Westridge Village Real Estate Market Update – October 2018

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October 2018

          October 2018 has come and gone.  Let’s take a look and see how the Westridge Village real estate market fared compared to the same time last year.

          8 New Listings were added to the market in October compared to 11 a year ago.  A modest decrease of 27%.  Westridge Village is still well within their parameters for new listings coming on the market.  The low end is around 5-6 homes per month with the higher end extending into the mid teens. 

          There were 7 Active Listings compared to 12 a year ago.  This represents a 43% decrease.  This helps as there is not a lot of competition right now. 

          The Median List Price for October 2018 shows a 1.6% increase from October 2017.  This is a positive, but notice how this number is just a touch above this time last year.  As you have probably heard, the market has cooled a bit from its ferocious tear starting about 6 years ago.  It is still a good sign that you are still trending up, but at a much reduced velocity. 

           I will address the sold statistics under the comparisons below.

New Listings

2017

2018

% Change

0
0
0

active listings

2017

2018

% Change

0
0
0

median list price

2017

2018

% Change

0
0
0

         There were 7 Homes Sold in October 2017 versus 8 in 2018.  This represents a 14% increase over last year, but it is only 1 home, so basically the same.     

          The Median Sales Price was up  2.62% since last October.  As with the Median List Price listed above, it is good to be up, but be wary that the velocity of appreciation seems to be slowing quite a bit from years past.  

          The Average Price Per Square Foot is up 13.75% from last October.  

          The Average Days On The Market  is up 28.57%.  These are good numbers, but compared to the roughly 2 weeks that it used to be, it can feel like an eternity.  This is just a function of the cooling market.  I will address my thoughts on why things have slowed in another blog post, but my hypothesis right now is that interest rates being at 5% has a good deal to do with it.

          The Closing Price Versus The Original Listing Price As A Percentage  was 96.9%.  This is only about 1.25% above what homes were getting last year.  Westridge Village has had many months where this number was at, or over 100%.    While a decent number, it is not 100%.  What this tells us is if a home is originally listed for $500,000, on a rough average, it will sell for $15,000 less, or $485,000.

          Months Of Inventory is a gauge to let you know if it is a sellers or buyers market.  The standard is that any reading above 6 months is a buyers market and below that is a sellers market.  At present, there is about 1 month of inventory, so still a sellers market.

          The Westridge Village real estate market is still solid even if it is moving at a slower pace.  Time will tells if buyers are just digesting interest rates of 5%, and we are back off to the races.  Or, if the market is really cooling and taking a breather?   

          If you are thinking of selling or buying a home, please give me a call at 303-520-8700.  My 1% listing fee will save you thousands and you normally do not get 22 years of experience and the multitude of marketing items I give you at this percentage from other companies.  Visit my link on this site and list your home for only a 1% listing fee.

Homes sold

2017

2018

% Change

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0
0

median sales price

2017

2018

% Change

0
0
0

average price / square foot

2017

2018

% Change

0
0
0

average days on market

2017

2018

% Change

0
0
0

Close price / original price %

2017

2018

% Change

0
0
0

months inventory

2017

2018

% Change

0
0
0
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