Denver Real Estate Market Update December 2011

Market Metrics:

The inventory of active listings at November month end hit another new low at

12,634 units, a decline of 11% month over month and 37% year over year.

 

Buyer demand continues at a seasonally adjusted rate for the holiday season.  Declining inventory could become a good news situation.

 

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 10,213 units at month end         

Sold units is 2,468                                                     

Average Days on Market is 99                                  

Median Sold Price is $230,300                                  

Average Sold Price is $275,951                                 

 

Condos:

Active Inventory is 2,421 units at month end

Sold units is 600

Average Days on Market is 105

Median Sold Price is $125,000

Average Sold Price is $153,526

  

November Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                           

Active Inventory 10,213 versus 15,232 (↓33%)        

Sold Units 28,906 versus 28,355 (↑2%)                    

Median Price $229,900 vs $230,250 (↔)                  

Average Price $280,230 vs $282,717 (↓1%)             

Sales Volume $8.1B versus $8.0B (↑1%)                  

Days on Market 105 versus 89 (↑18%)                      

 

Condos:

Active Inventory 2,421 versus 4,649 (↓48%)

Sold Units 7,325 versus 7,439 (↓2%)

Median Price $125,000 vs $133,000 (↓6%)

Average Price $158,520 vs $160,533 (↓1%)

Sales Volume $1.1B versus $1.1B (↔)

Days on Market 117 versus 95 (↑23%)

 

Average Price versus Median Price:

By definition, Average price is derived by adding all of the individual home sales prices to get a total sales volume ($) for the period.  The total sales volume ($) is then divided by the number of sales transactions which results in the Average Price.

By definition, Median Price is derived by ranking the highest individual home sales price to the lowest individual home sales price.  The point where one half of the transactions are either above or below this price is known as the Median Price.

 

Advice to Sellers:

The holiday season is upon us and traditionally the home owner takes his or her home off the market due to the holiday season, busy schedules, and personal or family time.  One must ask if the holiday season is a good time to sell.  

In a recent survey conducted by the National Association of Realtors®, 60% of Real Estate Professionals advise sellers to list a home during the holidays unless they have a preferred strategy going into the new year.  The holiday season brings out more serious buyers, the inventory of active listings is low and thus the competition from other properties is less, and cold weather is a benefit in making the home feel cozy.

If you do have your home on the market for the holiday season, you need to keep two items in mind.  One point is that the home must be kept in “ready to show” condition and the second point is that more interior photos are needed for marketing to prospective Buyers.

 

Advice to Buyers:

The number of active listings, those homes available for sale, is the lowest it has been in years and here we are at the holiday season.  Therefore the Buyers will have fewer homes to choose from.  Traditionally Sellers take homes off the market for the holidays.  If a home remains on the market over the holidays, you may have a motivated Seller.  What does this mean to you?  Talk to a RE/MAX Professional to obtain an understanding of the home market at the holiday season. 

Rents continue to rise in the Denver market and home prices continue to stabilize.

Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.

 

Market_Update_12112011.pdf Download this file

Stats.pdf Download this file

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Mortgage rates fall to record lows - Dec. 15, 2011

Mortgage rates fall to record lows - Dec. 15, 2011

7553 S Cove Cir Centennial CO 80122

Start the Holiday Rush: Home Energy Tax Credits Expire Dec. 31

Start the Holiday Rush: Home Energy Tax Credits Expire Dec. 31

11 must-knows about early mortgage payoff | Inman News

11 must-knows about early mortgage payoff Inman News

Take advantage of expiring tax deductions | Inman News

Take advantage of expiring tax deductions | Inman News

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Denver Real Estate Market Update November 2011

GREATER METROPOLITAN DENVER MARKET UPDATE

NOVEMBER, 2011

Market Metrics:

The unsold inventory of active listings hit a new low at 14,156 units,

the second month in a row for setting a new low record.

