To that end, periodically we are highlighting the week's real estate actvity in Boulder and Broomfield Counties, to let you know what is selling, at what prices, and how long these properties are taking to sell.
For the week of August 22-28, 2010 here are the numbers:
- 81 properties sold
- Price range of properties sold during this period: $89,500 - $2,495,000
- Median price: $290,000
- Average price: $432,480
- $0-199k = 19 sold this week
- $200-299K = 21 sold
- $300-399k = 12 sold
- $40-499k = 9 sold
- $500-599k = 5 sold
- $600-699k = 5 sold
- $700-799k = 1 sold
- $800-899k = 0 sold
- $900-999k = 2 sold
- $1.0-1.9M = 4 sold
- $2.0M+ = 2 sold
Information obtained from MLS and public record.
The message this week is pretty obvious - if your home is priced over $1 million and not priced correctly for the market, it is going to take a REALLY long time to sell! The average days on market (DOM) for homes in this category for this week is 596 days, with 565 days to offer. That is astounding in itself, but what is even more astounding are the drastic price reductions off of original list price.
It doesn't take a rocket scientist to look at the chart and see that the five homes with the longest DOM are the five homes with the most drastic price reductions, from 30% all the way up to 61% off original list price. If that is not a call to action for sellers, I don't know what is!!
There is only one way to make sure that your luxury home doesn't take 600 days to sell and that is by employing what is called Price Positioning. Take a look at other relevant active listings and price your home competitively as close to the bottom of that range as you can tolerate. This plainly is not the time to be greedy. Be the first home that a buyer in your home's category wants to look at. If your price is compelling the buyer won't want to leave the house without making an offer for fear that someone else will buy it first. Here's your takeaway for the week - Be THAT seller.
Director of Relocation and Business Development
Colorado Landmark, Realtors