Thursday, December 26, 2013

Denver Real Estate Market Update December 2013


GREATER METROPOLITAN DENVER MARKET UPDATE

DECEMBER, 2013

 
By the numbers:

-          The inventory of available homes for sale is 8,815 homes at November month end

-          3,441 homes came onto the market

-          3,607 homes were placed under contract

-          3,500 homes closed for a closed dollar volume of $1.1 Billion

The holidays are here and 2014 is fast approaching. Year over year comparisons continue to be on the rise so far.

Monthly Market Recap:

Residential (Single Family plus Condo):

-          Active Inventory is 8,815 homes at month end

-          Sold homes is 3,500

-          Average Days on Market is 44

-          Average Sold Price is $312,401

-          Median Sold Price is $250,000

November Year-to-Date Market Recap (2013 versus 2012):

 
Residential (Single Family plus Condo):

-          Active Inventory 8,815 versus 8,847 (↔)

-          Sold Units 50,795 versus 42,899 (↑18%)

-          Average Price $305,698 versus $278,783 (↑10%)

-          Sales Volume $15.5B versus $11.9B (↑30%)

-          Median Price $254,900 versus $232,000 (↑10%)                              

 
Market Facts:

Interest rates gradually increased upwards in the month of November.

Consumer confidence slightly decreased in November to 70.4 down from 71.2 in October.

Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.

This year will set many records in the Denver home market.

Advice to Sellers:

2014 is rapidly approaching and will be a year of many changes.  The Consumer Financial Protection Bureau (CFPB) will be implementing new rules in 2014.  Be Prepared is a motto that the Sellers need to keep in mind.  Many economic forecasts believe that 2014 will be a better year than 2013.     

An overview of the 2014 forecast is that employment will increase, mortgage interest rates will increase, home pricing will increase slightly, and consumer confidence will increase slightly.

Are you prepared as a seller for all prospective buyers?

Here are five (5) things to do before putting your home on the market for sale: 

-          Obtain a pre-sale inspection

-          Organize and clean everything

-          Obtain replacement estimates

-          Find warranty documentation, and spruce up your homes curb appeal.

Advice to Buyers:

2014 is rapidly approaching and will bring change for prospective home buyers.  The Consumer Financial Protection Bureau (CFPB) will have new rules that will be implemented in 2014.  One of the CFPB changes is the “Qualified Mortgage”.  Other changes will be implemented in 2014. 

In looking at 2014 from an economist’s perspective, the overall forecast is positive.

-          Employment will increase

-          Interest rates will increase

-          Home affordability will decrease slightly

-          Home buyer demand will continue

-          Home pricing will increase slightly

-          Consumer confidence is expected to increase.

Know what you want in a home, where you want to live, and what price range you can afford. 

Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared and manage your expectations.

 
 

Monday, November 25, 2013

Denver Real Estate Market Update November 2013

By the numbers:
 
-          The inventory of available homes for sale is 9,734 homes at October month end

-          5,152 homes came onto the market

-          5,452 homes were placed under contract

-          4,628 homes closed for a closed dollar volume of $1.4 Billion 

The changing of seasons up until mid-October did not have an impact on the home market this year. Year over year comparisons continue to be UP for now, we will see what the November data brings next month.

 
Monthly Market Recap:

Single Family:                                                           
Active Inventory is 8,121 homes at month end         

Sold homes is 3,598                                                   

Average Days on Market is 46                                  

Median Sold Price is $275,000                                  

Average Sold Price is $332,184                                 

 

Condos:

Active Inventory is 1,613 homes

Sold homes is 1,030

Average Days on Market is 37

Median Sold Price is $163,000

Average Sold Price is $204,808

 
October Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                            

Active Inventory 8,121 versus 8,108 (↔)                 

Sold Units 37,525 versus 31,464 (↑19%)                  

Median Price $277,500 vs $250,000 (↑11%)             

Average Price $333,381 vs $302,956 (↑10%)

Sales Volume $12.5B versus $9.5B (↑31%)              

Days on Market 51 versus 78 (↓35%)                        

Condos:

Active Inventory 1,613 versus 1,611 (↔)

Sold Units 9,770 versus 7,743 (↑26%)

Median Price $160,000 vs $140,000 (↑14%)

Average Price $196,969 vs $177,273(↑11%)

Sales Volume $1.9B versus $1.4B (↑40%)

Days on Market 46 versus 79 (↓41%)

Market Facts:

Interest rates fluctuated both downwards and upwards in the month of October.

