Great news for Real Estate in Highlands Ranch and Lone Tree so far this year. In 2009 there were 110 closed sales from January to February. So far in January and February we have had 167 closed sales in the same time frame according to information in Metrolist. ( A Multiple Listing Service – MLS in the Denver Metro Area ) There are several factors that have contributed to the rapid increase in closed sales. The historically low interest rates combined with government incentives for first time home buyers and move up buyers has helped people get off the fence and into a home. We have also had a relatively mild winter as far as snow goes which makes it easy for us to get out and look at homes.
The Average Sale Price Increased 8.9% over February 2009
Not only were there more sales in the area, but the average sale price also had an upward trend. In 2010 the average sale price was $334,635 compared to $307,185 in February of 2009. One month does not make up a whole year but I for one hope that the trend continues in this direction.
Highlands Ranch and Lone Tree Condos and Townhome Sales Increase while Values Drop
The condo and townhome market is also beginning to rebound in the local market. The number of sales Year to date through February 2010 was up 22% over the same period in 2009. I believe that the condo and townhome market will continue to gain strength overall through the next decade. Some national companies that follow these trends see a shift away from large homes in suburbs to smaller efficient housing closer to transportation and other conveniences. I have personally noticed increased interest in properties close to RTD Light Rail and Bus Routes. People are paying more attention to things like walk scores and ease of maintenance.
Unfortunately the values of condos and townhomes in Highlands Ranch and Lone Tree dropped from $251,730 in February 2009 to $222,006 in February 2010. That is a decrease of 11.8% in value. Hopefully this trend will reverse itself over the rest of the year.
Here is the full report from my friend Jim Renshaw at Land Title.
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