More to Choose From…
We have not seen this much inventory in Washington Park since 2012. For the sake of legibility, this chart doesn’t go back that far, but I have binders full of Washington Park stats that go back to at least 1991. To put this in perspective, we had over 100 homes in inventory in June from 2001 through 2012. So, this is nothing that we haven’t seen before. Has this caused prices to drop? That is a tough statistic to track. That is partly due to new construction. The new, large homes are not selling as well as they once were. I feel this has caused the average price to drop from $1,632,334 in June of 2023 to $1,152,978 in June of this year. This appears to be a significant drop but I feel it is due, primarily, to the mix of homes selling than actual prices. Lower priced homes, under $1,500,000, are selling better right now.
Bottom line, it is a much better time to buy than a year ago. The selection is significantly larger and the competition is much less. For sellers, they are not as likely to get multiple offers and their homes will likely take longer to sell. In my experience, even if the inventory has increased, there are buyers for the best listings. Those are homes that show well, have a good location, are well maintained, are staged with high quality furnishings and are priced fairly. If you want your property to become one of those quality listings, we have a team of 4 that can help get your home spruced up, staged and aggressively marketed so that you can get the highest possible price with the least amount of hassles. The average home in the MLS so far this year has sold for 98.32% of asking. At Re/Max of Cherry Creek, our listings have sold for an average of 100.47%. Those are real results that can put over 2% more in your pocket. If you want to find out how we do it, please don’t hesitate to get in touch.
You might wonder why we analyze the market every month. It is simple. It is so we can give you the best possible advice on buying or selling your home. If you are considering a move, give us a call.
Your call to The Bridge Team at 303-331-4562 will be warmly received.
