Westridge Village Real Estate Market Update – September 2018

september 2018

          Now that September 2018 is in the books, let’s take a look and see how the Westridge Village real estate market fared.

          8 new listings were added to the market in September compared to 5 a year ago.  An increase of 60%.  Inventories across the board are still very low, so this is a decent number as there are roughly 1,800 homes in the Westridge Village subdivision.

          There were 7 active listings compared to 8 a year ago.  Basically the same.  As I have mentioned above, the inventory out there is still extremely low which bodes very nicely for sellers.  

          The average list price for September 2018 shows a 17.3% decrease from September 2017.  What you need to keep in mind here is that there is a good size pocket of homes in Westridge Village that list and sell for $650,000-$750,000.  If there are 2-4 homes listed in that price range in any given month, it can skew the average way up.  As you will read below, the average sold price is still up for the month, so things are still looking solid.

           I will address the sold statistics under the comparisons below.

New Listings

2017

2018

% Change

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active listings

2017

2018

% Change

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average list price

2017

2018

% Change

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         There were 11 homes sold in September 2017 versus 7 in 2018.  A 36% decrease.  This may sound like a big decrease, but it is really only 4 homes.  Nothing to worry about.  Ultimately the timing of sales is all based on what the seller has going on and what the seller is looking to accomplish.

          As mentioned above, the average sales price was up a touch over 2% since last September.  Values of homes continue to rise.  Obviously a good thing for home owners.

          The average price per square foot is up 25% from a year ago.  Again, a good sign for home owners in Westridge Village.

          The average days on the market is up 18% which sounds ominous, but it is only 2 days more than last September (11 days versus 13 days).  28-30 days was the norm in the last bull market for homes around 2000, so this number is extremely solid.

          This next number is a little interesting.  The closing price versus the original listing price as a percentage was 96.9%.  This is only about 2% lower than a year ago, but Westridge Village had been averaging close to 100% this year.  Buyers may be drawing a line in the sand regarding prices, but this is only 1 month – let’s see what happens over the next few months before we start to worry.

          The months of inventory is more of a gauge to let you know if it is a sellers or a buyers market.  The standard is that anything above 6 month is a buyers market and below that is a sellers market.  At present, there is about 1 month of inventory, so quite definitively a sellers market.

          So, the real estate market is still solid here.   If you are thinking of selling, 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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average sales price

2017

2018

% Change

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average price / square foot

2017

2018

% Change

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average days on market

2017

2018

% Change

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Close price / original price %

2017

2018

% Change

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months inventory

2017

2018

% Change

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