As we are moving into new territory, there is steady demand and low inventory.  When one compares our housing market to the nation, Denver continues to hold its own.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 11,504 units at month end         

Sold units is 2,482                                                     

Average Days on Market is 102                                

Median Sold Price is $226,021                                  

Average Sold Price is $269,503                                 

Condos:

Active Inventory is 2,652 units at month end

Sold units is 701

Average Days on Market is 102

Median Sold Price is $125,000

Average Sold Price is $160,723 

October Year-to-Date Market Recap (2011 versus 2010):

Single Family:                                                           

Active Inventory 11,504 versus 16,473 (↓30%)        

Sold Units 26,438 versus 26,213 (↔)                                   

Median Price $229,820 vs $230,000 (↔)                  

Average Price $280,629 vs $282,819 (↓1%)             

Sales Volume $7.4B versus $7.4B (↔)                     

Days on Market 106 versus 87 (↑22%)                      

Condos:

Active Inventory 2,652 versus 4,887 (↓46%)

Sold Units 6,725 versus 6,915 (↓3%)

Median Price $125,000 vs $133,500 (↓6%)

Average Price $158,965 vs $160,186 (↓1%)

Sales Volume $1.0B versus $1.1B (↔)

Days on Market 118 versus 93 (↑27%)

With the holiday season upon us, we continue to see a steady demand for housing.  At a time like this, one needs to take into consideration employment, consumer confidence, and mortgage interest rates.  Mortgage interest rates continue to remain low.  Consumer confidence continues to improve, albeit slow.  Employment is a focus that is on everyone’s mind and definitely a conversation item on a daily basis.  

11countyytd102011.pdf Download this file

 

Advice to Sellers:

Today’s home buyer is looking for his or her dream.  What does this mean to you the home seller?  Well first of all, the home buyer is looking for a home that meets 100% of the home buyer’s expectations.  The home buyer wants to move into his or her new home and have to do nothing but enjoy the home.

Therefore, deferred maintenance needs to be non-existent.  The usual list of maintenance items such as painting and carpeting now also include updating the entire home.  Should you consider updating the bathrooms or the kitchen?  Talk to your RE/MAX Professional about a cost benefit analysis of updates.  Your RE/MAX Professional will be able to advise you on how much a buyer would be willing to pay for the updates in the purchase price of the home.

Learn the value of updates as they relate to the pricing of your home.

Advice to Buyers: 

The number of active listings, those homes available for sale, continues to decreases.  Caution is the theme, with caution rising along with the price point.  What does this mean to you? 

Manage your expectations by determining what you want in a home, what you can afford in a home, what are your lifestyle priorities, and does home ownership allow you to achieve your personal goal.

REMAXPROSmarketupdate112011.pdf Download this file

 

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9873 Pebbble Beach Lane Lone Tree CO 80124

5311 S Eaton Park Way Aurora CO 80016

Home prices up in half of major US cities

Home prices up in half of major US cities

Denver Real Estate Market Update October 2011

GREATER METROPOLITAN DENVER MARKET UPDATE

OCTOBER, 2011

 

 

 

Market Metrics:

 

September historically marks the end of Denver’s prime home selling/buying market with seasonally adjusted transactions when comparing month over month.  Of note is the fact that the month end inventory of active listings in total is 15,533 homes at month end.  This is a new low for the last thirteen months and numbers that we have not seen since 2003.

 

 

Monthly Market Recap:

 

Single Family:                                                           
Active Inventory is 12,613 units at month end   

Sold units is 2,610                                                       

Average Days on Market is 99                        

Median Sold Price is $229,804                        

Average Sold Price is $280,289                                  

 

Condos:

Active Inventory is 2,920 units at month end 

Sold units is 727

Average Days on Market is 127

Median Sold Price is $128,950

Average Sold Price is $159,980

 

 

September Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                           

Active Inventory 12,613 versus 17,625 (↓28%)           

Sold Units 23,956 versus 23,933 (↔)                         

Median Price $229,970 vs $230,000 (↔)                   

Average Price $281,782 vs $282,416 (↔)                  

Sales Volume $6.8B versus $6.8B (↓1%)                    

Days on Market 106 versus 86 (↑23%)                       

 

 

Condos:

Active Inventory 2,920 versus 5,255 (↓44%)

Sold Units 6,024 versus 6,353 (↓5%)

Median Price $124,900 vs $134,000 (↓7%)

Average Price $158,761 vs $160,280 (↓1%)

Sales Volume $1.0B versus $0.9B (↓6%)

Days on Market 120 versus 91 (↑32%)

 

 

With the end of the prime home selling and home buying market for the Greater Metropolitan Denver area, what can one expect for the remaining months of 2011? 

