Last week I found myself answering the most asked question “How’s the Market?” with the question,”Which market?”
The man who asked the question laughed and said, “real estate.” His laugh is what made me realize our conversation wasn’t the norm, but I needed to know which market so I could really answer the question. If he was a buyer in the $300,000 market he wouldn’t care that the $750,000+ slowed down and seems to be picking up. In the $300,000 range in Denver County, homes have been moving and when they are priced right they go fast! Of course the under $200,000 market has been going fast for almost a year now (excluding short sales).
Today I looked at the active, sold and under contract statistics in two contiguous neighborhoods: Cherry Creek and Congress Park.
Cherry Creek North has:
74 homes for sale (active),
4 are under contract and
18 have sold in the past year.
Congress Park has:
11 under contract and
156 have sold in the past year.
As you see the numbers are quite different mostly because there are lower priced homes in Congress Park, and that is where the majority of the sales are. As the lower markets start picking up it will push up into the high price ranges.
Detail, details, details are where the answers lie.