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
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.