 

The Active Inventory count in units will continue to decrease as well as the monthly number of both under contract and closed transactions.  This does not mean that the market has gone away or will go away; but, rather that the market continues in a seasonally adjusted basis.

 

With the extremely low inventory that we have not seen in years, homes that are on the market through Fall and Winter will have a greatly increased chance to sell!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

rmprosmarketstats092011.pdf Download this file

REMAXPROSmarketupdate102011.pdf Download this file

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10052 Astoria Ct Lone Tree CO 80124

7923 Witney Place Lone Tree CO 80124

Spring buying lifts home prices for fourth month

Spring buying lifts home prices for fourth month

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7225 Middleham Place Castle Pines CO 80108

Denver Real Estate Market Update September 2011

Denver Real Estate Market Update September 2011

http://team-koz.blogspot.com/

GREATER METROPOLITAN DENVER MARKET UPDATE

SEPTEMBER, 2011

 

 

Market Metrics:

 

June was the first month in 2011 where closings exceeded $1.0 Billion, followed by July, and now in August, 3,973 homes closed at an average price of $260,821 which resulted in $1.0 Billion in sales volume for the month.  Wow three months in a row with over $1.0 Billion in closings.

 

Monthly Market Recap:

 

Single Family:                                                           
Active Inventory is 13,436 units at month end         

Sold units is 3,177                                                     

Average Days on Market is 96                                  

Median Sold Price is $235,000                                  

Average Sold Price is $284,065                                 

 

Condos:

Active Inventory is 3,195 units at month end

Sold units is 796

Average Days on Market is 111

Median Sold Price is $130,000

Average Sold Price is $168,050

 

 

August Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                           

Active Inventory 13,436 versus 17,837 (↓25%)       

Sold Units 21,346 versus 21,612 (↓1%)                   

Median Price $229,950 vs $230,019 (↔)                  

Average Price $281,964 vs $281,599 (↔)                 

Sales Volume $6.0B versus $6.1B (↓1%)                 

Days on Market 107 versus 84 (↑27%)                     

 

 

 

Condos:

Active Inventory 3,195 versus 5,309 (↓40%)

Sold Units 5,297 versus 5,716 (↓7%)

Median Price $124,000 vs $134,950 (↓8%)

Average Price $158,593 vs $160,878 (↓1%)

Sales Volume $0.8B versus $0.9B (↓9%)

Days on Market 119 versus 89 (↑34%)

 

August historically marks the end of the prime home selling and home buying market for the Greater Metropolitan Denver area.  What can one expect for the remaining months of 2011?  The Active Inventory count in units will continue to decrease as well as the monthly number of both under contract and closed transactions.  This does not mean that the market has gone away or will go away; but, rather that the market continues in a seasonally adjusted basis.

 

 

Advice to Sellers:

 

With the market seasonably adjusting for the remainder of the year, help the prospective buyer visualize the value, comfort, and joy of living in your home.  Don’t slack off on home maintenance, spruce up those areas that need attention, make sure that the curb appeal is maximized by maintaining the lawn and shrubbery, consider removing personalized wallpaper and borders, paint where needed, and if the home is vacant, consider staging the home.  Use the natural senses to attract, sight-clean, neat, inviting, soft music playing for showings, eliminate harsh smells, pull back curtains, open the windows and let fresh air in, and clean the windows.

 

 

Advice to Buyers:

 

Home affordability is at near record highs.  What does this mean?  In summary, the cost of home ownership remains low when one takes into consideration the savings of monthly mortgage payments versus paying rent, the tax breaks of home ownership, building equity in your home, and the feeling of security that comes with home ownership.

