2013 has proven to be quite the rebound year in real estate. After 4 tough years , the market has recovered dramatically this past year, bringing prices to levels at and sometimes above the 2007 highs.
We have seen large drops in Days on Market, increases in pricing, many multiple offer situations with bidding wars bringing prices far above list price, and increases in new builds that still are not keeping up with demand.
According to Zillow.com, the number of homeowners in the Denver area who are “underwater” on their mortgages has dropped from 22.2% in 2012 to only 11.9% in 2013. This is a 46% drop!
Pricing has recovered across the board. S&P/Case-Shiller Home Price Index is showing 21 consecutive months of year-over-year gains in the Denver area market. In 2013 there is an overall increase of approximately 10% in sold prices.
The Castle Rock market is tracking at about the same pace. And specifically in the Soaring Eagle Estates neighborhood in The Meadows in Castle Rock, we are seeing an 11% increase in Price Per Square Foot ($160 psf in 2013 vs $142 psf in 2012). Even better, the average sales price has risen 15% in 2013 – from $428,000 in 2012 to $504,083 in 2013.
Here is a list of SOLDS in Soaring Eagle Estates, from January 1-December 2, 2013:
ADDRESSDAYS ON MARKETLIST PRICESALES PRICE PRICE PER SQUARE FT
3985 Elk Run Dr66 $569,999$567,600 $199.79
3235 Soaring Eagle Ln1 $549,900$549,900 $218.39
3665 Elk Run Dr8 $550,000$540,000 $137.06
3376 Elk Run Dr236 $550,000$535,000 $155.43
3407 Running Deer Dr14 $539,900$525,000 $155.60
5215 Bear Paw Dr297 $525,000$512,000 $157.30
3154 Running Deer Dr62 $515,000$500,000 $137.74
3247 Coyote Hills Way25 $505,000$487,500 $123.76
3302 Running Deer Dr70 $494,900$485,000 $125.91
3498 Running Deer Dr4 $485,000$485,000 $165.13
3129 Soaring Eagle Lane24 $492,500$484,500 $174.78
3144 Soaring Eagle Lane75 $490,000$477,500 $167.78
3503 Soaring Eagle Lane1 $460,000$440,000 $144.74
In summary, 2013 has turned out to be the rebound year that economists have been forecasting. Demand is still high, supply of new homes and resales are both lagging behind, and all signs point to a great 2014!
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Steve Thayer is the Operating Partner and Employing Broker at Keller Williams Action Realty, LLC in Castle Rock/Parker. Steve is one of the highest producing agents in Castle Rock, and is also ranks high on the list of all Keller Williams in Colorado for closed deals in 2013. Steve and his family live in Soaring Eagle Estates in The Meadows in Castle Rock, and from 2008-present he has captured the highest market share of all agents in Soaring Eagle Estates.