This year is is expected to emulate the strong real estate market we experienced in Parker which includes my Pradera neighborhood and Castle Rock during 2014. So far, so good. While I cannot report that homes for sale in all price ranges are receiving multiple offers just after being listed, the market is strong especially for homes priced below $400,000. We had two years in a row now economists say its likely to continue throughout 2015.
The 2014 real estate market for both Parker and Castle Rock exhibited another year of strong results to follow up on the exceptional 2013 results. While there were minimal declines in the number of homes sold for the year (Parker: 2306 vs. 2510, -8.1% Castle Rock: 1,969 vs. 1951, +0.9%), the other leading indicators showed continued growth. Overall values below $200,000, are generally equal to or higher than the 2008 peak. Homes above $400,000 are approaching their 2008 high water marks; however, they typically have a bit more to rise to reach the previous maximum.
Limited Supply of Homes For Sale in Parker and Castle Rock
The supply remains limited with just 217 homes available in Parker and 327 in Castle Rock. The supply is expected to grow slightly this year which will help frustrated buyers. The average days on market continues to fall and stands at 45 and 51 days on market respectfully.
Continued record low interest rates and rising consumer confidence continue to push the average sales prices ever higher. Parker ($374,520) and Castle Rock ($387,911) have experienced an almost $50,000 increase since January 1, 2013. Their median prices have increased $55,000 for the same time period.
The list price/sales price ratios are a very strong 99.4% and 99.0% while the initial list price/sales price ratios are an equally strong 98.4% and 98.5% for the two cities. The virtual elimination of short sales and foreclosures has increased these two ratios significantly. When the market becomes more balanced again between buyers and sellers, the ratios will likely decline slightly to their more normal ranges of 98% and 97%.
So Far 2015 Home Sales Are Hot
Experts are projecting a strong 2015 which will be very similar to 2014. Moderately rising prices, continued low rates and somewhat larger inventory are projected which will combine to keep activity high through the summer sales season. Even the new home builders are smiling with this forecast!
You probably already know that I am proud to work for The Kentwood Company. I have some new listings that you might want to take a look at on my Kentwood Real Estate website. While I live in the Pradara neighborhood of Parker, Colorado, you’ll see homes for sale that I have listed throughout Douglas County. If I can help you with any information about either the Pradera Golf Course Community, Parker, Castle Rock or any other area in Douglas County please use the form below to contact me.