December 2015 Market Update for Southern Hills/Wellshire

January 19, 2016
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Things slowed down a bit in Southern Hills in November. We saw only three new listings and four sales during the month. Additionally the days to contract were slightly higher in November at 28 days as opposed to 21 in October. Does this mean the market is slowing down?

The year finished out pretty quietly in Southern Hills in December with only four homes going under contract and only two sales. Compared that to the five sales that occurred in December 2014 in Southern Hills, you begin to wonder if the market is slowing down. It’s too early in the year to really see how rising interest rates will affect the market, but I think there is another culprit behind these numbers.

Buyers in this area tend to be looking for 4 bedroom homes with at least 2 baths. With that, buyers have shown they will as easily snatch up a home that needs quite a bit of work as they will a home that is beautifully updated. At the end of the day, it doesn’t seem to matter, as long as the numbers make sense.

While we do have seven active listings currently in Southern Hills, all of them have been sitting on the market well beyond the 3-month average days on market which currently stands at 36 days. I’ve toured each of these properties and know there are certainly buyers for each, but only at the right price. While we are in a seller’s market, you still can’t name your price. As soon as you find that fair market value, the rest of these homes will fly off the shelves!

 

*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.