East Colfax Market Update 7/14/2023
Good morning and happy Friday, Neighbors! I already miss the rain :) Here's the scoop on the market in our neighborhood as of this morning in the Denver MLS: As we approached July and get further into the summer months, that typically signifies the end of prime selling season along the front range. We did see a slight rebound in showing activity and offers after the 4th of July Holiday but not quite the push we've seen in previous years. Multiple offers and homes closing above list price is not the norm right now as in years past. Active inventory is down approximately 2.4%, closed properties down about 13%, and supply down around 11% week over week. Sellers with low interest rates (2,3,4%) are not quite as motivated to make a move with current rates in the low 7s. You can still sell successfully in this low inventory market, but planning and expectations need to be adjusted a bit. I am always ready to help answer any questions you may have.
Currently we have 17 ACTIVE properties on the market in East Colfax. Median days on market is 56 days with an average list price of $437,465. A few active properties have income restrictions, are in tricky locations, or have gone stagnant hence reflecting the high days on market.
There are 6 UNDER CONTRACT homes in East Colfax. The average asking price was $459,650 with a median days on market of 6 days.
So far 86 homes have SOLD in East Colfax that were listed in the Denver MLS this year. The average closed price was $498,830, or 98% of list price, with a median days on market of 15 days. That's all for this week. Have a great weekend! Kevin Jochem www.callingdenverhome.com
