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.



2012 Highland Farmers Market

The 2012 Highland Farmers Market is well underway with many venders selling fresh fruits and vegitables, flowers, crafts, doggie treats and much more.  The market is located in a perfect spot in LoHi, between 15th and 16th on Boulder Street, right in front of Lola, Vita and Shangrila Cafe.  This year's market brings many more food trucks and, along with the live music and umbrella tables......is a great place to sit back, relax and enjoy some specialty food from items. 

The Farmers Market draws many neighborhood regulars, as well as shoppers traveling in from other areas.  It is a great gathering spot to meet up with friends and neighbors and provides much fun and entertainment for the whole family!  The Highland Farmer's Market is sponsored by the neighborhood association, Highland United Neighbors, Inc (HUNI) and runs Saturdays, June through October 9:00 a.m. - 1:00 p.m. 

Quarterly Market Snap Shot W. Highland, Berkeley and Sunnyside January - March 2012

"Seller's Market" is the term to define all three of these Northwest Denver neighborhoods.  Low inventory throughout the Denver Metro area, including the Highlands and its neighboring areas, has buyers and agents frustrated in finding properties that meet client's price range and needs.  Properties priced well and in good condition are receiving offers within 24-48 hours of going on the market. Many properties are receiving mulitple offers and offers that are close to, or above, asking price.  Real estate agents are having to craft strategies to get offers accepted and buyers are having to forego consessions or contingencies to make their offers more attractive.  As we approach the high point of the spring and summer selling season it is hoped that sellers currently on the fence recognize this great opportunity and take the plunge to sell.  The low vacancy rates in the rental market and rent prices on the rise, combined with historically low interest rates, have many buyers deciding that now is the time to pursue home ownership.  They see that in many cases, owning a home is more affordable than renting.

If you have considered, or are considered selling your home.....now is the time! 

West Highland

Single Family

# of Units Sold                   32

Median Sales Price           $321,500

Average Sales Price         $436,500

Avergae PSF                      $212

Average DOM                   151

MOI                                   2.6

Condo

# Units Sold                        5

Median Sales Price          $202,000

Average Sales Price        $197,900

Average PSF                    $215
Average DOM                   892
MOI                                    5.3

Berkeley

Single Family

# of Units Sold                   32

Median Sales Price           $275,500

Average Sales Price         $227,225

Avergae PSF                      $182.5

Average DOM                   45.5

MOI                                   2.4

Condo

# Units Sold                        1

Median Sales Price          $57,000

Average Sales Price        $57,000

Average PSF                    $92

Average DOM                   183

MOI                                    2

Sunnyside

Single Family
# of Units Sold                   47
Median Sales Price           $210,000

Average Sales Price         $246,650

Avergae PSF                      $173.5

Average DOM                   81.5
MOI                                   1.8

Condo
# Units Sold                        0
Median Sales Price             0
Average Sales Price           0
Average PSF                       0
Average DOM                     0
MOI                                    2

Quarterly Market Snap Shot Highland January - March 2012

 

Sales of single family properties started off strong for the first quarter of 2012.  The number of units sold and median and average sales price all increased from fourth quarter 2011 in this segment of the market.  Inventory remains low for single family homes.  With 2.2 Months of Inventory (MOI) this is a strong seller’s market.  Sellers are getting an average of 91% of the asking price for their properties.    Don’t let the number of units sold (3) in the new construction market fool you.  There are currently 25 properties under contract. Most multi-unit developments are selling out before completion. It seems as if builders can not build fast enough in Highland.  The condo market remains strong as well.  The continued low inventory makes for a very strong seller’s market with 1 MOI.  Seller’s are getting 95.7% of their asking price for condos.                                                                                                       

Single Family

# of Units Sold                               32

Median Sales Price                   $340,000

Average Sales Price                 $339,000

Average PSF                               $211

Average DOM                               77

Average List to Sold Price           91%

MOI                                                 2.2

New Construction

# of Units Sold                                  3

Median Sales Price                   $505,000

Average Sales Price                 $646,420

Average PSF                               $226

Average DOM                               197

Average List to Sold Price           92.2%                                                

MOI                                                  7

Condos

# of Units Sold                               10

Median Sales Price                   $375,000

Average Sales Price                 $377,850

Average PSF                               $270

Average DOM                              270

Average List to Sold Price         95.7%

MOI                                                  1

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