This is the The Timbers Neighborhood Market Report September 2020. Everyone is asking “how’s the market in The Timbers Neighborhood?” The next question is “how does the COVID 2020 market compare to 2019?” Below I will show you the differences in the two markets and hopefully answer your questions.
The quick answer is the market is basically the same as last year with a modest 2.22% appreciation rate when you look at the total market of both ranch and two story homes. There was definitely some panic selling in March and April. We saw several sellers drop prices immediately and sell their homes significantly under value but at the time I’m sure it felt right for them. There were also some sellers that simply did not have the time to wait and seek the highest price possible. Two of the sellers I worked with in early summer were on strict deadlines and priced their homes lower simply because they were making cross country moves and needed out ASAP. A third seller needed to be out in 90 days and priced their home $30,000 below market value so they would get competing bids and it worked. They received 6 very solid offers within a week and had the luxury of choosing the strongest buyer with the best closing terms. Current listings in The Timbers.
COVID also caused 3 sellers to pull their homes from the market and postpone their moves. Overall COVID in The Timbers neighborhood has had little affect on sales comparing 2019 to 2020. As of September 2020 we have closed 34 homes compared to 46 homes closed in all of 2019 so we are on track for basically the same number of sold homes. The biggest change in buyers moving to The Timbers has been the number of local versus out of town buyers. I have definitely noticed that there are more local Colorado buyers moving into our neighborhood than transfers from out of state. This has to be because job relocations from out of state has basically been shut down and local buyers have seized the opportunity to fill the gap. Local buyers are fleeing the city and other urban areas and snapping up our custom homes on large wooded lots. The few relocation buyers I’ve seen in the market were mostly moving here to get a jump on their retirement.
As I write this I have two buyers from out of state actively looking for homes in The Timbers. In October I have buyers coming into town from back east that are also fleeing a big city to move to Colorado.
The average sale price in The Timbers is $1,092,948.
Ranch homes are averaging $223.94 per sqft while two story homes are averaging $172.27. The average sale price for a ranch home in The Timbers neighborhood is $1,198,435. This has a lot to do with the new build custom homes in the new section of The Timbers and does not include the track built home section. Two story homes in The Timbers have an average sale price of $1,060,490. Obviously the more updated your home and the better your lot…the better the sale price.
The average days on market across the board for both styles of homes in The Timbers is 57. Don’t put a lot of stock into the DOM or days on market as the new build custom homes typically list the day they start building and can take months before they get a buyer. it all comes down to pricing, location and finishes.
Ranch homes on average sale for 93.19% of the original asking price. Two story homes on average sale for 96.26% of original asking price.
Do you want more detail? Feel free to call me 303-941-4663 and I’m happy to give you more specific information. I run the numbers on a weekly basis and I’m happy to share or discuss.
Steven Beam is a local Realtor that lives in and sells homes in The Timbers.