Highlands Ranch and Lone Tree Real Estate
Market Report June 2008 |
The Real Estate Market in Douglas County, specifically in Highlands Ranch, Littleton and Lone Tree (zip codes 80124, 80126, 80129 and 80130) fared better than many other areas of Denver - thumps up - when looking at the statistics gathered from last month (June 2008).
When compared to last June (2007) the number of homes sold and number of new listings on the market are slightly down, but not to worry!
There is good news! The homes for sale in Highlands Ranch and Lone Tree average 67 days on the market (DOM in the real estate lingo) and is holding steady. This is a very good number. Many homes are actually selling in less than 60 days. What is bringing up the days on the market is, well for one, there are some short sale properties (that is another blog all together). Selling a house as a short sale is a long process and can take anywhere from 45 days to 6 months - if you are lucky, and patient.
More great news: Houses under $300,000 are selling extremely well. The absorption rate for houses under $300,000 is 1.79. What this means is that at current rate of home sales it would take only 1.79 months to sell the inventory of homes. Absorption rate of 1-4 is considered a sellers market, 4-6 is neutral and 6 and above is buyers market.
On the field: lately on several occasions our buyers have been in a multiple offer situation, after putting in a offer for a home under $300,000.
The majority of homes sold in June in Highlands Ranch and Lone Tree - 74% - were from $200,000 to $300,000. Currently, in the same price range there are 98 homes under contract as well.
Hot cakes it is!
Houses are moving in other price ranges as well. If you have any questions about any sales stats on other price ranges, feel free to contact us at any time.
SELLERS - What does this all mean? Well, it means that if you have a home in the 200K-300K price range, and you are considering selling, this would be a great time to do so! Of course, as always - pricing your home right is a major factor in getting your home SOLD.
NOTE! In general, overpriced home sits on the market often way longer than the average days on the market and ends up selling for much less than if the home had been priced right from the start.
BUYERS - There are still great deals out there! Need some help locating them?
Contact us at any time for any questions you may have.
----Above statistical information is based on whole or part on data from Metrolist. Information is deemed reliable but is not guaranteed. Data may not reflect all real estate activity in the market.----
Calculating absorbtion rates is not exact science, but it does help establish trends in the real estate market.
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