 

Let’s review the 7 steps to take before you buy a home?  The steps are decide how much you can afford, develop your home wish list, select where you want to live, start saving, ask about all the costs before you sign, get your credit in order, and get prequalified.  Additionally, know how much financing you qualify for, research your priorities, establish a wants list, and establish a needs list.  Pay attention to only the local market as real estate is local.  For you the buyer, the local real estate market can be a single home, a block of homes, or a subdivision.  This is the market that is important to you.

 

Lifestyle continues to rate number one in the minds of buyers.  Establish your personal expectations of home ownership benefits and costs.

Stats.pdf Download this file

REMAXPROSmarketupdate092011.pdf Download this file

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878 Hamal Dr Littleton CO 80124 - Obeo Virtual Tour 683505

7809 S Coolidge Way Aurora CO 80016

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2361 Terraridge Dr. Highlands Ranch CO 80126

Denver Real Estate Market Update August 2011

http://team-koz.blogspot.com/

DENVER MARKET UPDATE

JULY, 2011

 

 

 

Market Metrics:

 

July is the second month in 2011 where 3,835 homes closed at an average price of $270,066 which resulted in $1.0 Billion in sales volume for the month. June 2011 was the first month for 2011 to achieve these numbers.

 

Monthly Market Recap:

 

Single Family:                                                           
Active Inventory is 14,014 units at month end         

Sold units is 3,082                                                     

Median Sold Price is $237,000                                  

Average Sold Price is $298,654                                 

 

Condos:

Active Inventory is 3,569 units at month end

Sold units is 753

Median Sold Price is $123,150

Average Sold Price is $153,058

 

July Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                           

Active Inventory 14,014 versus 17,983 (↓22%)        

Sold Units 18,169 versus 19,138 (↓5%)                    

Median Price $228,500 vs $230,000 (↓1%)               

Average Price $281,597 vs $279,800 (↑1%)             

Sales Volume $5.1B versus $5.4B (↓6%)                  

Days on Market 109 versus 83 (↑31%)                      

Absorption Rate 6.13 versus 6.61 (↓7%)                   

 

Condos:

Active Inventory 3,569 versus 5,467 (↓35%)

Sold Units 4,501 versus 5,111 (↓12%)

Median Price $122,165 vs $135,000 (↓10%)

Average Price $156,921 vs $161,055 (↓3%)

Sales Volume $0.7B versus $0.8B (↓14%)

Days on Market 121 versus 88 (↑38%)

Absorption Rate 6.26 versus 7.28 (↓14%)

 

Note: Absorption Rate is also known as Month’s Supply of Inventory and represents the number of months that would be needed to deplete the current active listings inventory at the current sales rate.

 

Advice to Sellers:

 

The inventory of active listings continues to remain low in the Denver market and normally this would represent a “seller’s market”.  Mortgage rates have reached record lows and competitive rents are going up.  If you are a seller, how do you overcome the basic buyer reluctance which is the fear of paying too much?  How do you represent the value of your home?  What are the creative options that you need to be aware of in today’s market? These are some of the questions that sellers are asking to find that perfect buyer. Interest rates and inventories will play a key role in future sales numbers, watch them carefully.

 

Advice to Buyers:

 

Mortgage rates reach record lows and rents are going up.  What does this mean to you?  For one, the lower the mortgage rate equates to a larger price range of a home that you can afford.  Higher rents open up home ownership possibilities.  Is home ownership right for you?   

 

Let’s review the 7 steps to take before you buy a home?  The steps are: decide how much you can afford, develop your home wish list, select where you want to live, start saving, ask about all the costs before you sign, get your credit in order, and get prequalified.  Additionally, know how much financing you qualify for, research your priorities, establish a wants list, and establish a needs list.  Pay attention to only the local market as real estate is local.  The local real estate market can be a single home, a block of homes, or a subdivision.

 

Lifestyle continues to rate number one in the minds of buyers.  Establish your personal expectations of home ownership benefits and costs.

