Now that fall is upon us, we will see less construction activity. That will be nice for those who have activity around you, yes?
Sloan’s Lake sales in September showed the typical slowing signs of the later summer months with 11 sales and total volume of $4,567,900. Compare this with September 2013 of 19 sales in Sloan’s Lake for $7,248,778. So in September this year the average sale was $415,000 and 2013 was down at $381,500. This doesn’t surprise me as we have had such a tight inventory this year that we have lower number of sales, but at a higher average sale. Average number of days till under contract was also reduced in 2014. It’s been a great year for sellers, but also good for buyers, as buyers are seeing pretty quick equity gains.
September ended the 3rd Quarter, so it is good to take a peek at 3rd Quarter comparisons. This year in the 3rd quarter, total sales was 40 and $17,244,049 in volume and at average price of $431,000. Last year in the 3rd quarter of 2013, there were 68 sales, $27,208,728 in volume and an average price of $400,128. So you can see that the September sales pattern of 2013 and 2014 matches that of the quarterly data. There were fewer homes selling, but at higher prices.
What I find interesting is that we now currently have 5 Sloan’s Lake properties listed about at $1 million and above. And we have one under contract at $1.1 mil. Whereas in the 3rd Quarter 2013 our top seller was $790,000. Currently of the 33 properties Under Contract, 11 are over $500,000 and 22 of the 40 homes that are Active but not under contract are listed at $500,000 to over $1 mil. In fact, the highest sales price in all of 2013 was $826,474 but was listed at $699,989.
And don’t leave out the lower listings. They are doing great, going under contract quickly and at record pricing per square feet. This is really a wonderful time to sell.
The million dollar plus homes are either complete scrapes and new builds or very strong pop tops. It appears as though builders in Sloan’s Lake have lots of confidence in our sweet little market. Why shouldn’t they? Colorado economy in general is doing well and Sloan’s is ripe for modern new builds to view our beautiful lake, mountains and downtown skyline. Whether you are ready for a million dollar home or a quaint historical dwelling Sloan’s Lake has personality and location to offer.
At the end of the year, say end of November into the new year, we should see the normal cooling real estate trend: fewer listings [can that be possible!] and it may take a bit longer to sell. Just simply the reality of less sellers wanting to be showing their home and moving during the holidays… and less buyers wanting to do the same. However, if you want to buy or sell I wouldn’t let the normal trend scare you. If as a buyer you found you were overbid a few times, this might be a perfect time for you to seriously be home shopping – you will have less competition.
Touch base with me if you would like to buy or sell, or if you simply want to know the value of your home based on comparisons.
Enjoy our beautiful fall and remember to winterize!
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I am only a call or email away from providing you assistance. I’d be more than happy to discuss the current market’s activity, show homes from the current inventory and help you with any of your real estate needs in the neighborhood. You can always reach me at 303.883.5856 and Brenda.Meyers@8z.com.