January Market Update for Candelas – Neighborhood Experienced Typical First of the Year Slowdown

# of Closed Sales: 2

Average Days on Market for Solds: 189

Median Sales Price: $589000

# of news listings: 9

Months of Inventory Last Month: 17

Candelas was no different when it comes to real estate activity in the month of January.  Historically, January is always one of the slowest months of the year in real estate.  Many factors play contribute to this typical slowdown:  recovery from holidays, credit card debt from holidays, desire to have taxes done and the weather isn’t always desirable for putting homes on the market.

January had two closings which matched the total from January of last year.  However, that total number of sales was down 75% from December.  New listings to hit the market (9) was up 22% from January 2016 and also up 33% from this past December.  

Something to keep an eye on over the next few months is pricing of resale homes in our neighborhood.  It has been mentioned in these posts in the past that Candelas in somewhat of an anomaly in this real estate climate.  There is inventory in the neighborhood so as a result, we have competition.  That being said there is a trend to keep an eye on with resale homes reducing their price.  Over the past six months almost half of the resale homes have had to reduce their list price at least once.  Over the past three years most sellers have not had to consider this because of the inventory shortage.  Listing your home correctly through a combination of preparation, marketing and pricing is going to become more and more vital when listing your home.

The market in the neighborhood seems balanced.  Although there is competition within the neighborhood, buyers are still needing the homes that our community has to offer.  Our market has not been experiencing the bidding wars and over asking price offers that most of the Denver metro area has been experiencing.  However, listings sold at 99% of list price so sellers are stilling doing alright as well.d