Thursday, November 17, 2011

Denver Real Estate 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                                 


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%)                      


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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