Real estate market activity for the Parker and Castle Rock areas remained strong for the third quarter of 2016 following an extremely active first half of the year. Home sellers here have been rewarded with more showings, higher prices and quicker sales. Activity has even increased in luxury home sales.
Parker Real Estate Market
Parker homes exhibited a robust 10.2% increase year-to-date in median sales price over 2015. Home sales prices increased from $399,199 last year to $440,000 this year. However, closings of sold properties declined slightly from 1,550 to 1,529. This represents a 3.2% increase in closings over 2014. Both 2014 and 2015 were chart busters. And, 2016 is proving to be an equally strong year.
Average days on the market has inched up ever so slightly to 41 days on market after being in the 30’s for the past three years. Another astonishing statistic is the average sold price to final list price stands at 99.7% which is most impressive. That means for every home sold below list price another sold above list price.
Castle Rock Real Estate Sales
Castle Rock exhibits similarly strong activity for the third quarter. The median sales price increased 6.5% ($425,000 vs. $399,000) in the past 12 months. And, the number of closings did not change at all statistically (1,285 vs. 1,283). Closings in 2014 were 1,292 for a decline of only 0.1%. With 2014 and 2015 also being record years for Castle Rock, 2016 figures are equally strong and demonstrate the market continues to hum along at this record pace.
The average days on market for a home to go under contract in Castle Rock is a very respectable 49 days. Just a few years ago, sellers were bemoaning 150-180 average days on the market to sell. Average list price to final sold price remains up there at 99.4%.
The top tier price range for luxury homes has experienced an uptick in sales after a somewhat quiet first nine months. Of the nine properties over $1,700,000 to go under contract or close since October 1st in the two towns, most had been on the market for a year or more. As example, I sold and closed on one of those nine properties in just 12 days. The home had been on the market for over a year with another real estate broker. The full price, cash offer and 12 days from contract to closing was very exciting to my clients. Their list price was $1,700,000.
Since the election of November 7th, showing activity and accepted offers have increased. It is anticipated activity will increase even more following the first of the new year. I’ve also noticed that this optimistic mood is prevalent among the real estate brokers I work with every day. It should be a very Happy New Year in the Parker and Castle Rock real estate markets.