Westminster CO: Home Farm Monthly Market Minute December 2012 by Jennifer Prestwich, REALTOR®, YCRE
The Real Estate market in Home Farm has been holding fairly steady over the past few years. While home values did see a drop, Home Farm has not seen a great amount of short sale and bank owned properties in comparison to much of the Denver Metro area.
- The turnover rate for the past 12 months in Home Farm has been 6%. This represents the number of sold homes as compared to the number of total homes in the area. There were 18 sold homes over the past 12 months. This is a drop from October's 8%, and November's 6.7%. I attribute this drop to the normal slowing of the winter market, as there has not been much new inventory to replace those homes that have sold.
- The absorption rate is 150%. This is the percentage of available inventory that sells in a given month. 150% is very high- homes that have come onto the market are getting snatched up quickly.
- Average Sold Price per Square Foot in Home Farm is $153. This number has remained steady when compared to last month. The average net sold price in Home Farm from December 2011 to December 2012 was $391,306.
- Average Days on Market was 39. This is the time that it takes from the day a home is actively listed until a signed contract is received and it is officially "under contract". The home will usually close 30 to 60 days after going under contract. This is a drop over November's number of 41 DOM, and a marked drop in Days on Market compared to October's number of 60 days.
Buyers are out there looking for clean, well-kept homes in established communities like Home Farm. Right now there is only 1 home available for sale in the Home Farm neighborhood, and Westminster CO has experienced a shrinkage of inventory over the past several months. If you have been considering selling, now might be a great time to do so!
Every real estate situation is unique, so be sure to get a thorough Comparable Market Analysis if you are thinking of selling. Call me today to find out what your odds of selling are: 720-341-5235
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