Out of the 600 homes in this neighborhood, there are only 2 for sale right now. They’re both listed in the $270s. Neither of them are distressed sales (foreclosure or short sale). Wow! What a change from the past few years.
There are three homes currently under contract – none of them are distressed sales. We can’t know what their final selling price will be until they close, but if they end up close to their asking prices, there’s definitely the beginning of an upward price trend for this neighborhood.
The three under contract homes weren’t on the market long – it was just 7, 15, and 16 days for them to get acceptable offers.
It appears that one of them is a fix & flip – 8380 Estes was just sold Feb. 5 2009 for $154,735. It was a short sale. It was remodeled and re-listed on April 30 for $249,000. It was under contract just 2 weeks later. The re-emergence of ‘flippers’ is a good sign of the market picking up.
Since January 1, eight homes have sold here. Five of them were distressed sales. (Three were short sales, one was HUD owned, one was bank owned.
Sold prices for the distressed sales were from a low of $154,735 to $235,000.
Sold prices for the non-distressed sales were from $258,000 to $264,950
Sold price per square foot for distressed sales averaged $94, and $84 for finished square feet. (One of those was my short sale listing – guess which agent got the most for her listing? Uh-huh!)
Sold price per square foot for non-distressed sales averaged $121 and $105 for finished square feet.
Days on market for non-distressed sales were: 4, 9, and 155
Days on market for bank-owned averaged: 92
Days on market for short sales averaged: 151
All in all, this is good news for Pomona Lakes home sellers. However, in 2008 price per square foot was $119. That combined distressed sales and non. That compares to the current $107. So prices are lower now than last year. Also, average days on market last year was 68, compared to 82 so far this year. That means home buyers can still get a great value on a home here.
Low prices and longer days on market are a lingering effect of distressed sales. If Pomona Lakes can remain free of short sales and foreclosures – or at least keep them to only a few – these numbers will turn around. Market values will increase.
Check out my previous post on Pomona Lakes' Sales Statistics.
Read more about the Pomona Lakes neighborhood.
Pomona Lakes is located near the northeast section of the city of Arvada, Colorado. Arvada is an historic small town about midway between Denver and Boulder, in Jefferson County.
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Arvada is a historic town about midway between Denver and Boulder in Jefferson County, Colorado. There are many different neighborhood styles and homes prices, all served by well-loved schools. Call me to talk about the kind of neighborhood you dream of living in.
Read more about life in Arvada, Colorado.
Gardeners might enjoy my posts about gardening in Denver to Boulder’s front range.
I write posts on real estate issues and local events in the Denver metro area, especially those communities between Denver and Boulder, as a public service. My hope is to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.
I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly suburbs northwest of Denver.
Copyright © 2009 Joetta Fort, The DiGiorgio Group
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