During the last two years, home sales in the far south Denver suburbs of Parker and Castle Rock including the Praedera Country Club area have been sizzling like a hot summer’s day. Sellers are thrilled and buyers can be frustrated with how fast good homes for sale are sold. Pam and I have been as busy as we have ever been keeping up the activity around our home at Praedera in Parker, Colorado.
Parker and Castle Rock continue to experience strong real estate activity at the mid-point of 2014. While not as stratospheric as the real estate market was2013, a drop off of some degree was to be expected as the numbers being posted throughout the entire Denver Metro area for last year were simply unsustainable. However, the 2014 figures thus far are well ahead of initial projections and clearly demonstrate the market has a far deeper pool of active purchasers than originally assumed.
Similar to the rest of the metro area, Parker is experiencing a shortage of inventory – especially in the lower half of , there are only 404 homes for sale, 393 pending sale and 1,012 sales year-to-date. This equates to a mere 2.4 month supply of properties when a six month supply is a balanced market. The available properties. As of June 30th average days on market continues to decline and stands at just 56 days. In 2010, that same figure was 120 days.
While year-to-date sales are down 14.6% from 2013, they are still up 17.0% from 2012.
Castle Rock is experiencing an almost identical surge. Strong demand and limited supply mark this environment.
With 456 homes available, 355 pending sales and 876 year-to-date closings, there is only a three month supply of properties when six months is necessary for a balance. Like Parker, the average days on the market has declined from 136 days in 2010 to 56 days for 2014. Year-to-date sales for 2014 are only 5.8% behind 2013 but still a staggering 23.6% ahead of 2012.
Both cities continue to outperform the nation and keep pace with the Denver Metro market. Projections now are for this trend to continue well into next year when possible rising interest rates may create a brief surge on activity before placing a damper on the party.
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