Consumer confidence dramatically decreased in October to 71.2 down from 81.2 in September.

Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.25 month supply and Condos have a 1.73 month supply.

 
Advice to Sellers:

Traditionally, the last calendar quarter of the year means a seasonal decline in the local home market.  In 2012 and again in 2013, this tradition is being turned around a bit. Homebuyer demand in general is bucking seasonal declines in many areas.  Late season homebuyers are being drawn back into the market, but pricing is becoming more important as we approach the holidays.

The home market saw a period of time where the government shutdown deflated the home market outlook for a while, but buyer demand is outperforming typical seasonal patterns in general still.  Mortgage interest rates have fluctuated both upwards and downwards in the last 30 days.  The inventory of homes available for sale has decreased 6% in the last month. All signs of good news to come in 2014.

Are you prepared as a seller for all prospective buyers?   

Knowing that today’s home buyers are independent and well informed, how does a seller create and maintain buyer interest in the seller’s home.  A seller must remember that a buyer sees a home for the first time with fresh eyes as a visitor.

Each and every home is unique which suggests professional assistance in selling the home

Advice to Buyers:

Neighborhood Preferences such as a walkable neighborhood, mixed use development, higher densities, pedestrian friendly, and shorter commute times are a priority.  Lifestyle is #1.

New kitchen trends are:  bigger isn’t better, wide open is good, yes to granite, and be conservative and color conscious.

Saturday, November 9, 2013

10380 Dunsford Dr Lone Tree CO 80124

http://www.youtube.com/v/qnyQu_1D8Fw?version=3&autohide=1&showinfo=1&feature=share&autohide=1&attribution_tag=s7oDG6oFU9DnT_dVZODLDw&autoplay=1

Thursday, October 31, 2013

3880 Fairbrook Pt Highlands Ranch CO 80130

http://www.youtube.com/v/AY0uXC-q4Uo?autohide=1&version=3&autohide=1&autoplay=1&feature=share&attribution_tag=SeE6e4H0rUqm8qLHZqHZ5Q&showinfo=1

Saturday, October 12, 2013

Denver Real Estate Market Update September 2013

GREATER METROPOLITAN DENVER MARKET UPDATE
OCTOBER, 2013

By the numbers:

- The inventory of available homes for sale is 10,348 homes at September month end,
- 5,134 homes came onto the market
- 5,337 homes were placed under contract
- 4,730 homes closed for a closed dollar volume of $1.44Billion.
...
The changing of seasons will cause the Denver home market to adjust to the slower but steady Fall/Winter season. Year over year comparisons are up, which is good news for the rest of 2013.

Monthly Market Recap:

Single Family:
Active Inventory is 8,635 homes at month end
Sold homes is 3,714
Average Days on Market is 39
Median Sold Price is $277,000
Average Sold Price is $331,382

Condos:
Active Inventory is 1,713 homes
Sold homes is 1,016
Average Days on Market is 37
Median Sold Price is $159,900
Average Sold Price is $208,364

September Year-to-Date Market Recap (2013 versus 2012):

Single Family:
Active Inventory 8,635 versus 8,700 (↓1%)
Sold Units 33,927 versus 28,218 (↑20%)
Median Price $278,000 vs $250,000 (↑11%)
Average Price $333,508 vs $302,809 (↑10%)
Sales Volume $11.3B versus $8.5B (↑33%)
Days on Market 51 versus 79 (↓35%)

Condos:
Active Inventory 1,713 versus 1,770 (↓3%)
Sold Units 8,740 versus 6,894 (↑27%)
Median Price $160,000 vs $140,000 (↑14%)
Average Price $196,045 vs $176,961(↑11%)
Sales Volume $1.7B versus $1.2B (↑40%)
Days on Market 48 versus 81 (↓41%

Market Facts:

- Interest rates decreased slightly in September and appear to be even lower in early October.
- Consumer confidence decreased slightly in September to 79.7 down from 81.5 in August.

Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.

Single Family Residential homes have a 2.42 month supply and Condos have a 1.87 month supply.

Advice to Sellers:

Thinking of selling your home? Generationally, who are your prospective buyer(s)? Baby Boomer, Gen X, or Gen Y? Putting aside all the valuable traditional advice concerning preparing your home to be sold, let’s talk about the prospective buyer. On one hand, the Baby Boomer buyer(s) will be demanding and focus on each and every detail. On the other hand, Gen Y buyer(s) are digitally informed and prepared, will want to communicate via text messaging and/or Facebook, and will focus on lifestyle preferences. Are you prepared as a seller for all prospective buyers?

Here are five (5) things to consider doing before putting your home on the market for sale:

- Obtain a pre-sale inspection if your home is older or you have not kept up with preventative maintenance as well as you should have
- Organize and clean everything!
- Obtain replacement estimates for older appliances and mechanical systems
- Find warranty documentation that you may have if any
- Spruce up your home’s curb appeal.

Knowing that today’s home buyers are independent and well informed, how does a seller create and maintain buyer interest in the seller’s home. A seller must remember that a buyer sees a home for the first time with fresh eyes as a visitor.

Advice to Buyers:

The home buying season is changing to the Fall season but buyer demand continues. The inventory of homes available for sale remains stable at 10,000 plus homes. Home buyers today are independent and well informed, but still don’t have as many choices historically so plan ahead when searching for the perfect home.

Keep your emotions in check to avoid common buyer mistakes such as allowing love at first sight, overpaying for perfection, and always looking for a better deal. The purchase of the “American Dream” home is a life event that should be thoroughly researched and thought out.

Know what you want in a home, where you want to live, and what price range you can afford. Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home. Be prepared and manage your expectations.

Sunday, August 11, 2013

Denver Real Estate Market Update August 2013

Denver Real Estate Market Update August 2013

Market Metrics:

By the numbers:

-          The inventory of available homes for sale is 10,025 homes at July month end

-          7,268 homes came onto the market

-          7,406 homes were placed under contract

-          6,104 homes closed for a closed dollar volume of $1.9 Billion 

July is the transition month of the summer season.  School has either started in early August or will start within days or weeks.  Where has the summer vacation gone?

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 8,286 homes at month end         

Sold homes is 4,857                                                   

Average Days on Market is 37                                  

Median Sold Price is $286,500                                  

Average Sold Price is $346,254                                   

Condos:

Active Inventory is 1,739 homes

Sold homes is 1,247

Average Days on Market is 37

Median Sold Price is $161,000

Median Sold Price is $161,000

 
July Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                           

Active Inventory 8,286 versus 9,087 (↓9%)              

Sold Units 25,827 versus 21,341 (↑21%)                  

Median Price $275,000 vs $249,000 (↑10%)             

Average Price $331,780 vs $300,658 (↑10%)

Sales Volume $8.5B versus $6.4B (↑34%)                

Days on Market 55 versus 84 (↓35%)                        

 
Condos:

Active Inventory 1,739 versus 1,740 (↔)

Sold Units 6,475 versus 5,137 (↑26%)

Median Price $158,500 vs $137,500 (↑15%)

Average Price $194,064 vs $174,299(↑11%)

Sales Volume $1.2B versus $895M (↑40%)

Days on Market 51 versus 86 (↓41%)

 
Market Facts:

The Denver home market continues to grow and remains strong.

Home ownership continues to be high on the lifestyle preference list of the consumers.

-          Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.39 month supply and Condos have a 1.99 month supply.

 
Advice to Sellers:

The Real Estate market continues changing.  July is a transition month and the summer season is moving into a new phase.  School has started which removes some buyers from the market; but, strong buyer demand continues.  With that being said, homes available for sale remain on the market a shorter time period (days on market is decreasing).

