January 2016 Market Update for Crest View

January 20, 2016
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Angela Moss Front Q4

There are 10 active listings with two new listings in December. This is crazy low. 6 of the 10 are under contract and range between a $370,000 condo, 2 pieces of land, 2 new construction and a house in Carolyn Heights that has been on the market for 9 months between $2.5M-$2,395,000.

The remaining active listings are 4095 19th street at $774,500 which has been on the market since September. It’s a prime candidate for a major remodel but the price is a bit high for being on a busy street. 2015 Orchard is essentially land for $719,500 and has been on the market since May of 2014. Due to the location of the house behind the property, the lot lacks privacy for anyone who builds a new house. The market has spoken and this price still needs to come down to off set this feature. 2590 Sumac has been on the market since May as well and come down in price to $1,199,000. The lot is spacious and the house has an open floor plan. It does not take advantage of the southern exposure or great connection to the large yard. With a couple of tweaks this house could be a great family home! 2158 Tamarack has been on and off the market since 2012. It can be sold with or without the front lot for $2.395 or $2.950. The house does not have the design or finishes of a 2 million house and after being on the market for several years now, the market has spoken…time to go under the $2M mark.

The new construction and newly renovated homes continue to sell the quickest.

There were only 2 homes that sold in December :
3640 19th Street, a remodeled 4/4 3636 sf home at $1,315,000 and
1475 Oak Place, a remodeled 4/3, 2587 sf home at $787,500. Both properties were under contract in less that 45 days.

Q4 2015 had a 27% dip in volume of sales from Q4 2014. The lack of inventory is the factor of this data point. Even with the dip in volume the overall appreciation in the average home price rose 18.89%.
The limited inventory continues to drive the market for buyers and sellers raising prices driving competition for “hot properties”.

2016 should continue in the same trend until inventory increases. Large lots will continue to be desirable for the new year as limited land for new construction is a hot commodity for many move up buyers who want to build their dream home or empty nesters who want to build a smaller home.

Happy New Year!

*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.