Guess what? There aren’t very many homes for sale in Ken Caryl still. Guess what else? There are still lots of people trying to buy a home in Ken Caryl. That could be the summary report for this past month, and I’ll go ahead and be a bit more specific. Remember, when I talk about Ken Caryl real estate, I break it down into three distinct markets: The Ken Caryl Valley (homes on the west of C470); The Ken Caryl Plains (homes east of C470, what many locals refer to as “the Ranch side”); and condos and townhomes in the Plains.
Ken Caryl Valley Real Estate
- 11 homes currently for sale in the Ken Caryl Valley
- Those 11 homes currently are asking an average of $865,864 and have been on the market an average of 111 days
- The 5 homes for sale in the Ken Caryl Valley over $950,000 average 221 DOM, while the 6 homes under $950k average 20 days
- There are 5 homes pending sale, averaging $709,980 and 63DOM
- Only 2 homes sold in the Ken Caryl Valley in February. One was listed at $499,000 and sold for $505,000 in 5 days, the other was listed for $824,900 and sold for $800,000 after 95 days.
Ken Caryl Plains Real Estate
- There are 3 homes for sale in the Ken Caryl Plains
- Those 3 homes average $564,667 and have been on the market 105 days (7, 34, and 274 respectively)
- There are 7 homes pending sale, averaging $544,071 and 39 DOM. 5 of those 7 were on the market less than 5 days.
- Only 2 homes sold in the Ken Caryl Plains in February. One was listed at $459,759 and sold for $449,000 in 51 days, the other was listed for $524,900 and sold for $530,000 in 4 days.
Ken Caryl Condos and Townhomes
- There is 1 condo for sale in Ken Caryl, listed for $229,000 4 days ago
- There are 7 condos pending sale, averaging $237,971 and 4 DOM
- 7 condos sold in February, averaging $258,714 and 25 DOM
So far in 2017, a total of 8 detached homes have sold in Ken Caryl. You can make the argument that it is seasonal, and looking at the previous three years you can see it is more than that. This is the lowest total we have ever seen through the first two months. The number of new homes coming for sale is also at an historic low. While February caught back up to normal, the past 3 months a total of 20 homes have hit the market in Ken Caryl, the previous low for Dec-Feb was 30 homes.
The total lack of inventory may be creating a bit of desperation as well. The previous few months I’ve been talking about 2 homes for sale in the Plains that I wasn’t really counting as “for sale” due to their list price. Nothing has ever sold for over $670k in the Plains, and only 3 homes have ever sold for over $650k. So when I saw a presale home listed at $875k and another existing home at $800k, I couldn’t imagine them actually selling. They’re both under contract now (the existing home lowered the price to $725k before receiving an offer).
Clearly condos are still the hot item in Ken Caryl, while the $900k+ market predictably remains the most sluggish. Everything in between is coasting on the back of the law of supply and demand and we are seeing quick sales at high prices. Historically March through August will see a large spike in number of homes for sale, so we can watch the next few months to see if that trend continues.
If you would like to get a free online valuation of your home, you can get that on my website. If you want to stay on top of the real estate market in our neighborhood, download my free mobile app and enter VIP Code “HomesByMatt” when you register. This is the only app on the market that gives you lifetime access to 100% of the homes for sale on the MLS (some of the major industry leading apps like the Big Z offer less than 50%!), in a password protected format so your information will never be sold (no more calls from multiple real estate agents who have purchased your info), AND gives you access to the SOLD home data in our neighborhood! Simply go to your app store, download “Home Scouting MLS,” and enter your VIP code when you register!