Ken Caryl Real Estate | August 2017
The Ken Caryl real estate market was a bit sluggish in August, having some significant slow downs for the first time in months. I’m not going to start crying shift, and yet these changes are large enough to at least take notice. Remember, when I talk Ken Caryl real estate, I divide the neighborhood into three distinct markets. The Ken Caryl Valley (west of C470), detached homes in the Ken Caryl Plains (east of C470), and condos/town homes in the Ken Caryl Plains.
Ken Caryl Valley Real Estate:
- 12 homes currently for sale in the Ken Caryl Valley
- 12 homes currently pending sale in the Valley
- 13 homes sold in the Ken Caryl Valley in August
- 12 homes for sale average $1,124,067 and have been on the market for an avg of 102 days
- 12 homes pending average $880,955 and have been on the market for 61 days
- 13 homes that sold averaged $888,496 (97% of asking) and were on the market 24 days
Ken Caryl Plains Real Estate:
- 5 homes currently pending sale in the Plains
- 3 homes sold in the Ken Caryl Plains in August
- 6 homes for sale average $522,967 and have been on the market 102 days (1 has been on for 455, skewing that #)
- 5 homes pending average $441,960 and have been on the market for 33 days
- 3 homes that sold averaged $444,667 (95% of asking) and were on the market 33 days
Ken Caryl Condos/Town Homes:
- 4 condos currently for sale in Ken Caryl
- 7 condos currently pending sale
- 11 condos sold in Ken Caryl in August
- 4 condos for sale average $292,200 and have been on the market an average of 28 days
- 7 condos pending average $266,486 and have been on the market 15 days
- 11 condos that sold averaged $264,755 (97% of asking) and were on the market 18 days
Ken Caryl Real Estate August ’16 vs August ’17
- Home sales in the Valley are down 15% yet prices are up 9.4%
- 3 homes sold for over $1M in 2016 and 2017
- Home sales in the Plains are down 133% and prices are up only 5.7%
- Condo sales are up 36% and Ken Caryl condo prices are even, almost to the dollar ($264,755 to $264,757)
- Days on market for condos are up 67%
There are a few things to focus on this month. Luxury real estate in Ken Caryl is strong. 6 of the 12 homes for sale in the Valley are listed over $1M, and the luxury sales continue to excel. Even with an average sales price of nearly $900,000, 4 of the 13 homes that sold in the Valley in August sold at or above asking price and were on the market less than 4 days. The real estate market in the Valley remains very strong. The only “concerning” number is that days on market continue to rise (up 33% YOY).
Home sales in the Ken Caryl Plains are very sluggish. Not only are sales down and prices only moderately up, but days on market is up 76%. Additionally, most of 2017 has seen the sales price to list price ratio hovering at or even above 100%. For that ratio to be down to 95% this month is a very significant number.
Condos saw the brakes slammed on more than any other facet of the market. While sales are up, for prices to be flat, days on market to be way up, and the sales price to list price ratio went from 102% in ’16 to 97% in ’17. None of these numbers indicate a market shift or even correction just yet, and they are well worth taking note of. When homes are not selling as quickly, and buyers aren’t willing to give sellers what they want, it is usually only a matter of time before that correction comes.
If you would like to know what your home is worth in today’s market, you can get a free valuation on my website. If you’d like to discuss options for selling your home or taking advantage of your equity to purchase an income producing property or vacation home, please contact me.