Superior, Rock Creek
Rock Creek subdivision, just outside of Boulder, is an incredible place to call home. The master planned community has just under three thousand housing units, two great schools (Superior Elementary and Eldorado K-8), two swimming pools, tennis courts, access to hiking trails and more. The community also has a real estate market that is transitioning quickly in favor of sellers.
The Rock Creek subdivision in Superior is showing signs of moving from a Buyer’s Market to a Seller’s Market. Inventory is dramatically down from the high levels of 2008 to 2010. Sold prices are increasing and are significantly stronger than just a few years ago. As new houses come on the market, bidding wars erupt. It is not uncommon for homes entering the market to quickly receive multiple offers in days.
Rock Creek Sales up 20% in 2012
Most telling, overall sales in Rock Creek subdivision jumped by nearly twenty percent in 2012. This is a huge gain in volume. Though difficult to qualify for a mortgage, more buyers found a way to make that happen with rates at all time lows. And this occurred at the same moment that incoming inventory decreased.
What changed? Some of the change has to do with buyers who cannot buy. The people who were buying homes just a few years ago are now renting. As sellers became aware of more people wanting to rent, they took their homes off the market and made them into rental properties. The remaining buyers had fewer properties to select from this past year, but still wanted to be home owners. The existing inventory of homes sold at a brisk pace. Sellers saw this and placed their homes on the market, well priced and looking sharp. And had great results.
Rock Creek Subdivision Prices Up 2.7% in 2012
Possibly the best news for sellers in 2012 – average sold prices increased by nearly three percent.
Another factor affecting all of this is the incredibly low interest rates available to buyers. John Arnold with People’s Choice Mortgage says as of 11/08/12, his firm is offering thirty year FHA mortgages at 3.25% and his company is paying the closing costs. John’s website is: www.jarnoldmortgage.com .
And next year? Where will the market be in 2013? This question has more to do with banks and their lending practices. As credit is loosened and more renters can once again become home owners, I think we will see our supply of listed properties for sale tighten even further.
Click here to view homes currently for sale in Rock Creek and Superior.
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