Saturday, July 30, 2011
Tuesday, July 26, 2011
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%.
Wednesday, July 20, 2011
Tuesday, July 19, 2011
Friday, July 15, 2011
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
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.