Cole/Whittier April Market Update

April 18, 2017
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# of Closed Sales: 15

Average Days on Market for Solds: 26

Median Sales Price: $433000

# of news listings: 16

Months of Inventory Last Month: 1

The spring market is in full bloom in Cole & Whittier! Last month there were 15 sales and of those 15 properties 10 of them sold for at or over list price with the highest sale being 110% list-to-sold. 3608 N Marion St was listed for $249,900 and sold for $275,000! The average sold/list ratio in March was right at 100% which is up 3% compared to Feb which was at 97%. The median DOM for March was 5 days which is definitely an indicator that inventory is still tight and highly sought after homes that are priced correctly are still receiving multiple offers and selling for over list price. Both the Cole & Whittier neighborhoods continue to be desirable areas for buyers interested in urban living with high walkability scores.

Our market still highly favors sellers and this is pretty true for the entire Denver metro market. We still consider a property to be a stagnant listing when it’s been on the market for over 2 weeks and chances are if you overprice your property then it will sit because buyers are very sensitive to pricing. As a seller you absolutely want to price your property at or even slightly under market value in order to get multiple offers. Multiple offers will allow the seller to review all offers at the same time and find the one that works best for their situation.  

I predict that the next few months will continue to see tight inventory especially for detached single family homes. There are a few new multi-family developments being built around the neighborhood. Most notably at the SW corner of Bruce Randolph & Humboldt along with the nearly completed development on the west side of Franklin St just north of 38th Ave. We are also seeing some new single family homes being built as in-fill where there were vacant lots or double lots that are being subdivided. As prices continue to increase and home owners have more equity in their homes I think we will continue to see home owners adding on to their current home because they prefer to stay in the neighborhood but cannot find a larger replacement home within their budget.

Navigating the waters in this market is not for the faint of heart. Buyers need to be creative with their offers and sellers need someone to take the reigns and guide the process when it comes to listing a property to make sure you don’t leave any money on the table. I am highly skilled when it comes to helping both buyers & sellers successfully get across the finish line. If you need any help in this market please do not hesitate to contact me!