Cole & Whittier July market update

July 28, 2017
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# of Closed Sales: 19

Average Days on Market for Solds: 11

Median Sales Price: $461500

# of news listings: 26

Months of Inventory Last Month: 1

The summer market is in full swing in Cole & Whittier! We continue to see great homes, priced correctly selling for over list price with multiple offers. Since March the median DOM has been either 5 or 6 days which also corresponds to the list/sold ratio which has also been at or over 100%. This data shows that we are still in a Seller’s market; however, overpricing your home can be detrimental in getting top dollar. Buyers are still very sensitive to pricing and refuse to overpay if they do not see the value. Sellers need to make sure their home is in top showing condition and also has a robust online presence with professional photos, a virtual tour and a broker who will work for them to make sure they don’t leave any money on the table. It is also crucial for Buyers to make sure they are pre-approved so they can submit an offer quickly once they find a home that will meet their needs.

Cole & Whittier both saw an uptick in listings in May & June with 59 new listings. This definitely helped alleviate the lack of inventory giving buyers more choices. The total PSF average in June was $272 which is only slightly higher than a year ago in June 2016 which was $266. June also saw the highest volume of sales so far for 2017 with $9,779,520. The trend for listing homes and then accepting offers and reviewing on a set date still seems to be the best strategy for Sellers to get a quality buyer for them who will ultimately close because that is the end goal for all involved.

I do not see any indications that the market will slow down any in 2017. Interest rates have continued to stay low which is great for buyers and the debt-to-income ratios from Fannie Mae will be increased from 45% to 50% which will allow more buyers to qualify for loans. Our neighborhoods continue to be desirable areas in Denver metro and with many large redevelopment projects on the horizon I have no doubts that homeowners will continue to see double digit increases this year. If you think selling or buying in Cole & Whittier is something you are considering please get in touch with me and let me help guide you through the process!