Tuesday, February 28, 2012
Tuesday, February 21, 2012
Tuesday, February 14, 2012
Denver Real Estate Inventory Drops Almost 40% in 1 Year!
Incredible Opportunity for Sellers...
At January month end, the inventory of active listings, those homes for sale, represented only 3.3 months of supply of homes on the market. Home showings increased dramatically and offers were extended as a result of the pent up buyer demand. While January is traditionally slower than December, the numbers show increased activity when comparing year over year.
Monthly Market Recap:
Active Inventory is 8,356 units at month end
Sold units is 1,993
Average Days on Market is 103
Median Sold Price is $218,855
Average Sold Price is $272,328
Active Inventory is 2,087 units at month end
Sold units is 477
Average Days on Market is 108
Median Sold Price is $113,000
Average Sold Price is $146,544
January Year-to-Date Market Recap (2012 versus 2011):
Active Inventory 8,356 versus 13,714 (↓39%)
Sold Units 1,993 versus 1,724 (↑16%)
Median Price $218,855 vs $225,000 (↓3%)
Average Price $272,328 vs $277,922 (↓2%)
Sales Volume $542M versus $479M (↑13%)
Days on Market 103 versus 120 (↓14%)
Active Inventory 2,087 versus 4,176 (↓50%)
Sold Units 477 versus 432 (↑10%)
Median Price $113,000 vs $124,995 (↓10%)
Average Price $146,544 vs $150,085 (↓2%)
Sales Volume $69M versus $64M (↑8%)
Days on Market 108 versus 123 (↓12%)
December 2011 YTD County Sold Data:
The top five metropolitan counties based upon closed homes in 2011 are:
(1) Denver County
(2) Arapahoe County
(3) Jefferson County
(4) Adams County
(5) Douglas County.
The top four price ranges for sold homes based on closed transactions are:
(1) $100,000 to $199,999
(2) $200,000 to $299,999
(3) $300,000 to $499,999
(4) $0 to $99,999.
Advice to Sellers:
The inventory of Active Listings, those homes for sale, continues to decrease. Historically, this would indicate a seller’s market. This is not the case, because prospective buyers have wants and needs that they will not compromise. So what is a seller to do?
Overall, buyers have big dreams for their new home. Buyers are looking for style upgrades on counter tops, flooring, faucets, and fixtures. The utility look that started several years ago in kitchen is now spreading to the entire home. Big on the wish list are separate laundry rooms, spacious built-ins, and a place to maximize storage.
In two words the seller must de-clutter and stage a home. Make sure each room has a focal point. Here are 4 quick tips for prepping a home:
(1) make sure home is super clean
(2) clear the clutter and unload some furniture
(3) prep your landscaping and
(4) add new touches everywhere if possible
Is it a great time for your home to be on the market!
Advice to Buyers:
With the number of active listings, those homes available for sale, continuing to be the lowest it has been in years, a prospective buyer must prioritize one’s needs and wants and look at what is available in the market. Rents continue to rise in the Denver market and home prices continue to stabilize.
The Colorado Division of Housing recently reported that the metro area had only a 5.4% vacancy rate and that the median rent was now $870. Vacancy rates have moved down and the area’s median rent has risen for the last eight quarters. Home affordability has never been higher in the Denver metro area.
Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.