a more balanced market where neither the seller nor the buyer have the advantage.  New build properties in the higher price range continue to experience the greatest number of days on the market (DOM); however, a new build single family home sold for $1,000,000 in November, bringing the average sale price up in this market.

Single Family
# of Sales  11
Median Sales Price  $353,900

Average Sales Price $329,075                                                                                      
Average PSF  $211
Average DOM  48
Average Percent List to Sold Price  89.7%
MOI  1.5

New Build
# of Sales  3
Median Sales Price $289,900
Average Sales Price  $504, 900
Average PSF  $271.50
Average DOM   46

Average Percent List to Sold Price  92.5%                        
MOI  5

Condo
# of Sales  2
Median Sales Price  $165,403
Average Sales Price  $165,403
Average PSF  $259
Average DOM  88
Average Percent List to Sold Price  99.4%
MOI  3.5