Wednesday, October 28, 2009

How's the Real Estate Market inYour Neighborhood? A look at Belle Creek

If you've been on planet Earth at any point in the last few years, you may have heard that the Real Estate market is pretty volatile.  Job losses led to record foreclosures and the introduction of the term "short sale" as a common noun.   Fortunately, as I know we have all heard, "all real estate is local."  (Otherwise stated as "the 3 most important factors in real estate: location, location, location.")

For Belle Creek residents, the market is actually pretty good.  As a Your Castle agent, I have access to neighborhood trends and reports for the Denver metro area.  As a Belle Creek resident, I concern myself with what our market is doing. 

You may have heard the term "months of inventory".  This is a valuable tool in determining whether now is a good time to buy, sell, or just stay put and wait.  When the Months of Inventory are closer to 12, it is a good time to BUY.  This means there is inventory that isn't moving and sellers are getting anxious.  As MOI moves closer to 1, it is a sellers' market.  There are more buyers out there than sellers, so sellers can be picky about what they will accept.

A "normal" market is 6 months of inventory, and this is what is ideal.  In Belle Creek, the inventory is at 4.2 Months of Inventory.  This is good news for sellers, as it indicates that there is not quite enough inventory for the buyers that are out there.

This doesn't necessarily mean that the current inventory is flying off the shelves.  But well-priced homes in good condition should sell in a reasonable time.  What's more, homes in Belle Creek are priced at a level that is desirable in the Denver Metro area.  The bulk of market activity is happening in the $250,000 or less range. 

Here are a few Belle Creek stats to chew on:
  • Currently there are only 7 houses that are actively listed for sale.  3 of these are short sale situations with contracts pending.  This means the bank has to approve the sale price, but someone has written a contract with the intent of buying this home.
  • Of these homes, all are priced at under $250k.  3 are at $189,000, 1 is $199,900, 1 is $210,000 and the final listing is at $219,950.
  • Months of inventory for homes in Belle Creek priced under $210,000 is 3.  Months of inventory over $210,000 is 6.
  • 50% of homes sold in the last 12 months were short sale or lender owned. 
Here is a list of the homes that have actually sold in the last few weeks:
  • 9499 E 109th Ave.  $242,000 Sold Sept 14, 2009
  • 9437 E 108th Ave.  $185,000 Sold Sept 25, 2009
  • 10765 Boston St.  $155,000 Sold October 9, 2009
  • 10628 Dayton St.  $135,900 Sold October 16, 2009
If you have any questions about buying, selling or any aspect of Real Estate, ask a Realtor.  As a specialist in Belle Creek, I am happy to answer any questions you have about our market!  Feel free to contact me with any of your real estate needs.
If you prefer to research on your own, check out my website.  You can research active, under contract and sold homes throughout the Denver Metro market at your leisure.

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