As to be expected, since Indian Peaks is the largest community in the surrounding area it has had the largest amount of activity. There have been 4 single family home sales this month and one townhouse for a total of 5 homes sold in the market. This is more than any of the surrounding communities combined. However for Indian Peaks itself this represents an increase of one home sale over last month when there were only 4 homes sold.

The market is fairly ballanced this month with 14 homes moving through the sales process; 5 of them are sold, 5 of them are active and 4 of them are under contract. This shows that the market is moving along steadily with 1/3 of the homes active, 1/3 of the homes under contract and then the final 1/3 sold.

The absorption rate took another dip this month down to just one half month of inventory. That means that if nothing new came to the market and the demand stayed the same it would take one half a month to absorb all of the current inventory. Last month and also in December the absorption rate held with about three quarters of a month of inventory. That shows that some of the available homes have gone under contract causing the absorption rate to decline this month as demand has increased.

The average price per square foot for a single family home has declined this month to just $187 per square foot. Last month it was over $200 per square foot. Previous blog posts might allude to why we are seeing this dip in value this month. However, for townhouses the opposite is true. The price per square foot on average for the past 6 months has been steadily around $200. This month the single Indian Peaks Townhouse on Concord that sold was priced at market value sold for well above list price. It came to the market at $360,000 and sold for $375,000, which was a price per square foot of $239! A record for the Indian Peaks real estate market.