Ken Caryl real estate was remarkably boring to start out 2019. You may have seen recent articles in the Denver Post and Denver Business Journal stating that we are shifting back to a buyer’s market. Well, you’re being lied to. We are no where close to a buyer’s market. Ken Caryl real estate is still heavily in a seller’s market. Remember, when I look at Ken Caryl real estate, I divide the neighborhood into three distinct categories: The Ken Caryl Valley (homes west of C470), the Ken Caryl Plains (homes east of C470, what many locals call the “Ranch Side), and attached homes in the Ken Caryl Plains. Let’s take a look at January’s numbers.
Ken Caryl Valley Real Estate:
- 3 homes currently for sale in the Ken Caryl Valley
- 8 homes currently pending sale
- 3 homes sold in the Ken Caryl Valley in January
- 3 homes for sale average $983,000 and have been on the market an avg of 20 days
- 8 homes pending avg $824,713 and 43 DOM
- 3 homes that sold in Ken Caryl averaged $805,000 (97% of asking) and were on the market 25 days
Ken Caryl Plains Real Estate:
- 2 homes currently for sale in the Ken Caryl Plains
- 4 homes pending sale
- 3 homes sold in the Ken Caryl Plains in January
- 2 homes for sale average $512,400 and 101 DOM
- 4 homes pending avg $454,725 and 15 DOM
- 3 homes that sold in Ken Caryl averaged $445,333 (99% of asking) and 4 DOM
Ken Caryl Condos for sale:
- 3 condos curretnly for sale in Ken Caryl
- 5 condos pending sale
- 5 condos sold in Ken Caryl in January
- 3 condos for sale average $404,667 and 70 DOM
- 5 pending avg $277,200 and 15 DOM
- 5 condos that sold averaged $275,580 (97% of asking) and 32 DOM
These numbers make it very clear that we still have far more people looking to buy homes in Ken Caryl than we have homes for sale. The notion of shifting to a buyer’s market is completely unfounded, and very misleading and damagin to potential buyers. If you’re waiting to buy a home in Ken Caryl, and looking for prices to decline or inventory to open up, you’ll be waiting for a long long time.
Even the homes we currently have for sale are a bit misleading. The 2 homes for sale in the Ken Caryl Plains are almost unsellable. One is almost a tear down, priced over $200,000 below what others in the area are going for, but with major structural damage. The other is a fix and flip that is priced probably $100,000 over market value. Of course they’ll sit on the market for a long time. They are on the market, but not really in the market.
One of the attached town homes in Ken Caryl is similarly on the market, but not in the market. In the history of the neighborhood, two attached homes have sold for over $400,000. One at $400k exactly, the other at $402k. One of our current active town homes came on the market at $499k (currently down to a more reasonable $450k). Of course you’re going to sit on the market for a long time and experience price reductions when you come on 20% higher than any home has ever sold before. That doesn’t mean we are moving to a buyer’s market, that means this particular unit missed the mark on pricing. Well priced, decent conditioned homes in Ken Caryl are selling at or above asking price in a matter of days. It is a seller’s market.
If you have questions about what your home in Ken Caryl is worth, you can get an estimate on my website or call me for a more accurate valuation. You can also view all homes for sale in Ken Caryl on my home search site.