Westminster CO: Home Farm Monthly Market Minute March 2013 by Jennifer Prestwich

Westminster CO: Home Farm Monthly Market Minute March 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 5.7%.  This represents the number of sold homes as compared to the number of total homes in the area.  There were 17 sold homes over the past 12 months.  This number has gone up slightly since February.  The real estate market warms up naturally in the spring, and the Westminster CO real estate market is getting a lot more active.
  • The absorption rate is 142%.  This is the percentage of available inventory that sells in a given month. At this rate, it would take less than a month for all of the existing inventory to sell, given the current pace of the Home Farm home sales.
  • Average Sold Price per Square Foot in Home Farm is $154.  This number has incresed when compared to last month and the prior month.  The average net sold price in Home Farm from March 2012 to March 2013 was $396,030.
  • Average Days on Market was 44.  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 currently only one home actively listed in Home Farm, and one 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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