For the first time in a long time, the Ken Caryl real estate numbers show some interesting trends this month. For most of the first half of this year, not much of any interest has been going on, and in June, Ken Caryl started to see some interesting movement, and for rating’s sake I’m going to get a little raw in the video below about why I think this movement is happening. Remember, when I look at Ken Caryl real estate, I divide the neighborhood into 3 distinct markets: The Ken Caryl Valley (west of C470), the Ken Caryl Plains (homes east of C470, often referred to as the “Ranch side”), and attached homes (town homes and condos) in the Ken Caryl Plains.
Ken Caryl Valley Real Estate
- 11 homes currently for sale in the Ken Caryl Valley
- 12 homes currently “under contract”
- 13 homes sold in the Ken Caryl Valley in June
- The 11 homes for sale average $1,101,364 and have been on the market for an avg of 69 days
- The 12 homes pending average $888,450 and have been on for 9 days
- The 13 homes that sold in the Ken Caryl Valley avg $768,577 (98% of asking) and were on for 15 days
- 1st Half of ’18 saw 45 sales, averaging $769,814 (98% of asking), and 39 Days On Market (DOM)
- 1st half of ’17 had 34 sales, averaging $716,868 (98% of asking) and 32 DOM
Ken Caryl Plains Real Estate
- 7 homes currently for sale in the Ken Caryl Plains
- 15 homes pending sale
- 4 homes sold in the Ken Caryl Plains in June
- The 7 homes for sale average $501,900 and have 44 DOM
- The 15 homes pending average $474,267 and have 9 DOM
- The 4 homes that sold in the Ken Caryl Plains avg $556,500 (98% of asking) and had 16 DOM
- 1st half of ’18 saw 23 sales, averaging $485,681 (99% of asking) and 15 DOM
- 1st half of ’17 saw 34 sales, averaging $458,976 (100% of asking) and 16 DOM
Ken Caryl Condos and Town Homes
- 4 condos currently for sale in Ken Caryl
- 6 condos currently pending sale
- 5 condos sold in Ken Caryl in June
- The 4 condos for sale average $400,950 and have 34 DOM
- The 6 condos pending average $282,983 and have 4 DOM
- The 5 condos that sold in Ken Caryl avg $357,760 (102% of asking) and have 5 DOM
- 1st half of ’18 saw 31 sales, averaging $293,716 (102% of asking) and 5 DOM
- 1st half of ’17 saw 41 sales, averaging $263,316 (101% of asking) and 10 DOM
So what am I seeing and what does that mean for home buyers and sellers in Ken Caryl? The most glaring issue revolves around Days on Market. There is a drastic discrepancy between homes currently for sale and those that have actually sold, and it is costing sellers tens of thousands of dollars. Let’s look at homes in the Valley for instance. Of the homes pending or recently sold 63% were on the market less than 7 days. The homes currently for sale average 69 days. Looking at the 3 homes that sold in June with the highest days on market, they sold for 95%, 88%, and 94% of asking price respectively. That is an average of $59,000 below their asking price! And that doesn’t take into account the carrying costs of the home (mortgage, HOA dues, taxes, and utilities), which will add another approximately $13,000 onto that number.
Overall, home prices are continuing to rise across the board, yet at a smaller percentage than what we have seen the previous 4 years. Number of homes selling is remaining relatively flat, and the variance that we do have is most likely just a matter of number of homes being offered for sale. Our biggest change is the DOM, which is a by product of original list price. In the video below I explain why this may be happening, and what it means for both home sellers and buyers.
If you would like to know how much your home in Ken Caryl is worth, you can get an estimate on my website or contact me for a no cost, no obligation valuation. If you are looking for homes in Ken Caryl to buy, you can also search on my site or contact me directly and I’d be happy to assist you.