The 7 steps in the home selling process are: plan and prepare, obtain the services of a Realtor®, determine the price, market the home, sell the home, complete the closing, and finally move out of the home.  In the plan and prepare step, the home owner should do everything to maximize the home’s appeal and the buyer demand.  The determine the price step will cause the home owner to become familiar with the competition and the market value of the home.

Will your home create that lasting impression?  Are you current on the preventative maintenance items needed for your home?  Have you de-cluttered your home?  To maximize the selling price, have you done recent upgrades?

While the Denver home market continues to be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.   

 
Advice to Buyers:

Overall, more homes are available for sale today than at any time this year.  Strong buyer demand continues and interest rates are rising.  School is in session, which takes some buyers out of the market.  Once you have made your decision, start the process to home buying success.

Know what you want in a home, where you want to live, and what price range you can afford.  Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared and manage your expectations.

Friday, July 12, 2013

Denver Real Estate Market Update July 2013

Denver Real Estate Market Update July 2013

By the numbers, the inventory of available homes for sale is:

-          9,187 homes at June month end
-          7,645 homes came onto the market
-          7,420 homes were placed under contract
-          5,566 homes closed for a closed dollar volume of $1.77 Billion.

June traditionally starts slow and then proceeds to finish strong.  Home prices and mortgage interest rates are rising!

Monthly Market Recap:

Single Family:                                                           
- Active Inventory is 7,558 homes at month end         
- Sold homes is 4,433                                                   
- Average Days on Market is 43                                  
- Median Sold Price is $290,000                                  
- Average Sold Price is $349,339                                 

Condos:
- Active Inventory is 1,629 homes
- Sold homes is 1,133
- Average Days on Market is 43
- Median Sold Price is $164,950
- Average Sold Price is $198,040

June Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                           
- Active Inventory 7,558 versus 9,074 (↓17%)            
- Sold Units 20,970 versus 17,628 (↑19%)                  
- Median Price $275,000 vs $245,500 (↑12%)             
- Average Price $328,427 vs $298,075 (↑10%)
- Sales Volume $6.9B versus $5.3B (↑31%)                
- Days on Market 59 versus 89 (↓34%)                        

Condos:
- Active Inventory 1,629 versus 1,851 (↓12%)
- Sold Units 5,228 versus 4,232 (↑24%)
- Median Price $157,900 vs $134,957 (↑17%)
- Average Price $191,744 vs $170,799(↑12%)
- Sales Volume $1.0B versus $723M (↑39%)
- Days on Market 55 versus 89 (↓38%)

 Market Facts:

-        The inventory of homes available for sale continues to increase for the third consecutive month.
-          Buyer demand remains strong even though interest rates are increasing.
-          Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.24 month supply and Condos have a 1.93 month supply.

Advice to Sellers:
The Real Estate market is healthier than it has been in years and it is continually changing.  Is now the right time for you to sell your home?

Two questions – First, if you decide to sell your home, is your home ready for the current market such that you will maximize top market value?  Second, if you decide to sell your home, what will you do once the home is sold?

A seller’s home is unique and each and every prospective home buyer is unique.  With that being said, as a seller, have you done everything needed to prepare your home for being on the market and selling during this prime season?

Will your home create that lasting impression?  Are you current on the preventative maintenance items needed for your home?  Have you de-cluttered your home?  To maximize the selling price, have you done recent upgrades?

While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.  Real Estate is local, contact your RE/MAX Professional to discuss the options available to you.

Advice to Buyers:
Home Buyer, what should you do?  That is the question of the day.  Should you participate and move forward to purchase a home or should you wait until a later date?  Is now the right time for you to become a homeowner?  What is and what will be the impact of rising interest rates?

Know what you want in a home, where you want to live, and what price range you can afford.

Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared and manage your expectations.

