New listings tapered a bit from July, which is normal for this time of year, but they were varied which is helpful.
A house that is apart of the affordable housing program came on the market and immediately went under contract, as did a 2 bed/2 bath single family home in Sundance.
A property on Topaz came on the market for just under $1.2M for land only as it suffered greatly in the 2013 floods. Also a home on 19th that sold a year ago, came on the market with a nice kitchen remodel for just under $1.4M. Finally, a flag lot on Quince that is ultra modern with sleek finishes is available at $1.695M.
78% of the active listings have been on the market for at least 60 days or more. The majority of these homes are also over $1M and several just under or just over $2M which shows that price point has stalled a bit or these homes are over priced.
August sales were split evenly with 3 single family sales and 3 attached home sales. The homes under $500k were under contract within a week and closed in 40 days. The 1/2 acre home on Oak finally sold for $805k after being on the market for almost a year. My guess is that it will be leveled and a new home built. And 2485 Agate was priced well at $1.190M and closed in less than 30 days for $1.2M after it sat on the market in 2013 for 5 months at $1.45M.
As always, condition and price matter. Those homes in outstanding condition, in a good location and reasonably priced sell quickly. Homes built in the 1980-1990’s with close to original finishes are selling in the $280-$340psf depending on their location.
The market is moving into a more balanced market as the demand slows and it catching up with the supply.
4th quarter should pick up a little in both new listings and sales with the completion of the new homes being built on the west end of Sumac, Tamarak and Upland.
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.