Monday, December 10, 2012

Denver Real Estate Market Update December 2012


GREATER METROPOLITAN DENVER MARKET UPDATE

DECEMBER, 2012

 
By the numbers, the inventory of available homes for sale is:

-          8,847 homes at November month end
-          3,653 homes came onto the market
-          3,893 homes were placed under contract
-          3,692 homes closed for a closed dollar volume of $1.0 Billion. 

 The outlook for the remainder of the year looks good as both home sellers and home buyers are focused on either selling their home by year end or buying their home by year end.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 7,336 homes at month end      
Sold homes is 2,975                                                   
Average Days on Market is 72                                  
Median Sold Price is $250,000                                  
Average Sold Price is $306,773                                 

Condos:

Active Inventory is 1,511 homes
Sold homes is 717
Average Days on Market is 64
Median Sold Price is $153,750
Average Sold Price is $198,080

November Year-to-Date Market Recap (2012 versus 2011):

Single Family:                                                           

Active Inventory 7,336 versus 10,213 (↓28%)         
Sold Units 34,439 versus 28,906 (↑19%)                 
Median Price $250,000 vs $229,900 (↑9%)              
Average Price $303,286 vs $280,230 (↑8%)             
Sales Volume $10.4B versus $8.1B (↑29%)             
Days on Market 77 versus 105 (↓27%)                     

Condos:

Active Inventory 1,511 versus 2,421 (↓38%)
Sold Units 8,460 versus 7,325 (↑15%)
Median Price $142,000 vs $125,000 (↑14%)
Average Price $179,036 vs $158,520(↑13%)
Sales Volume $1.5B versus $1.2B (↑30%)
Days on Market 78 versus 117 (↓33%)

November Market Facts:

At November month end, the inventory of homes available on the market continued to decline.  With this in mind, the Month’s Supply of Inventory is 2.38 months for Single Family and 2.00 months for Condos.  Month’s Supply of Inventory is calculated by taking the last twelve months homes sold numbers and calculating an average.  This number is then divided into the month end inventory to produce the Month’s Supply of Inventory.

Advice to Sellers:

The holiday season is upon us and the year end is around the corner.  If you have your home on the market or are thinking about putting your home on the market, staging is a critical consideration this time of year.  Specifically, keep your home warm and inviting, keep your home light – maintain lighting in all areas, keep your home basic – decorate for the holidays; but remove clutter wherever possible, keep your home clean and well maintained, and keep it neat both inside and outside.

According to recently released information, when prospective home buyers are asked about preferences of existing homes versus new homes; the results are overwhelming as 75% prefer an existing home over a new home.  The reasons for the preference are sense of community, established neighborhoods – thus a warmer inviting feeling, better construction, better privacy, and not cookie cutter, larger lot sizes, and mature landscapes.

Keep in mind that the holiday season brings out more serious buyers, the inventory of active home listings is low and thus the competition from other properties is less, and cold weather is a benefit in making the home feel cozy. 

Advice to Buyers:

Home prices are rising in the Denver area due to the rise of home affordability, the rise of household formations, the rise of rents, the decline of distressed sales and foreclosures, and the decrease of available inventory for sale.

Buyers have fewer choices due to the lower inventory of homes available for sale.  The lower inventory of homes available for sale is both good and bad for the home buyer.  “Be Prepared” should be the home buyer’s motto.

Thursday, October 18, 2012

Denver Real Estate Market Update October 2012

GREATER METROPOLITAN DENVER MARKET UPDATE

OCTOBER, 2012

Market Metrics:

Looking at the October numbers, the inventory of available homes for sale is 10,470 homes at month end, 4,457 homes were placed under contract, and 3,949 homes closed for a closed dollar volume of $1.1 Billion.  The outlook for the remainder of the year looks good as we continue through the fall season.  Traditionally, this means fewer transactions each month.