Tuesday, June 18, 2013

Denver Real Estate Market Update June 2013

Market Metrics:

By the numbers, the inventory of available homes for sale is:

- 8,214 homes at May month end
- 8,093 homes came onto the market
- 7,252 homes were placed under contract
- 5,665 homes closed for a closed dollar volume of $1.7 Billion. 

School is out and the traditional prime home selling and home buying season is in full swing.

Monthly Market Recap:
Single Family:    
Active Inventory is 6,738 homes at month end
Sold homes is 4,540    
Average Days on Market is 49  
Median Sold Price is $280,000  
Average Sold Price is $335,776  

Condos:
Active Inventory is 1,476 homes
Sold homes is 1,125
Average Days on Market is 46
Median Sold Price is $163,000
Average Sold Price is $198,612
May Year-to-Date Market Recap (2013 versus 2012):

Single Family:    
Active Inventory 6,738 versus 8,705 (↓23%) 
Sold Units 16,537 versus 13,647 (↑21%) 
Median Price $270,000 vs $240,000 (↑13%) 
Average Price $322,821 vs $290,368 (↑11%)
Sales Volume $5.3B versus $3.9B (↑35%) 
Days on Market 64 versus 94 (↓32%)  

Condos:
Active Inventory 1,476 versus 1,886 (↓22%)
Sold Units 4,095 versus 3,309 (↑24%)
Median Price $155,000 vs $131,500 (↑18%)
Average Price $190,002 vs $167,793(↑13%)
Sales Volume $778M versus $555M (↑40%)
Days on Market 58 versus 94 (↓38%)

Market Facts:
- The inventory of homes available for sale increased in May by 1,269 homes which is a benefit to the entire Denver resale home market.
- Buyer demand continues as well as multiple offers that are becoming more creative every day.
- Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate. 
- Single Family Residential homes have a 2.02 month supply and Condos have a 1.79 month supply.

Advice to Sellers:

School is out and the traditional prime home selling and home buying season is in full swing.  While there are more homes available for sale at May month end than previously throughout the year, a seller needs to be prepared for the Denver home market.

A seller’s home is unique and each and every prospective home buyer is unique.  With that being said, as a seller, have you done everything needed to prepare your home for being on the market and selling during this prime season?

Will your home create that lasting impression?  Are you current on the preventative maintenance items needed for your home?  Have you de-cluttered your home?  To maximize the selling price, have you done recent upgrades?  Since selling a home is not an everyday activity, a seller needs to look to a professional for assistance for these and other questions.

Advice to Buyers:

School is out and the traditional prime home selling and home buying season is in full swing.  While there are more homes available for sale at May month end, other factors have an impact on the market.  Interest rates are rising and new mortgage guidelines have been implemented.

Know what you want in a home, where you want to live, and what price range you can afford.
Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared for the speed of the market and manage your expectations in order to timely participate in the Denver home buying market.

Tuesday, May 28, 2013

Top-selling RE/MAX agent has rooftop view of South I-25's

luxury-home market recovery


If anybody can speak with authority on how fast Colorado’s market for luxury homes is recovering, it’s Michael Kozlowski, the top-selling agent of powerhouse brokerage RE/MAX Professionals, not only this year but for each year since 2010, when the market hit its recession low.

