How is the real estate market in Superior?
In this post and video I will outline the fundamentals of the Superior Colorado real estate market by reviewing demand (sold and under contract listings) and supply levels (active and new listings) within the city of Superior for the month of February 2019 as well as review where the market has been via lagging indicators (sales price), and current market health with month’s supply of inventory, days on market and list to sales price ratio.
Oh, by the way, do not forget to check out how the overall metro Denver Real Estate market is doing by clicking here!
Superior Colorado Real Estate
Single Family Homes
This week the median list price for Superior, CO is $680,000 with the market action index hovering around 46. This is less than last month’s market action index of 53. Inventory has held steady at or around 21.
Market Action Index
The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer. Today’s number is 46 which shows a Strong Seller’s Market
Market appears to have begun to cool. As we’re still notably in the Seller’s zone, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone.
Superior, CO (Condos)
This week the median list price for Superior, CO is $775,000 with the market action index hovering around 34. This is an increase over last month’s market action index of 32. Inventory has held steady at or around 8. Click here to stay informed with the Superior market!
Market Action Index
The Market Action Index answers the question “How’s the Market?” by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer. Today’s number is 34 which shows a Slight Seller’s Advantage.
In the last few weeks, the Market Action Index has resumed a climb. Despite the fact that we’re in a Seller’s market, prices have not yet resumed upward momentum. However, it is likely that given these conditions, prices will at least level off very soon. If the increasing trend continues, expect that prices could shift higher quickly.
|Feb-18||Feb-19||% change||Jan-19||Feb-19||% change|
|New Listings||11||22||50%||New Listings||16||22||27%|
|Homes for Sale||10||19||47%||Homes for Sale||14||19||26%|
|Under Contract||9||17||47%||Under Contract||10||17||41%|
|Closed Sales||16||13||-23%||Closed Sales||8||13||38%|
|Average Days on Market||62||88||30%||Average Days on Market||40||88||55%|
|Months Supply of Inventory||1.1||1.1||0%||Months Supply of Inventory||1.4||1.1||-27%|
|Average Sale Price||$546,166||$581,285||6%||Average Sale Price||$560,764||$581,285||4%|
|Average Percent of Original List Price||99.80%||96.90%||-3%||Average Percent of Original List Price||98.20%||96.90%||-1%|
|Avg. Price Per Tot Sq Ft||234||260||10%||Avg. Price Per Tot Sq Ft||272||260||-5%|