 

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 8,700 homes at month end         

Sold homes is 3,147                                                   

Average Days on Market is 64                                  

Median Sold Price is $255,000                                  

Average Sold Price is $306,633                                 

 

Condos:

Active Inventory is 1,770 homes

Sold homes is 802

Average Days on Market is 64

Median Sold Price is $147,500

Average Sold Price is $186,843

 

September Year-to-Date Market Recap (2012 versus 2011):

Single Family:                                                           

Active Inventory 8,700 versus 12,613 (↓31%)          

Sold Units 28,218 versus 23,956 (↑18%)                  

Median Price $250,000 vs $229,970 (↑9%)               

Average Price $302,809 vs $281,782 (↑7%)             

Sales Volume $8.5B versus $6.7B (↑27%)                

Days on Market 79 versus 106 (↓25%)                      

 

Condos:

Active Inventory 1,770 versus 2,920 (↓39%)

Sold Units 6,894 versus 6,024 (↑14%)

Median Price $140,000 vs $124,900 (↑12%)

Average Price $176,961 vs $158,761(↑11%)

Sales Volume $1.2B versus $956M (↑28%)

Days on Market 81 versus 120 (↓33%)

 

September Market Facts:

-          We are seeing days on market down because 52% of the listings went under contract in 30 days or less due to the low inventory levels that we have been seeing this year. 

-          The most frequently used forms of financing are Conventional, FHA, and CASH.

-          CASH is the number two form of financing for Condos.

-          Rents continue to rise, rental unit availability is low, and home affordability remains high.

-          Absorption ratio is 2.8 months for Single Family and 2.4 months for Condos.

  

Advice to Sellers: 

The fall buying season is not as robust as the spring season with different buyer motivations.  There is a higher ratio of first time homebuyers and childless couples, a motivation to be in the new home by the start of the holidays, and a motivation to be in the new home by the end of the year to utilize tax benefits this year.  First timers are changing the face of the market again.  More first time home shoppers say the want a home they can “grow into” not a home they can quickly grow out of.  With high home affordability and low interest rates, this is now possible.

According to recently released information, the top three categories of fall season buyers are first timers, move up, and right sizing buyers.  Additionally, it has been reported that buyers now expect to stay in homes now 15 years compared to 10 years.

Traditionally, the number of available homes decreases during the fall buying season.

As a seller, take an objective look at your home.  From the curb, at the front door, inside the home, at the back door, looking out into the back yard, looking out into the front yard; what is memorable about your home and what home buyer will your home attract?

 

Advice to Buyers:

The fall home buying season is here and what does that mean to the home buyer?  In summary, the number of available homes will decrease as we move to the end of the year, lifestyle motivation will be the driving force of the market, rental availability will be minimal, home affordability will remain high, mortgage interest rates are expected to stay low, the time a home is available, days on market, will remain in the 60 plus day range, loan pre-approval is a must, and “Be Prepared” should be the home buyer’s motto.

How does a Buyer prepare for home ownership as the home is the emotional center of our lives, and it remains a critical component of one’s self.  Make that call.

REMAXPROSmarketupdate102012.pdf Download this file
signaturepropertiesmarketstatistics092012.pdf Download this file
luxurymarketstatitics092012.pdf Download this file
REMAXPROStrends092012.pdf Download this file
REMAXPROSmarketstatistics092012.pdf Download this file

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Saturday, September 15, 2012

Denver Real Estate Market Update September 2012

GREATER METROPOLITAN DENVER MARKET UPDATE

SEPTEMBER, 2012

Market Metrics:

With the Fall season upon us, August was a great month for the Denver Home Market.  The inventory of available homes for sale was 10,826 homes at month end, 5,196 homes were placed under contract, and 4,685 homes closed for a closed dollar volume of $1.3 Billion.  The prime home selling/home buying season is over and now the Denver market adjusts to the Fall season.  Traditionally, this means fewer transactions each month. 

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 9,060 homes at month end  

Sold homes is 3,730                                                    

Average Days on Market is 63                        

Median Sold Price is $262,000                        

Average Sold Price is $311,893                                  

Condos:

Active Inventory is 1,766 homes

Sold homes is 955

Average Days on Market is 69

Median Sold Price is $148,950

Average Sold Price is $183,359

 

August Year-to-Date Market Recap (2012 versus 2011):

Single Family:                                                           

Active Inventory 9,060 versus 13,436 (↓33%)

Sold Units 25,071 versus 21,346 (↑17%)                   

Median Price $250,000 vs $229,950 (↑9%)               

Average Price $302,329 vs $281,964 (↑7%)              

Sales Volume $7.6B versus $6.0B (↑26%)                 

Days on Market 81 versus 107 (↓24%)                      

 

Condos:

August Market Facts:

Active Inventory 1,766 versus 3,195 (↓45%)

Sold Units 6,092 versus 5,297 (↑15%)

Median Price $138,900 vs $124,000 (↑12%)

Average Price $175,660 vs $158,593(↑11%)

Sales Volume $1.0B versus $840M (↑27%)

Days on Market 83 versus 119 (↓30%)

 

Days on market is down because 52% of the listings went under contract in 30 days or less.

