Candelas Neighborhood – December Market Review

January 27, 2017
image

# 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.  

  • The number of active listings in December was at 35.  For the past 18 months, active listings has been consistently in the mid 30’s.
  • Price per square foot total was at $132 in December.  That was steady for the 2016 averages but up 12.8% from last December.
  • Median sales price was $496,450 which is 5.4% below the 2016 median price for the neighborhood.  It was also very slightly below the median sales price in December 2015 of $499,900.
  • There were 11 sales in December.  This was up 63% compared to November as builders offered incentive to have their homes purchased before the new year.

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.