 

 

 

Stats.pdf Download this file

Denver_Real_Estate_Market_Update_August_2011.pdf Download this file

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Denver Real Estate Market Update August 2011

DENVER MARKET UPDATE
JULY, 2011

Market Metrics:

July is the second month in 2011 where 3,835 homes closed at an average price of $270,066 which resulted in $1.0 Billion in sales volume for the month. June 2011 was the first month for 2011 to achieve these numbers.

Monthly Market Recap:

Single Family:
Active Inventory is 14,014 units at month end
Sold units is 3,082
Median Sold Price is $237,000
Average Sold Price is $298,654

Condos:
Active Inventory is 3,569 units at month end
Sold units is 753
Median Sold Price is $123,150
Average Sold Price is $153,058

July Year-to-Date Market Recap (2011 versus 2010):

Single Family:
Active Inventory 14,014 versus 17,983 (↓22%)
Sold Units 18,169 versus 19,138 (↓5%)
Median Price $228,500 vs $230,000 (↓1%)
Average Price $281,597 vs $279,800 (↑1%)
Sales Volume $5.1B versus $5.4B (↓6%)
Days on Market 109 versus 83 (↑31%)
Absorption Rate 6.13 versus 6.61 (↓7%)

Condos:
Active Inventory 3,569 versus 5,467 (↓35%)
Sold Units 4,501 versus 5,111 (↓12%)
Median Price $122,165 vs $135,000 (↓10%)
Average Price $156,921 vs $161,055 (↓3%)
Sales Volume $0.7B versus $0.8B (↓14%)
Days on Market 121 versus 88 (↑38%)
Absorption Rate 6.26 versus 7.28 (↓14%)

Note: Absorption Rate is also known as Month’s Supply of Inventory and represents the number of months that would be needed to deplete the current active listings inventory at the current sales rate.

Advice to Sellers:

The inventory of active listings continues to remain low in the Denver market and normally this would represent a “seller’s market”. Mortgage rates have reached record lows and competitive rents are going up. If you are a seller, how do you overcome the basic buyer reluctance which is the fear of paying too much? How do you represent the value of your home? What are the creative options that you need to be aware of in today’s market? These are some of the questions that sellers are asking to find that perfect buyer. Interest rates and inventories will play a key role in future sales numbers, watch them carefully.

Advice to Buyers:

Mortgage rates reach record lows and rents are going up. What does this mean to you? For one, the lower the mortgage rate equates to a larger price range of a home that you can afford. Higher rents open up home ownership possibilities. Is home ownership right for you?

Let’s review the 7 steps to take before you buy a home? The steps are: decide how much you can afford, develop your home wish list, select where you want to live, start saving, ask about all the costs before you sign, get your credit in order, and get prequalified. Additionally, know how much financing you qualify for, research your priorities, establish a wants list, and establish a needs list. Pay attention to only the local market as real estate is local. The local real estate market can be a single home, a block of homes, or a subdivision.

Lifestyle continues to rate number one in the minds of buyers. Establish your personal expectations of home ownership benefits and costs.

7522 Bantry Ct Lone Tree CO 80124

Housing Sales and Prices Continue to Trend Higher

Housing Sales and Prices Continue to Trend Higher

RE/MAX National Housing Report June 2011

Home prices have now risen for four months in a row and sales transactions have risen for five of the last seven months, while the drop in sales prices from 2010 is smaller than it has been in the last three months. The June 2011 RE/MAX National Housing Report, which includes sales data from 53 metro areas in 45 states, indicates that closed transactions rose 7.5% and median prices were up 4.5% from May. Residential inventories continued a 12-month downward trend, most likely due to decreasing foreclosure activity. Although the market had a slow start to this year’s buying season, it now appears to be on track with a more seasonal performance. More metro areas are experiencing positive growth, and growth figures are increasing. Factors that continue to weigh on the market include unemployment, tight lending standards and consumer uncertainty.