The most frequently used forms of financing are Conventional, FHA, and CASH. CASH is the number two form of financing for Condos.

Rents continue to rise, rental unit availability is low, and home affordability remains high.

Absorption ratio is 3.1 months for Single Family and 2.4 months for Condos.

 

Advice to Sellers:

With the market seasonably adjusting for the remainder of the year, help Buyers visualize the value, comfort, and joy of living in your home.  The home has to be memorable.  What does memorable mean?  Something in the home or about the home needs to create a positive first and lasting impression.

Increase home maintenance and decrease the amount of deferred home maintenance, spruce up those areas that need attention, consider removing personalized wallpaper and borders, paint where needed, and if the home is vacant, consider staging the home.

With that being said, as a seller take an objective look at your home.  From the curb, at the front door, inside the home, at the back door, looking out into the back yard; what is memorable about your home.  Now accentuate that memorable sensation.

Should you de-clutter, do some remodeling, or take care of the deferred maintenance on your home?   


Advice to Buyers: 

Home affordability is at 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.

Rental availability in the Denver market remains close to 1%.  Lifestyle continues to rate number one in the minds of Buyers.  Establish your personal expectations of home ownership benefits and costs.

How does a Buyer prepare for home ownership as the home is the emotional center of our lives, and it remains a critical component of one’s self.  Make that call.

REMAXPROSmarketstatistics082012.pdf Download this file
REMAXPROSmarketupdate092012.pdf Download this file
REMAXPROStrends082012.pdf Download this file
signaturepropertiesmarketstatistics082012.pdf Download this file
luxurymarketstatistics082012.pdf Download this file

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Sunday, August 26, 2012

Denver Real Estate Market Update August 2012

GREATER METROPOLITAN DENVER MARKET UPDATE

AUGUST, 2012

Market Metrics:

The prime home selling/home buying season is almost over and Denver is moving into the summer/fall season.  The new normal for inventory of active listings is between 10,000 and 11,000 homes on the market.  July activity is usually slower than June activity and this July continued the tradition.  For the month of July, 4,700 homes were placed on the market and 4,618 homes sold.  Denver continues to be one of the strongest home markets in the country.

Monthly Market Recap:

Single Family:                                                            Condos:
Active Inventory is 9,087 homes                       Active Inventory is 1,740 homes

Sold homes is 3,713                                       Sold homes is 905

Average Days on Market is 64                         Average Days on Market is 69

Median Sold Price is $259,000                        Median Sold Price is $154,000

Average Sold Price is $312,920                       Average Sold Price is $190,269

 

 

July Year-to-Date Market Recap (2012 versus 2011):

 

Single Family:                                                            Condos:

Active Inventory 9,087 versus 14,014 (↓35%)              Active Inventory 1,740 versus 3,569 (↓51%)

Sold Units 21,341 versus 18,169 (↑17%)                    Sold Units 5,137 versus 4,501 (↑14%)

Median Price $249,000 vs $228,500 (↑9%)                 Median Price $137,500 vs $122,165 (↑13%)

Average Price $300,658 vs $281,597 (↑7%)                Average Price $174,229 vs $156,921(↑11%)

Sales Volume $6.4B versus $5.1B (↑25%)                  Sales Volume $895M versus $706(↑27%)

Days on Market 84 versus 109 (↓23%)                       Days on Market 86 versus 121 (↓29%)

 

July Market Facts:

 Days on market is down because 55% of the listings went under contract in 30 days or less.

The most frequently used forms of financing are Conventional, FHA, and CASH.

CASH is the number two form of financing for Condos.

Rents continue to rise, rental unit availability is low, and home affordability remains high.

Absorption ratio is 3.2 months for Single Family and 2.4 months for Condos. 