"Absolutely everything in the luxury market from Greenwood Village south to Castle Pines has become strong this spring," says Kozlowski, who specializes in neighborhoods flanking I-25 in Greenwood Village, Highlands Ranch, Lone Tree and Douglas County.
That wasn’t true even last year, Kozlowski adds. In 2012, as the Mile High market was showing signs of coming back from the 2007–2009 downturn, the strength was limited to homes priced below $400,000. Now Kozlowski looks out from the deck of a home he has on the market in Lone Tree’s gated Heritage Estates at an entirely different scene. "Even some homes above a million dollars are seeing multiple offers now," he adds, noting that the South market has seen those on properties even into the $2 million range the past few months.
The Lone Tree home at 8651 Sawgrass Drive, residence of venerable Colorado Avalanche forward Milan Hejduk, has a view across Lone Tree — epicenter of the recovering luxury market along south I-25 and is priced at $2.29 million.
"Lone Tree has become super-hot this year," Kozlowski says. "This is an area that was set to take off in 2008; but now it’s five years later, and you’re seeing all of those same expectations being fulfilled." In areas east of Heritage Estates and its pristine Lone Tree Golf Club, Kozlowski adds, builders are suddenly seeing rapid sellout of enclaves that had been priced in the $300s to $500s range, now hitting the $600s and $700s. Nearby, financial services giant Charles Schwab is building a $230 million campus expected to bring 2,200 jobs.
Homes in the million-dollar-and-up range, even in Lone Tree, spent long periods on the market as late as last year. Kozlowski has already seen a listing up the street from Hejduk’s home sell for a reported $2.45 million. In his own stable of listings, he notes, almost every home listed below $800,000 is under contract and his average days-on-market has fallen to around four.
That’s good news for Castle Pines Village, the gated community wrapping exclusive Castle Pines Golf Club a few miles down the freeway. "This is an area where you could find loads of greatly underpriced homes last year," Kozlowski adds. "Now those are disappearing fast." He has a walkout ranch at $2.195 million — around 6,700 finished square feet, plus four-car carriage-styled garage and pool, with a view of the back ranges. Up the street, another home has gone under contract at $2 million.
"Both Castle Pines and Heritage Estates are very protected areas with superb security and terrific amenities, where you really can’t build any more homes," Kozlowski says. "Homes at these prices are becoming a thing of the past."
Kozlowski, who serves from RE/MAX Professionals’ DTC office near I-25 at Dry Creek Road, can show either home by appointment. Call 303-949-2755 or see his team website at Team-Koz.com. RE/MAX Professionals, with other offices in Highlands Ranch, Cherry Creek, downtown/Highlands, Lakewood, south Jefferson County and Castle Pines, is at HomeByThePros.com.

 
 
 

Sunday, May 26, 2013

Denver Real Estate Market Update May 2013


Market Metrics:

By the numbers, the inventory of available homes for sale is:

-          6,945 homes at April month end

-          6,892 homes came onto the market

-          6,855 homes were placed under contract

-          4,714 homes closed for a closed dollar volume of $1.4 Billion. 

Prices are up 5% in the Denver Metro area from last month, 12% from this time last year, putting the average home prices at levels not seen since their 2006 peak.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 5,662 homes at month end         

Sold homes is 3,798                                                   

Average Days on Market is 56                                  

Median Sold Price is $280,000                                  

Average Sold Price is $336,123                                 

 
Condos:

Active Inventory is 1,283 homes

Sold homes is 916

Average Days on Market is 52

Median Sold Price is $163,500

Average Sold Price is $196,966

 
April Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                           

Active Inventory 5,662 versus 8,353 (↓32%)                       

Sold Units 11,997 versus 9,879 (↑21%)                   

Median Price $266,000 vs $233,000 (↑14%)            

Average Price $317,919 vs $283,682 (↑12%)           

Sales Volume $3.8B versus $2.8B (↑36%)               

Days on Market 69 versus 100 (↓31%)                     

Condos:

Active Inventory 1,283 versus 1,901 (↓33%)

Sold Units 2,970 versus 2,452 (↑21%)

Median Price $152,000 vs $128,000 (↑19%)

Average Price $186,740 vs $163,787(↑14%)

Sales Volume $554M versus $402M (↑38%)

Days on Market 62 versus 98 (↓37%)

March Market Facts:

Over 50% of the homes available for sale were on the market less than seven (7) days.

After nine months of inventory decline, the inventory of homes available for sale increased 4%.

Multiple offers are now the norm in some price ranges and on occasion lead to bidding wars.

Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 1.73 month supply and Condos have a 1.59 month supply.

Advice to Sellers:

Current media headlines proclaim “Denver Home Prices Soar As Buyers Battle It Out In Bidding Wars”.  What does this mean to you as a seller?

The Denver home market is experiencing a speed in the market that has never been experienced.  Homes are coming onto the market and within days are under contract.  In the short period of time while the home is available for sale, it is not uncommon for the property to have multiple showings resulting in multiple offers.