"It’s very encouraging that both home prices and sales transactions have now risen for several months in a row,"said RE/MAX CEO Margaret Kelly. "It appears that this market is following traditional seasonal trends as it works its way through a recovery and back to more normal conditions."

Closed transactions in June were 7.4% higher than in May, while still lagging 10.6% behind the level seen in June 2010. The sales increase from May to June was the second highest of 2011 . In June, 47 of the surveyed metro areas experienced a rise in sales, up from 42 in May. Twenty of those metros saw double-digit increases in June compared to 15 in May. Monthly sales increases were the highest in the northeast: Burlington, VT +32.2, Hartford, CT +31.9%, Trenton, NJ +29.1%, New York, NY +27.9% and Boston, MA + 26.6%.

MEDIAN SALES PRICE–YEAR-OVER-YEAR CHANGE

The June 2011 RE/MAX Housing Report shows that home sales prices in June were 4.5% higher than in May, and only two did not see a monthly increase in prices: Albuquerque -1.7% and Honolulu –3.0%. On a year-to-year basis, home prices were 4.9% below June 2010, but 19 metro areas are now experiencing higher home prices than one year ago. In May, only 13 metros had higher prices than a year ago. Some of the most significant yearly increases in home prices occurred in: Pittsburgh, PA +6.6%, Baltimore, MD +4.8%, Des Moines +3.2%, Hartford, CT +3.7% and Washington, DC +3.5%.

The average Days on Market for homes sold in June was 90, down 4 days from the May level. While June marks the 9thconsecutive month the average has been 90 or above, it is the lowest Days on Market the RE/MAX National Housing Report has seen since September 2010, when the average was 88. Days on Market is the average number of days from listing to receipt of a signed contract.

MONTHS SUPPLY OF INVENTORY–AVERAGE OF 53 METRO AREAS

Due to increasing sales and lower foreclosure inventories, the 53 metro areas surveyed in the June 2011 RE/MAX Housing Report had an average Months Supply of Inventory of 6.9, which is unchanged from May, but down significantly from the 9.3 mark seen in June 2010. Overall inventory continued a 12-month trend to lower levels. Inventories were 2.1% lower in June than in May, and down 14.2% from June 2010. The Florida markets continue to see the largest drop in inventory: Miami, FL -50.1%, Orlando, FL -45.1%, Tampa, FL -30.1%, Phoenix, AZ -29.9% , Chicago, IL -25.5% and San Francisco, CA -25.4%.

16522 Bluebonnet Dr Parker CO 80134

6987 Esperanza Dr. Castle Rock CO 80108

Denver Real Estate Market Update July 2011

DENVER MARKET UPDATE

JUNE, 2011

 

 

 

Market metrics:

 

-          In June of 2011, the market saw 4,080 units close at an average price of $266,493 which resulted in $1.08 Billion of closed dollar volume. 

 

-          This is the first month in 2011 where the closings exceeded $1.0 Billion. 

 

-          On a Year-to-Date basis, 18,835 units closed at an average price of $254,151 which resulted in $4.8 Billion of closed dollar volume.

 

 

Monthly Market Recap:

 

Single Family:                                                            
Active Inventory is 14,215 units at month end         

Sold units is 3,295                                                     

Median Sold Price is $240,000                                  

Average Sold Price is $292,230                                 

 

Condominium:

Active Inventory is 3,811 units at month end

Sold units is 785

Median Sold Price is $125,525

Average Sold Price is $158,463

 

 

June Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                            

Active Inventory 14,215 versus 17,337 (↓ 18%)       

Sold Units 15,087 versus 16,506 (↓9%)                    

Median Price $226,500 vs $229,000 (↓1%)               

Average Price $278,113 vs $277,023 (even)             

Sales Volume $4.2B versus $4.6B (↓8%)                  

Days on Market 111 versus 82 (↑35%)                      

Absorption Rate 6.31 versus 6.24 (↑1%)                   

 

 

 

Condominium:

Active Inventory 3811 versus 5352 (↓29%)

Sold Units 3,748 versus 4,484 (↓16%)

Median Price $122,000 vs $135,000 (↓10%)

Average Price $157,697 vs $162,012 (↓3%)

Sales Volume $0.6B versus $0.7B (↓19%)

Days on Market 123 versus 87 (↑41%)

Absorption Rate 6.80 versus 6.89 (↓1%)

 

 

Note Absorption Rate is also known as Month’s Supply of Inventory and represents the number of months that would be needed to deplete the current active listings inventory at the current sales rate.