 

Advice to Sellers:

Buyers are looking at homes multiple times.  The first time is either as a drive by or via the internet.  In both cases, the home has to be memorable so it will be considered in the short list of homes from which a showing will be requested.  What does memorable mean?  Something in the home or about the home needs to create a positive first and lasting impression.

With that being said, as a seller take an objective look at your home.  From the curb, at the front door, inside the home, at the back door, looking out into the back yard; what is memorable about your home.  Now accentuate that memorable sensation.

Should you de-clutter, do some remodeling, or take care of the deferred maintenance on your home?   

Sellers can improve their chances of getting a house sold by sprucing up the inside and out such that the home will create that lasting first impression.

 

Advice to Buyers:

Be Prepared is the advice of the day.  If you find the home of your dreams, act now.  55% of homes went from an active (on the market) status to under contract status is 30 days or less in the month of July. 

Here is a list of things to consider when preparing for homeownership: 

-         decide what you can afford

-         develop your home wish list

-         select where you want to live

-         start saving

-         get your credit in order

-         determine your mortgage qualifications

-         get preapproved

-         weigh the sources of your down payment

-         calculate the costs of homeownership.

 

The home is the emotional center of our lives, and it remains a critical component of who we are.

REMAXPROSmarketupdate082012.pdf Download this file
signaturepropertiesmarketstatistics072012.pdf Download this file
REMAXPROStrends072012.pdf Download this file
REMAXPROSmarketstatistics072012.pdf Download this file
luxurymarketstatistics072012.pdf Download this file

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Thursday, August 2, 2012

Michael Kozlowski Moves Up to #1 Ranked RE/MAX Agent in the Mountain States Region as of June 2012 & Breaks Previous Records with a New Ranking of #15

Michael Kozlowski Moves Up to #1 Ranked RE/MAX Agent in the Mountain States Region as of June 2012 & Breaks Previous Records with a New Ranking of #15 in the United States

Michael Kozlowski - Team Koz RE/MAX Professionals moves up the rankings to #1 Ranked RE/MAX agent Year to Date 2012 in the Mountain States region of Colorado, Utah, Wyoming, North & South Dakota.

As of June 2012 Michael Kozlowski was Ranked #15 out of over 56,000 RE/MAX Agents in the entire United States.

Tuesday, July 17, 2012

Denver Real Estate Market Update July 2012

Market Metrics:

With one (1) month remaining in the prime home selling/home buying season, June month and June Year To Date real estate statistics show the continuing trend of historically low inventory of available homes, high buyer demand, low mortgage interest rates, and increased due diligence needed to complete a mortgage loan.  Denver continues to be one of the strongest home markets in the country.

 

Monthly Market Recap: 

Single Family:                                                            Condos:
Active Inventory is 9,074 homes at month end          Active Inventory is 1,851 homes

Sold homes is 3,981                                                    Sold homes is 923

Average Days on Market is 71                                   Average Days on Market is 74

Median Sold Price is $269,500                                   Median Sold Price is $144,900

Average Sold Price is $324,497                                  Average Sold Price is $181,578

 

June Year-to-Date Market Recap (2012 versus 2011):


Single Family:                                                            Condos:

Active Inventory 9,074 versus 14,215 (↓36%)          Active Inventory 1,851 versus 3,811(↓51%)

Sold Units 17,628 versus 15,087 (↑17%)                  Sold Units 4,232 versus 3,748 (↑13%)

Median Price $245,500 vs $226,500 (↑8%)               Median Price $134,957 vs $122,000 (↑11%)

Average Price $298,075 vs $278,113 (↑7%)              Average Price $170,799 vs $157,697 (↑8%)

Sales Volume $5.2B versus $4.2B (↑25%)                Sales Volume $722M versus $591M(↑22%)

Days on Market 89 versus 111 (↓20%)                      Days on Market 89 versus 123 (↓28%)

 

Is it a Seller’s Market or is it a Buyer’s Market?

At June month end, the absorption ratio, also known as, month’s supply of available inventory is 3.2 months for Single Family and 2.6 months for Condos.

This annualized calculation takes the current month end inventory divided by the monthly average number of sold homes for the last twelve (12) months.

Historically, six (6) months or less is a Seller’s Market.

