There are currently 8 homes on the market. Three of the eight have been on the market for over 200 days, which is a long time in our current real estate environment. Another home has been on the market for 75 days. The rest are within the last 2 weeks. Currently 19 homes are under contract. The average days to contract was 50. The lower price point homes tend to go under contract within the first few days, with the higher price points taking up to five or six months, which tends to throw the average off. 6 homes sold in October ranging from $388,000 – $800,000. All of these homes went under contract fairly quickly and closed within 40 days.
7306 Windsor Drive went under contract before it even hit the market. It sold for the full asking price of $590,000. 4500 Mulberry Court sold for more than the asking price. Multiple offers were received. It ultimately sold for $615,000. Homes are selling for approximately $265 per square foot.
The sweet spot in Gunbarrel tends to be homes priced between $500,000 – $700,000. Those homes typically sell quicker and have multiple offers.
What does all of this mean? It means that we are in desperate need of new inventory. Homes at all price points throughout Gunbarrel are selling, especially if they’re move-in ready or represent great value. We are still experiencing bid wars, but thankfully they have slowed down since September. Based on the number of under contracts in Gunbarrel, it is safe to say that there are still LOTS of buyers who are sitting back waiting for the right property to hit the market. With interest rates hovering just below 4%, it is still a GREAT time to sell or buy a home.
I don’t expect to see any changes to our inventory levels over the next few months. As the holidays approach, sellers and buyers start thinking about other tasks. The lack of focus on the market actually makes it a great time to list your home. You can be fairly assured that you won’t have much competition in the market and that only serious buyers will be looking at your home. Serious buyers are those that have to move for one reason or another, such as a job transfer. They have to find a house regardless of the holidays. These are your best buyers!
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.