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.

Wednesday, April 17, 2013

10920 Parker Vista Rd Parker CO 80138

Incredible Price! Backs to Greenbelt, will go fast!

Thursday, April 4, 2013

1438 Franklin St #210 Denver CO 80218

Loft Like Living with Yard & Garage! Beautiful Property! Will Go Fast!

Wednesday, April 3, 2013

6130 S Oak Hill Way Aurora CO 80016

Incredible Location Backing to Open Space!