 

Advice to Sellers: 

The hottest home remodeling job isn’t the kitchen anymore.  It is now the bathroom on a more modest scale.  Key factors are easy upkeep, cost, and adding accessibility.  Fancy showers with a bench are now in.  Kitchen remodeling is now number two (2) on the top remodeling list.

If you do not want to remodel, consider these five (5) ways to spruce up the bathroom – remove clutter from the bathroom and have it look similar to what you see in a hotel, clean it until it sparkles, use fluffy towels and bath mats, display flower vases, and fix any grout or caulking and remove mildew stains.

How hot is the Denver market?  A little known fact is that 27,000 Single Family homes have been put on the market in the first six months of the year, and 24,000 Single Family homes have gone under contract.  Wow!

Sellers can improve their chances of getting a house sold by sprucing up the inside and out such that the home will create that lasting first impression.

Is it a good time for your home to be on the market?  Absolutely, there has been no better time the past few years than now.

 

Advice to Buyers:

Be Prepared is the advice of the day.  If you find the home of your dreams, act now.

Here is a list of things to consider when preparing for homeownership:  decide what you can afford, develop your home wish list, select where you want to live, start saving, get your credit in order, determine your mortgage qualifications, get preapproved, weigh the sources of your down payment, and calculate the costs of homeownership.

The home is the emotional center of our lives, and it remains a critical component of who we are.

Want to learn what BE PREPARED means? 

REMAXPROSmarketupdate072012.pdf Download this file
REMAXPROSmarketstatistics062012.pdf Download this file
REMAXPROStrends062012.pdf Download this file
mthendinvchart07to12062012.pdf Download this file
mthendinvsold07to12062012.pdf Download this file

 

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Thirty-year mortgage rate drops to another record low – USATODAY.com

Thirty-year mortgage rate drops to another record low – USATODAY.com

Saturday, June 16, 2012

Denver Real Estate Market Update June 2012

GREATER METROPOLITAN DENVER MARKET UPDATE

JUNE, 2012

 

Market Metrics: 

May is the first full month of the prime home selling/buying season.  We are continuing to see more of the same; that being, limited amount of inventory of homes available for sale, continuing/expanding buyer demand, and multiple offers that are now happening in the higher price ranges.  The limited inventory of homes available for sale and high buyer demand has led to the bidding wars which are prevalent.  Denver continues to be one of the strongest home markets in the country.

 

Monthly Market Recap: 

Single Family:                                                           
Active Inventory is 8,705 units at month end                       

Sold units is 3,768                                                     

Average Days on Market is 78                                  

Median Sold Price is $258,000                                  

Average Sold Price is $307,896                                 

 

Condos:

Active Inventory is 1,886 units at month end

Sold units is 857

Average Days on Market is 81

Median Sold Price is $144,330

Average Sold Price is $179,253

 

May Year-to-Date Market Recap (2012 versus 2011): 

Single Family:                                                           

Active Inventory 8,705 versus 13,958 (↓38%)          

Sold Units 13,647 versus 11,792 (↑16%)                  

Median Price $240,000 vs $224,500 (↑7%)               

Average Price $290,368 vs $274,168 (↑6%)             

Sales Volume $3.9B versus $3.2B (↑23%)                

Days on Market 94 versus 114 (↓18%)                      


Condos:

Active Inventory 1,886 versus 3,930 (↓52%)

Sold Units 3,309 versus 2,963 (↑12%)

Median Price $131,500 vs $121,000 (↑9%)

Average Price $167,793 vs $157,494 (↑7%)

Sales Volume $555M versus $466M (↑19%)

Days on Market 94 versus 122 (↓23%)

 

MAY, 2012 YTD HOME TRENDS:

The top three price ranges for sold Single Family homes are: 

(1) $100,000 to $199,999

(2) $200,000 to $299,999

(3) $300,000 to $399,999

The top three price ranges for sold Condo homes are: 

(1) $100,000 to $199,999

(2) $0 to $99,999

(3) $200,000 to $299,999 

Advice to Sellers:

Recent surveys indicate that there is a shift in thinking when it comes to home ownership.  Instead of looking at home ownership through the eyes of an economist, Americans are realizing that a home doesn’t solely equate to financial return or measure.  The home is the emotional center of our lives, and it remains a critical component of who we are.

