# of Closed Sales: 11
Average Days on Market for Solds: 137
Median Sales Price: $496450
# of news listings: 5
Months of Inventory Last Month: 3
Our market in December continued its 2016 pattern of remaining steady.
I am seeing resale homes in the neighborhood sit. My professional opinion is sellers of resale homes are not pricing their homes to meet the competition they have with the new builds. Other communities that don’t have the inventory we have are able to list (and sell) their homes at 3%-5% above fair market values. That is less likely in our neighborhood.
Candelas is an anomaly compared to the rest of the Arvada and Denver real estate market. Candelas has been a balanced market for much of 2016. Based on 3 months of inventory in December there was a slight edge for sellers, our market does not favor a buyer or seller. However based on a 5.7 months supply of homes in 2016, our neighborhood was pretty balanced. It is especially noticeable when you compare it to the inventory in Arvada which was at 1 months supply for December.
The community is growing with the second recreation center, new school in the fall and King Soopers in the next couple of years. It is still a great time to purchase in the neighborhood as well as sell if you need to. I will be curious to see if the sales pricing of new builds continues to go up in 2017 to where a resale (priced correctly) becomes a much better option.