80238 Market Update

Stapleton continues to be a popular community for Coloradans. With new, popular attractions such as the Punch Bowl Social and Stanley Marketplace, Stapleton has become a hot market compared to previous years and there are no signs of it slowing down. Here is our latest Stapleton Market update:

Buyer activity remained high in October while seller activity tapered off, causing an unusual rise in the average sold price. In previous years, sales prices have tapered starting in September through the end of the year. October set a new record low for housing inventory with 6,312 listings, down 16.79 percent from the month prior and 6.22 percent from last year. This may be due to 3.06 fewer new listings coming to the market compared to last year and the number of homes sold increased by 9.75 percent over month to month (DMAR).

Detached single family active units dropped 21.3% percent from the previous month resulting in 3,911 available homes for sale. Attached single family homes also decreased by 17.3% from September to October bringing the number of available units to 1,451. Both markets together bring 5,362 units for sale. The average sold price reveals an increase of $481,378 for detached single family homes and another increase of $326,160 for attached single family homes (Land Title Report).

In October, 5,002 homes were placed under contract. The average days on the market remain low with detached single family homes at 28 days until contract and attached single family at 22 days. 3% of detached single family homes and 47.5% of attached single family homes were under contract in seven days or less. 6% of closed homes in October sold for at or over their asking price (Land Title Report).

According the DMAR Market Trends Committee, residential market active listings (single-family and condos) for October is 16,306. The record-high October was in 2006 with 29,722 listings and 2017 represents a new record-low with 6,312 listings. Additionally, reports show that sellers are beginning to reduce prices; yet the average sales prices in October were up year over year by 11.85 percent to reach 443,873 and 8.88 percent to reach $380,000 (DMAR).

Specifically to Stapleton, there were less homes sold in 2017 compared to 2016, but an increase in average price per square foot. For Attached Single Family Homes, there were 241 homes sold in 2016 compared to only 183 sold so far in 2017. Similarly for Detached Single Family homes, there were 309 homes sold in 2016 compared to only 261 in 2017. Prices went up for ASF from $243.69 to $263.85, along with an increase from $275.28 to $294.12 for DSF. For both categories, the number of days on the market increased in 2017 compared to 2016 (ReColorado).

From September to October, the amount of ASF homes sold increased from 14 to 17. Average price per square foot increased from $256.45 to $269.96 and there were less number of days on the market (11 compared to 6.) DSF homes decreased slightly with 20 being sold in October compared to 22 in September. Average price per square foot also decreased slightly from $299.34 to $297.68 and there was an increase in number of days on the market by just one day (ReColorado).

At current selling rates and if no new listings entered the market, it would take about 1 month to sell all homes.  The inventory levels indicate a “Seller’s” Market. Contact us today if you have any further questions regarding the Stapleton Real Estate Market, we would be happy to give you our expert advice!