With the above being said; the inventory of homes for sale remains relatively low and the number of buyers increases daily.  Are you prepared to be a seller?  Have you done your homework, checked out the competition, taken care of all deferred maintenance items, and remodeled as necessary?

Sellers can improve their chances of getting a house sold by sprucing up the inside and out such that the home will create that lasting first impression.

Advice to Buyers:

Is home ownership still the American Dream?  The Dream is alive.  All indications are that the majority of Americans rated the importance of home ownership as 10 out of 10.

Now is the time for the Buyer to be prepared.  Here is a list of things to consider when preparing for homeownership: 

-          - decide what you can afford

-          - develop your home wish list

-          - select where you want to live

-          - start saving

-          - get your credit in order

-          - determine your mortgage qualifications

-          - get preapproved

-          - weigh the sources of your down payment

-          - calculate the costs of homeownership 

Additionally, a buyer should consider zoning and remodeling rules when looking to purchase a home.  Are you prepared for a bidding war on the home of your choice?

 

REMAXPROSmarketupdate062012.pdf Download this file
REMAXPROSmarketstatistics052012.pdf Download this file

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Saturday, May 12, 2012

Denver Real Estate Market Update May 2012

GREATER METROPOLITAN DENVER MARKET UPDATE

MAY, 2012

 Market Metrics:

With April, the preview month of the prime home selling/buying season, behind us, what an amazing home market.  The inventory of homes for sale remains relatively stable at 10,254 homes available on the market. 

The limited inventory comes as more buyers are shopping for homes, driving prices up, and multiple offers becoming the norm.  We are starting to see a steady price appreciation.  Denver is now considered one of the strongest markets in the country.

 

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 8,353 units at month end                       

Sold units is 3,133                                                     

Average Days on Market is 90                                  

Median Sold Price is $249,900                                  

Average Sold Price is $298,712                                 

 

Condos:

Active Inventory is 1,901 units at month end

Sold units is 758

Average Days on Market is 91

Median Sold Price is $142,000

Average Sold Price is $178,231

 

April Year-to-Date Market Recap (2012 versus 2011): 

Single Family:                                                           

Active Inventory 8,353 versus 13,874 (↓40%)         

Sold Units 9,879 versus 8,756 (↑13%)                     

Median Price $233,000 vs $221,000 (↑5%)              

Average Price $283,682 vs $272,339 (↑4%)             

Sales Volume $2.8B versus $2.4B (↑18%)               

Days on Market 100 versus 116 (↓14%)                   

 

Condos:

Active Inventory 1,901 versus 3,973 (↓52%)

Sold Units 2,452 versus 2,267 (↑8%)

Median Price $128,000 vs $120,000 (↑7%)

Average Price $163,787 vs $156,709 (↑5%)

Sales Volume $402M versus $355M (↑13%)

Days on Market 98 versus 125 (↓22%)

 

APRIL, 2012 YTD HOME TRENDS:

The top three price ranges for sold Single Family homes are: 

(1) $100,000 to $199,999

(2) $200,000 to $299,999

(3) $300,000 to $399,999

 

The top three price ranges for sold Condo homes are:  

(1) $100,000 to $199,999

(2) $0 to $99,999

(3) $200,000 to $299,999

 

Advice to Sellers:

The national home ownership rate reached a decade low of 62%, down from 73% in 2006 and 2007.  Much of the decline is the result of the economy, foreclosures, job losses, fallen home values, and more.  Americans continue the thirst for home ownership and in a recent survey over 70% of the respondents desire home ownership and also feel that now is a good time to buy.

The inventory of homes for sale remains low and the number of buyers increases daily.  Now is the time to make sure the home is ready to be on the market.  Do your homework, check out the competition, take care of all deferred maintenance items, and remodel as necessary.

Sellers can improve their chances of getting a house sold by sprucing up the inside and out such that the home will create that lasting first impression.

Is it a good time for your home to be on the market?  As Real Estate is local, contact your RE/MAX Professional to discuss the options available to sell your home during 2012.

Advice to Buyers:

By the numbers, there are 10,200 plus homes available for sale, 5,600 offers were extended and accepted by both the seller and the buyer in April, and 3,100 homes closed in April.  Why are things getting so competitive?  The inventory of homes available for sale last April was 18,000 homes.  The drastic decrease in the number of homes for sale is leaving home buyers with fewer options sometimes resulting in bidding competition.