In today’s market, here are some questions that a seller should be prepared to answer

-          What is my home worth?

-          What is the impact of multiple offers?

-          What are creative offers?

-          How do I evaluate multiple offers?

 Each and every one of the above questions needs to be answered.  Since selling a home is not an everyday activity, a seller needs to look to a professional for assistance.

The overall advice to sellers is the same as to buyers.  Research your priorities, know your objectives, be prepared, and manage your expectations in this market.

While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.   

Advice to Buyers:

Know what you want in a home, where you want to live, and what price range you can afford.

Be prepared for the speed of the market with low inventory and multiple offers.

Manage your expectations in order to timely participate in the home buying market.

 

 

Thursday, May 2, 2013

10609 Briarglen Circle Highlands Ranch CO 80130

Huge Square Footage! Great price in The Hearth!

Wednesday, May 1, 2013

4860 Bluegate Dr Highlands Ranch CO 80130

Spectacular Upgrades! Slab Granite Everywhere! Impeccable Home! Don't Miss Your Opportunity!

Monday, April 22, 2013

Denver Real Estate Market Update April 2013


 

GREATER METROPOLITAN DENVER MARKET UPDATE

APRIL, 2013

 
Market Metrics:

By the numbers:

-          The inventory of available homes for sale is 6,682 homes at March month end

-          5,836 homes came onto the market

-          5,976 homes were placed under contract

-          4,333 homes closed for a closed dollar volume of $1.28 Billion.   

The prime home selling and home buying season is here and the most recent market metrics shows the results.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 5,445 homes at month end         

Sold homes is 3,493                                                   

Average Days on Market is 68                                  

Median Sold Price is $268,200                                  

Average Sold Price is $319,366                                 

 
Condos:

Active Inventory is 1,237 homes

Sold homes is 840

Average Days on Market is 61

Median Sold Price is $154,000

Average Sold Price is $195,377

 
March Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                           

Active Inventory 5,445 versus 8,303 (↓34%)            

Sold Units 8,199 versus 6,746 (↑22%)                      

Median Price $260,000 vs $225,000 (↑16%)             

Average Price $309,486 vs $276,702 (↑12%)

Sales Volume $2.5B versus $1.9B (↑36%)                

Days on Market 75 versus 105 (↓29%)                      

 
Condos:

Active Inventory 1,237 versus 2,022 (↓39%)

Sold Units 2,054 versus 1,694 (↑21%)

Median Price $148,050 vs $120,000 (↑23%)

Average Price $182,180 vs $157,324(↑16%)

Sales Volume $374M versus $267M (↑37%)

Days on Market 67 versus 101 (↓34%)

March Market Facts:

March was a great month for the Greater Denver Metro area resale home market. For the ninth month, the inventory of homes available for sale declined. Buyer demand continues and multiple offers are now the norm.

Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 1.69 month supply and Condos have a 1.56 month supply.

Advice to Sellers:

The prime home selling season is here and overall Denver is experiencing a “sellers market” due to the low levels of homes available for sale, limited availability of new home construction, low interest rates, and high home buyer demand.

Let’s take a look at the question - Is now the right time to sell my home?

This is a very personal question that needs to be researched, reviewed, and thought through.

The Denver home market is experiencing historic low levels of homes available for sale.  Some of the reasons can be identified as seller hesitancy, some can be identified as a lack of understanding as to the homeowner’s equity, and some can be noted as the future looks brighter than today.  Additionally, let’s consider the fact that prospective home seller’s know that more than likely they will sell their home quickly and they may not have someplace else to live.  Alternative living arrangements is an item that needs to be thought about prior to selling the home.

The overall advice to sellers is the same as to buyers.  Research your priorities, know your objectives, be prepared, and manage your expectations in this market.

While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.  

Advice to Buyers:

Know what you want in a home, where you want to live, and what price range you can afford.

Be prepared for the speed of the market with low inventory and multiple offers.

Manage your expectations in order to timely participate in the home buying market.