February 2017 Market Update

March 6, 2017
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# of Closed Sales: 5

Average Days on Market for Solds: 21

Median Sales Price: $655000

# of news listings: 9

Months of Inventory Last Month: 2

Across the city, February goes down in the books for having the
lowest inventory numbers on record. Despite a good number of listings that came
on in February, it wasn’t enough to keep pace with buyer demand. 

Five houses sold in Southern Hills/Wellshire/Cherry Hills
Heights and Cherry Hills Vista in February and provided great insight into
sales strategies that are working and some that aren’t. Three of the homes were
priced perfectly, went under contract within 6 days and sold for asking or over
asking price. The other two homes that sold last month had been on the market
for over 28 days and finally sold once the prices were brought down to fair
market value. It just goes to show that while this may be a seller’s market,
homes that are over-priced will sit on the market until price adjustments are
made.  

We’re continuing to notice an upward trend in pricing for this
area, which is not surprising given the lower inventory levels. Our YOY
comparison shows an increase in median sold price from $630,000 in 2016 to
$655,000 in 2017.