Westminster CO: Home Farm Monthly Market Minute January 2013

February 7, 2013

Adams County Colorado, Home Farm

Westminster CO: Home Farm Monthly Market Minute January 2013 by Jennifer Prestwich, REALTOR®, YCRE

The Real Estate market in Home Farm has been holding fairly steady over the past few years.  While home values did see a drop, Home Farm has not seen a great amount of short sale and bank owned properties in comparison to much of the Denver Metro area.

  • The turnover rate for the past 12 months in Home Farm has been 6%.  This represents the number of sold homes as compared to the number of total homes in the area.  There were 18 sold homes over the past 12 months.  This number has remained constant for the last 2 months, and is a drop from October’s 8%, and November’s 6.7%.  I attribute this drop to the normal slowing of the winter market, as there has not been much new inventory to replace those homes that have sold.
  • The absorption rate is 150%.  This is the percentage of available inventory that sells in a given month.  150% is very high- homes that have come onto the market are getting snatched up quickly.
  • Average Sold Price per Square Foot in Home Farm is $153.  This number has remained steady when compared to last month.  The average net sold price in Home Farm from January 2012 to January 2013 was $391,306.
  • Average Days on Market was 39.  This is the time that it takes from the day a home is actively listed until a signed contract is received and it is officially “under contract”.  The home will usually close 30 to 60 days after going under contract.
  • Current inventory is very low.  There is only 1 house in Home Farm currently available for sale, and there are 2 under contract.

Buyers are out there looking for clean, well-kept homes in established communities like Home Farm.  Westminster CO has experienced a shrinkage of inventory over the past several months.  If you have been considering selling, now might be a great time to do so!

Every real estate situation is unique, so be sure to get a thorough Comparable Market Analysis if you are thinking of selling.  Call Jennifer Prestwich today to find out what your odds of selling are: 720-341-5235

 

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