One look at the Ken Caryl real estate report for July 2018 shows that the supposed “slow down” that many people are feeling isn’t a reality. Home sales are still cranking right along, and homes for sale in Ken Caryl are still desperately unavailable. As we look at the report, remember that I divide the Ken Caryl Ranch into three distinct markets: The Ken Caryl Valley (homes west of C470), detached homes in the Ken Caryl Plains (east of C470, often referred to as “The Ranch side”), and attached homes (condos and town homes) in the Ken Caryl Plains.
Ken Caryl Valley Real Estate
- 10 homes currently for sale in the Ken Caryl Valley
- 7 homes pending sale
- 10 homes sold in the Ken Caryl Valley in July
- 10 homes for sale average $1,126,690 and have been on the market an average of 92 days
- 7 homes pending average $869,000 and have been on the market 20 days
- 10 homes that sold averaged $815,890 (96% of asking) and were on the market 10 days
Ken Caryl Plains Real Estate
- 1 home currently for sale in the Ken Caryl Plains
- 11 homes pending sale
- 12 homes sold in the Ken Caryl Plains in July
- 1 home for sale is asking $569,000 and has been on the market since June…2016!!
- 11 homes pending average $511,936 and have been on the market 18 days
- 12 homes that sold averaged $477,875 (100% of asking) and were on an average of 10 days
Ken Caryl Condos / Town Homes
- 6 condos / town homes for sale in Ken Caryl
- 7 attached homes currently pending sale
- 8 condos/ town homes sold in Ken Caryl in July
- 6 currently for sale average $369,367 and have been on the market 37 days
- 7 pending sale average $332,300 and have been on the market 18 days
- 8 attached sales averaged $295,313 (100% of asking) and were on the market 4 days
Here are a few interesting side notes:
- 3 of the 10 sales in the Ken Caryl Valley were over $1M, and all 3 of those were less than 2 weeks on the market
- 8 of the 12 sales in the Ken Caryl Plains sold at or over asking price, and 8 of the 12 were on the market less than 1wk
- All 8 of the attached sales were on the market less than 10 days, and 7 of the 8 sold at or above asking price
As we look at these numbers, what does this mean for the condition of the Ken Caryl real estate market? There are two stories that I see. #1, we simply don’t have enough homes coming for sale to meet the demand of potential home buyers in Ken Caryl. For some perspective, there are currently 17 total homes for sale in Ken Caryl at this time. The average number of homes for sale at the start of August the previous 4 years was 34, and those years were considered tight. In August of 2013 there were 107 homes for sale! As our inventory remains anemically low, any home properly priced, maintained, and marketed is selling immediately for at or over asking price.
Story #2 is the unrealistic (or poorly informed) seller. As I mentioned a few months ago, many agents will tell a seller whatever they want to hear just to get a sign in the yard. When a seller trusts the agent to get their home sold and they “shoot for the moon” it ends up costing them tens of thousands of dollars. Case in point…in the Ken Caryl Valley, the average DOM (days on market) of the homes for sale is 92. The average days on market of the homes that sold is 10. You don’t need a real estate license to figure out what is happening here. Even the “luxury” card cannot be used here, as we had 3 $1m+ sales all take place in less than 2 weeks. If you are selling your home in Ken Caryl and you’ve been on the market over 3 weeks (or 2 years as is the case of the 1 home in the Plains) you are not properly priced or marketed. Condos and town homes in Ken Caryl are another prime example. The 6 currently for sale have been on the market an average of 37 days. The 8 that sold…4 days. Again, I think you can see what’s happening here. So when people say “it feels like things are slowing down,” or “I’m seeing more price reductions recently”, yes, kind of. As sellers either get too greedy or misinformed by their hired representatives, they sit and sit and make the market look like it is slowing. Meanwhile, the rest of the Ken Caryl housing market is rolling along just fine.
If you have a home to sell or if you are looking to buy a home, I am happy to talk with you about my services and how I can assist you. If you’d like a free estimate of your home’s value, you can get that on my website.