These stats were recently pulled from the Charlotte MLS regarding home sales in the Denver, NC Market. They were pulled using “28037” zip code, so it will cover the Denver Homes in Catawba and Lincoln County too.
From 10/1/2008 to 2/16/2009:
3/4 of the Homes Sold in this Time Frame were Under $400,000.
Price Per Square Foot for the Homes Sold in Each price Range:
- Under $100,000 Sales Price. Sold For $36 a square foot on Avg. Homes currently on the market are listed for $58-61 per sf.
- $100,000 – $200,000 Sales Price. Sold for $99 per sf.
- $200,000 – $300,000 Sales Price. Sold for $96 per sf.
- $300,000 – $400,000 Sales Price. Sold for $111 per sf.
- $400,000 – $500,000 Sales Price. Sold for $151 per sf.
- $500,000 – $600,000 Sales Price. Sold for $169 per sf.
- $600,000 – $700,000 Sales Price. Sold for $149 per sf.
- $700,000 – $800,000 Sales Price. Sold for $155 per sf. Homes currently on the market are listed for $201 per sf.
- $800,000+ Sales Price. Sold for $175 per sf. Homes currently on the market are listed for $257 per sf.
55.3% of the Active Homes on the Market are priced Over $400,000.
55% of the Homes Sold were 3 years old or Newer.
If you have a Waterfront Home for Sale, you had a 1 in 20 Chance of Selling it since October ’08.
92 Homes have Sold in Denver since October ’08. Six of these were Waterfront. Century 21 – Hecht Realty agents had Four of these Listed.
Century 21 – Hecht Realty, Inc. holds a 19% market share in Denver, which is far higher than any other competitor.
Since October ’08, Only 19% of the Homes on the Market in Denver Sold.
What does this mean to the Homes Seller in Denver….
At C21 we are of the general opinion that home prices in Denver are still significantly too high. The Denver Home Market Grew and Greatly Appreciated over the last few years due to the fact that Mooresville, Cornelius, Huntersville were appreciating and growing leaps and bounds. Denver was a great little town to live in and you could afford a better house here than across the Lake.
As time went on and Market Worsened, those Markets across the Lake began to Reduce their pricing more rapidly, but some how here in Denver we reacted too slow to what was going on around us. Now we find ourselves to be One of the More Expensive Towns to Live in On Lake Norman. Most buyers will find Mooresville, Cornelius, etc. more Marketable due to the close proximity of amenities and would pay more to live closer.
If you were to compare your house to other homes available in your price range in Mooresville, more often than not, you will find the Mooresville Homes Superior to Yours. THIS, my friend, is the reason the Denver Market has slowed virtually to a hault at some points over the last 6 months.
The Agents at Century 21 started coming this realization on Property Tour. We visited a handful of Mooresville Listings and Denver Listings in the Same Day. In a Custom Built Waterfront Neighborhood in Mooresville, you could purchase a Large Custom Home with a Boat Slip and Large Lot for Less Money for Less money than a Water View Home in Westport?!?!
Today’s Buyer is NOT looking for Luxury. They are looking for the best buy for their money. If they CAN get a great buy for their money in Denver, they are willing to Drive to the Amenities. If NOT, they will live in Mooresville.
I am probably the Perfect Example. I moved to Denver 6 years ago. I knew nothing about Denver and I wanted to be closer to shopping and restaurants. After touring tons of homes, that just did not WOW me, my Real Estate Agent urged me to look at a home in Denver. I liked the house very much and it was a great price in comparison to what I could purchase in Mooresville. NOW I love Denver of course and would never move to Mooresville. Do you grow up here? Probably not. What brought you to Denver?
We have to get back to those days if we want our community to continue to thrive and not be plagued by Foreclosures.
Upon further review of the statistics, we found that most people were not losing money when selling their homes in this Market. Chances are that selling your house at a better value will get it sold and allow you to purchase a new home at a better value.
Not here to shoot your selling dreams down…but to diclose the facts! Think about it…