Thursday, January 24, 2013
Wednesday, January 23, 2013
GREATER METROPOLITAN DENVER MARKET UPDATE
JANUARY 23, 2013
By the numbers, the inventory of available homes for sale is:
- 7,706 homes at December month end
- 2,684 homes came onto the market
- 3,090 homes were placed under contract
- 3,400 homes closed for a closed dollar volume of $986 Million
It is now 2013 and the buyer demand seen throughout 2012 continues into 2013.
Monthly Market Recap:
Active Inventory is 6,366 homes at month end
Sold homes is 2,725
Average Days on Market is 75
Median Sold Price is $255,000
Average Sold Price is $315,451
Active Inventory is 1,340 homes
Sold homes is 675
Average Days on Market is 67
Median Sold Price is $142,000
Average Sold Price is $186,877
December Year-to-Date Market Recap (2012 versus 2011):
Active Inventory 6,366 versus 8,854 (↓28%)
Sold Units 37,164 versus 31,437 (↑18%)
Median Price $250,000 vs $230,000 (↑9%)
Average Price $304,178 vs $279,858 (↑9%)
Sales Volume $11.3B versus $8.8B (↑28%)
Days on Market 77 versus 105 (↓27%)
Active Inventory 1,340 versus 2,139 (↓37%)
Sold Units 9,135 versus 7,950 (↑15%)
Median Price $142,000 vs $124,900 (↑14%)
Average Price $179,616 vs $159,141(↑13%)
Sales Volume $1.6B versus $1.3B (↑30%)
Days on Market 77 versus 116 (↓34%)
December Market Facts:
At December month end, the inventory of homes available on the market continued to decline. With this in mind:
- The Month’s Supply of Inventory is 2.06 months for Single Family and
- 1.76 months for Condos
Month’s Supply of Inventory is calculated by taking the last twelve months homes sold numbers and calculating an average. This number is then divided into the month end inventory to produce the Month’s Supply of Inventory.
Advice to Sellers:
It is a new year. Thinking of selling your home? Where do you begin? Well, let’s begin with the basics. Take an objective look at your home as if you were a homebuyer. What catches your attention? Is that impression positive? Next look at the competition and note any differences between your home and the competition.
2013 hot home trends include:
- Smarter, less costly automated controls
- Outdoor living room and screened porches
- Outdoor kitchens
- Vegetable gardens
- Themed designs
- New neutrals and color pop
- More double duty furnishings
- Lighter look
- Energy and water efficiency
- Handcrafted elements
The latest kitchen trends include: modern style, tucked away appliances, increased and improved lighting, supersized kitchen island, neutral color scheme, fancy appliances, decorative range hood, and glass backsplashes.
Buyer demand continues and the inventory of homes available for sale continues to decline. While this 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:
The inventory of available homes is the lowest it has been since 1993 and buyer demand remains strong and constant. What is a buyer to do?
Do your homework and be prepared. Determine what you want and your priorities. Mortgage interest rates remain low; but, loan qualification requirements have not changed. Talk to a mortgage loan originator to learn what you can qualify for. Determine where you want to live, your lifestyle preferences, and your home preferences.