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Low-priced neighborhoods show biggest percentage price gains
This 1,147-square-foot home in Athmar Park recently sold for $158,000, according to public records
Homes sold in the 80223 ZIP Code rose 37.6 percent in the third quarter, compared to the third quarter of 2008, making it the top-performing area in the metro area, according to data from a California-based company.
The data released by La Jolla-based DataQuick, tracked tracked real estate data in more than 100 ZIP Codes in Adams, Arapahoe, Boulder, Denver, Douglas and Jefferson Counties.
DataQuick tracks both new and resale single-family homes and condo sales by the median price, price-per-square-foot and sales volume.
The biggest year-over-year price gains were found in 80223, which includes part of Athmar Park and the historic Baker neighborhoods. (Editor’s note: I did not include homes with fewer than 50 sales in the third quarter, because if there were only a few sales, the data may have been skewed. For example, in 80019 in Aurora, the median price rose by 117.9 percent, but there were only 17 sales in the third quarter.)
One home in Athmar Park, for example, last month sold for $158,00, according to public records That is a 17.9 percent premium from the $134,00 paid for it in 2007, and a 24.7 percent premium from the 2004 sales price of $177,900, according to records.
Marilyn Van Steenberg, owner of Buyer’s Best Choice Real Estate, said the data appears to be right on the money.
“I think it is probably a pretty good indicator of what is happening in the market,” Van Steenberg said. “The $8,000-tax credit has brought out a whole lot of first-time home buyers. If something is priced below $200,000, it goes in a heart-beat. That is, if it is in decent shape. By that I mean it maybe just needs new carpets and some paint.”
The problem, she said, is “I’m finding that a lot of homes priced under $200,000 are not decent. A lot of them have really been trashed. The good houses in that price range are in short supply and are gone in a hurry.”
Adams was the only county to show overall appreciation year-over-year in the third quarter.
The overall median price in Adams County rose 5.3 percent in the third quarter from a year earlier to $160,000. That was the lowest median price of all the counties. And the median per-square-foot price of $102 also was the lowest of all of the counties. Of the 17 ZIP Codes tracked in Adams County, the median price of 12 of them was below $200,000.
However, Adams County also showed the biggest percentage drop of all of the counties. The 1,966 closings in the third quarter was down by 21.3 percent.
One reason the number of sales likely dropped in Adams County, despite the abundance of low-priced homes, is because of the large number of short sales, in which the lender accepts less than the mortgage amount in a sale.
“Short sales are very long and drawn out,” she said. “If someone wanted to buy a home and move in quickly, a short sale is not for you. Every lien held against the property typically takes at least two or three months to resolve , and almost all of the homes have at least two liens. I won’t bring any of my buyers short sales.”
She said one of her agents has been listing a short-sale property for the past 18 months, and during that time five different contracts for it have collapsed.
“There are really three separate markets in Denver: Bank-owned properties, short sales and regular seller-owned sales,” she said. “To really get a handle on what the traditional market is doing, you have to subtract bank-owned and short-sales from the market. But if you have a seller-owned property, whether it is being sold by the owner or listed by a Realtor, it’s tough because you have to compete against all of the bank-owned and short sales out there. And the short sales are the toughest to sell. At least when the bank owns it, you can get a decision.”
For a look at all of the ZIP Codes in the Denver area, go to this link.
Related links (some are just tables) :
Boulder most expensive homes in area.
Conifer sales volume up by 44%
ZIP Codes showing biggest sales drops
ZIP Codes with lowest price per square foot
ZIP Codes with least expensive homes
Most expensive ZIP Codes on a per-square-foot basis
. City ZIP Median Price YOY % Increase Denver 80223 $150,000 37.6 Denver 80246 $227,000 35.3 Denver 80204 $149,900 39.3 Denver 80237 $215,000 26.5 Denver 80239 $117,250 22.4
. County 3rd Quarter Median Price YOY Percent Change Price Per Square Foot Sales Percent Change in Sales Adams $160,000 5.3% $102 1,966 -21.3% Arapahoe $190,000 -1.6% $115 2,781 -17.0% Boulder $290,750 -1.4% $173 1,388 -16.1% Denver $193,500 -0.8% $170 3,947 -11.2% Douglas $291,000 -4/6% $132 1,692 -15.0% Jefferson $220,000 -3.1% $148 2,322 -8.0%
Source and for more information: DataQuick.com DataQuick offers a variety of service to the real estate industry.
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