The May 2011 month end inventory of unsold homes currently stands at 19,573 units, even with last month and down 11% from May, 2010. Great to see as lower inventories mean less competition.
- 4,777 units were placed under contract in May, up 1% from April and up 23% from May, 2010 a positive sign moving into summer.
- 3,732 units sold/closed in May, up 9% from April and down 15% from May, 2010.
Residential average sales price was $257,177 for May 2011, an increase of 3% month over month and 4% year over year.
Single Family average sales price was $279,443 for May 2011, an increase of 3% month over month and 2% year over year.
- 40% of the Single Family properties sold/closed in May were under $200,000 and 29% were in the $200,000 to $300,000 price range.
- Almost 70% of all market sales were under $300,000 in the Metro area in May.
Condo average sales price was $160,051 for May 2011 an increase of 1% month over month and 2% year over year.
- 34% of the Condo properties sold/closed in May were under $90,000 and 61% were under $150,000.
Condo median prices increased 2% to $123,525 in May 2011 when compared to April 2011 and decreased 9% from $135,000 in May 2010.
Single Family median prices increased 4% to $230,000 in May 2011 when compared to April 2011 and remained stable when compared to May 2010.
The leading counties for home sales in the Denver market continue to be: Denver, Arapahoe, and Jefferson.
Advice to Sellers:
More and more prospective buyers rate Lifestyle as their top priority with financial concerns following close behind. With that being said, the prospective buyer is looking for a home that has everything they want and is not interested and/or doesn’t have the financial ability to do renovations/home improvements after the purchase.
Move-In Ready homes are selling faster and for higher dollar than ever before. The more upgrades, the better your home shows, the sooner one of these buyers will make an offer on your home. Curb appeal, inside and out has never been more important.
Advice to Buyers:
Rental rates continue to increase and availability of rental properties continue to decrease. Denver continues to be a great market for first time home buyers.
Lifestyle rates number one in the minds of buyers. Establish your personal expectations of home ownership benefits and costs.
One may ask “Does buying really make better sense than renting?” While the answer is personal, one should take into consideration the results of a recent Fannie Mae National Housing Survey which shows that forgetting the finances for a minute, four of the biggest reasons people buy a home have nothing to do with money: they want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over the space.