 

 

Advice to Sellers:

 

More and more prospective buyers rate Lifestyle as their top priority.  What are Lifestyle priorities?  Could they be ease of commuting, access to health and safety services, family friendly neighborhood, availability and access?  Lifestyle priorities are individual.  With that being said, who is the prospective buyer for your home?  Today in the Denver market, it is a buyer’s market.  What does this mean to you as the seller?  One needs to be open to creativity in order to sell your existing home and be positioned as one of the best priced and best conditioned homes in your area.  

 

 

Advice to Buyers:

 

We are in the heart of the home buying season for the Denver market.  Is it time to note the 7 steps to take before you buy a home?  The steps are: decide how much you can afford, develop your home wish list, select where you want to live, start saving, ask about all the costs before you sign, get your credit in order, and get prequalified.  Additionally, know how much financing you qualify for, research your priorities, establish a wants list, and establish a needs list.

 

Lifestyle rates number one in the minds of buyers.  Establish your personal expectations of home ownership benefits and costs.

 

In recent surveys, 7 of 10 renters say owning a home is a top priority. A majority of renters aspire to home ownership and most Americans believe owning a home is a solid financial decision. Also, 90% of respondents believe home ownership is the cornerstone of the American Dream.

 

 

 

 

DENVER MARKET UPDATE

Homes Sold for $1 Million or Greater

JUNE, 2011

 

June was one of the best months in a while for closing $1 Million+ properties, with a total closed dollar volume of $104.2 Million. Good news for higher end seller!

 

 

-          Seventy residential homes sold/closed in June, 2011 for $1 Million or greater.

o   Sixty Six (66) were single family and four (4) were condo.

 

Compared to the previous month and same month last year:

 

-          Single Family was up 57% compared to May, 2011 and down 3% compared to June, 2010.

 

-          Condo was up 100% compared to May, 2011 and up 300% compared to June, 2010.

 

For single family:

 

-          20 were in Boulder County, 14 were in Denver County, 11 each were in Arapahoe County and Douglas County, 7 were in Jefferson County, and 1 each were in Adams County, Clear Creek County, and Elbert County.

 

For condo:

 

-           3 were in Denver County, and 1 was in Boulder County.

 

Of the sixty six (66) single family properties sold/closed, the lowest sold price was $1.0 Million, while the highest sold/closed price was $6.1 Million (8 Bedrooms and 9 Bathrooms), and the 66 properties represent $99.1 Million in closed volume.

 

The four (4) condo properties sold/closed represent $5.0 Million in closed volume.

 

Residential equals Single Family plus Condo.

 

The above representation covers an eleven (11) county area including the counties of

Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin,

Jefferson, and Park. The above representation may or may not reflect all real estate activity in the market.

Denver_Real_Estate_Market_Update_July_2011.pdf Download this file

REMAXPROSmktstats062011.pdf Download this file

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Denver Real Estate Market Update July 2011

DENVER MARKET UPDATE

JUNE, 2011

 

 

 

Market metrics:

 

-          In June of 2011, the market saw 4,080 units close at an average price of $266,493 which resulted in $1.08 Billion of closed dollar volume. 

 

-          This is the first month in 2011 where the closings exceeded $1.0 Billion. 

 

-          On a Year-to-Date basis, 18,835 units closed at an average price of $254,151 which resulted in $4.8 Billion of closed dollar volume.

