Superior Real Estate Market Update

There’s still a lot of concern about the real estate market and whether it’s going up or down in our local area. I have people who will come up to me on a regular basis and quote statistics they have heard about how the real estate market has changed. The Superior real estate market is definitely not struggling like other markets around the nation.

Here are the statistics for recent sales which should give a little bit of insight about what’s going on with home prices in the Superior area.

In May, 11 homes sold in the Superior / Rock Creek community. The average price for those homes sold was about $440,000. The high price was $557,500 and the low price was $305,000. The average days on the market to sale was a little long at just over 100 days. This is a little longer than what I have been seeing in the Superior area and it may be that there are a few overpriced homes that sat on the market a little longer until the seller finally lowered the price to market value.

One in particular, at 304 Cherokee came up for sale last November at almost $340,000 and this took almost six months. Homes that enter the market overpriced like this skew the numbers.

1995 Keota is another example of the same mis-pricing. It entered the market in November of 2007 also. (Which is not a perfect time to enter the market and certainly not a good time to be overpriced). Starting at $425,000 it finally sold almost six months later at $400,000.

Same with 3644 W. Torreys Peak; it hit the market almost $80,000 overpriced at about $605,000 last August. By the time the seller got the price where it needed to be it was May of 2008. It sold at about $512,000.

In contrast, a Providence model, which is just over 1400 finished square feet, sold recently for about $305,000. It was under contract in just 6 days. This shows a decent improvement in the market price for the ‘entry level’ home in Rock Creek. Just a couple years ago, a similar Providence on Hyacinth sold for $265,000. Keep in mind, the prices in Rock Creek can vary by $10k to $20k depending on lot size and orientation. Richmond Homes charged lot premiums when these houses were built of upwards of $30k to $50k for features like backing to open space, backing to green belt areas or having a trail or greenbelt access next to your house in lieu of another house 10 feet away. This particular home has a very large back yard but not $40,000 worth of lot premium which tells us that the average price in the lower priced homes in Rock Creek is moving upward.

What some of this information is also telling us is that homes that are prepared well, marketed properly and of course, priced right, will sell in a reasonable amount of time. For example, 1746 Alma came on the market in March at $499,000 and was under contract in just under 20 days and sold for $475,000. Still starting a little overpriced, it was at least within the range to attract the right buyer and get it sold.

As far as current homes for sale, there are 62 homes for sale. This is a little lower than the historical average. In past years, we’d typically see around 85 homes for sale in Superior. The average price of homes for sale in Superior right now is about $450,000 and the average days on the market of these 62 homes for sale is 53 days.

Comments

One Response to “Superior Real Estate Market Update”

  1. greg collins on June 1st, 2008 12:39 am

    Thanks for the market updates. I’ve been reading your blog for a while and we’re thinking of moving to the Superior area due to a possible job transfer. It’s nice to get a personal perspective from you on the area.

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