 

 

Monthly Market Recap:

 

Single Family:                                                            
Active Inventory is 14,215 units at month end         

Sold units is 3,295                                                     

Median Sold Price is $240,000                                  

Average Sold Price is $292,230                                 

 

Condominium:

Active Inventory is 3,811 units at month end

Sold units is 785

Median Sold Price is $125,525

Average Sold Price is $158,463

 

 

June Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                            

Active Inventory 14,215 versus 17,337 (↓ 18%)       

Sold Units 15,087 versus 16,506 (↓9%)                    

Median Price $226,500 vs $229,000 (↓1%)               

Average Price $278,113 vs $277,023 (even)             

Sales Volume $4.2B versus $4.6B (↓8%)                  

Days on Market 111 versus 82 (↑35%)                      

Absorption Rate 6.31 versus 6.24 (↑1%)                   

 

 

 

Condominium:

Active Inventory 3811 versus 5352 (↓29%)

Sold Units 3,748 versus 4,484 (↓16%)

Median Price $122,000 vs $135,000 (↓10%)

Average Price $157,697 vs $162,012 (↓3%)

Sales Volume $0.6B versus $0.7B (↓19%)

Days on Market 123 versus 87 (↑41%)

Absorption Rate 6.80 versus 6.89 (↓1%)

 

 

Note Absorption Rate is also known as Month’s Supply of Inventory and represents the number of months that would be needed to deplete the current active listings inventory at the current sales rate.

 

 

Advice to Sellers:

 

More and more prospective buyers rate Lifestyle as their top priority.  What are Lifestyle priorities?  Could they be ease of commuting, access to health and safety services, family friendly neighborhood, availability and access?  Lifestyle priorities are individual.  With that being said, who is the prospective buyer for your home?  Today in the Denver market, it is a buyer’s market.  What does this mean to you as the seller?  One needs to be open to creativity in order to sell your existing home and be positioned as one of the best priced and best conditioned homes in your area.  

 

 

Advice to Buyers:

 

We are in the heart of the home buying season for the Denver market.  Is it time to note the 7 steps to take before you buy a home?  The steps are: decide how much you can afford, develop your home wish list, select where you want to live, start saving, ask about all the costs before you sign, get your credit in order, and get prequalified.  Additionally, know how much financing you qualify for, research your priorities, establish a wants list, and establish a needs list.

 

Lifestyle rates number one in the minds of buyers.  Establish your personal expectations of home ownership benefits and costs.

 

In recent surveys, 7 of 10 renters say owning a home is a top priority. A majority of renters aspire to home ownership and most Americans believe owning a home is a solid financial decision. Also, 90% of respondents believe home ownership is the cornerstone of the American Dream.

 

 

 

 

DENVER MARKET UPDATE

Homes Sold for $1 Million or Greater

JUNE, 2011

 

June was one of the best months in a while for closing $1 Million+ properties, with a total closed dollar volume of $104.2 Million. Good news for higher end seller!

 

 

-          Seventy residential homes sold/closed in June, 2011 for $1 Million or greater.

o   Sixty Six (66) were single family and four (4) were condo.

 

Compared to the previous month and same month last year:

 

-          Single Family was up 57% compared to May, 2011 and down 3% compared to June, 2010.

 

-          Condo was up 100% compared to May, 2011 and up 300% compared to June, 2010.

 

For single family:

 

-          20 were in Boulder County, 14 were in Denver County, 11 each were in Arapahoe County and Douglas County, 7 were in Jefferson County, and 1 each were in Adams County, Clear Creek County, and Elbert County.

 

For condo:

 

-           3 were in Denver County, and 1 was in Boulder County.

 

Of the sixty six (66) single family properties sold/closed, the lowest sold price was $1.0 Million, while the highest sold/closed price was $6.1 Million (8 Bedrooms and 9 Bathrooms), and the 66 properties represent $99.1 Million in closed volume.

 

The four (4) condo properties sold/closed represent $5.0 Million in closed volume.

 

Residential equals Single Family plus Condo.

 

The above representation covers an eleven (11) county area including the counties of

Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin,

Jefferson, and Park. The above representation may or may not reflect all real estate activity in the market.

Denver_Real_Estate_Market_Update_July_2011.pdf Download this file

REMAXPROSmktstats062011.pdf Download this file

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