Now is the time for the Buyer to be prepared.  Here is a list of things to consider when preparing for homeownership:  decide what you can afford, develop your home wish list, select where you want to live, start saving, get your credit in order, determine your mortgage qualifications, get preapproved, weigh the sources of your down payment, and calculate the costs of homeownership.  Additionally, a buyer should consider zoning and remodeling rules when looking to purchase a home.

 

REMAXPROSmarketupdate052012.pdf Download this file
REMAXPROSmarketstatistics042012.pdf Download this file
REMAXPROStrends042012.pdf Download this file

Posted via email from team-koz's posterous

Friday, April 13, 2012

Denver Real Estate Market Update April 2012

Market Metrics:

March was the month of “UP” in the Denver home market.  While the inventory of homes for sale remained relatively stable, everything else was “UP” and the strength of the Denver home market continues to show its recovery.  All indications are that this will be a strong year for the Denver home market.  We are only weeks away from the start of the prime home selling/buying season.

 

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 8,303 units at month end                       

Sold units is 2,775                                                     

Average Days on Market is 105                                

Median Sold Price is $232,500                                  

Average Sold Price is $284,035                                 

 

Condos:

Active Inventory is 2,022 units at month end

Sold units is 700

Average Days on Market is 97

Median Sold Price is $125,500

Average Sold Price is $161,848

 

March Year-to-Date Market Recap (2012 versus 2011):

Single Family:                                                           

Active Inventory 8,303 versus 13,712 (↓39%)         

Sold Units 6,746 versus 6,021 (↑12%)                     

Median Price $225,000 vs $220,000 (↑2%)              

Average Price $276,702 vs $272,507 (↑2%)             

Sales Volume $1.9B versus $1.6B (↑14%)               

Days on Market 105 versus 120 (↓13%)                   

 

Condos:

Active Inventory 2,022 versus 3,995 (↓49%)

Sold Units 1,694 versus 1,573 (↑8%)

Median Price $120,000 vs $121,905 (↓2%)

Average Price $157,324 vs $155,946 (↑1%)

Sales Volume $267M versus $245M (↑8%)

Days on Market 101 versus 129 (↓22%)

 

MARCH, 2012 YTD HOME TRENDS:

The top four price ranges for sold Single Family homes are: 

(1) $200,000 to $299,999

(2) $300,000 to $499,999

(3) $150,000 to $199,999

(4) $110,000 to $149,999.

 

The top three methods of financing a home purchase are: 

(1) Conventional financing

(2) FHA financing

(3) Cash

 

Advice to Sellers:

The Denver home market is weeks away from the prime home selling/buying time of the year.  It is time to take advantage of this prime home selling season and sell your home!

Establish your expectations as to home pricing, deferred maintenance needs, and the average amount of time required before your home can be sold.  More and more prospective buyers rate Lifestyle as their top priority.  With that being said, the prospective buyer is looking for a home that has everything they want and are not interested in doing renovation/home improvement after the purchase.

Sellers can improve their chances of getting a house sold by sprucing up the inside and out that will create that lasting first impression.

Iit is a great time for your home to be on the market! 


Advice to Buyers:

One may ask “Does buying a home really make better sense than renting?”  While the answer is personal, one should take into consideration the four non financial reasons people buy a home:  buyers 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.  Home affordability has never been better.

In the market to purchase a home, here is a list of things to consider when preparing for homeownership:  decide what you can afford, develop your home wish list, select where you want to live, start saving, get your credit in order, determine your mortgage qualifications, get preapproved, weigh the sources of your down payment, and calculate the costs of homeownership.

Want to learn more?  www.team-koz.com or 303-949-2755

REMAXPROSmarketupdate042012.pdf Download this file
REMAXPROSmarketstatistics032012.pdf Download this file
REMAXPROStrends032012.pdf Download this file

Posted via email from team-koz's posterous

Tuesday, March 20, 2012

10841 Towerbridge Ln Highlands Ranch CO 80130

Denver Real Estate Market Update March 2012

GREATER METROPOLITAN DENVER MARKET UPDATE

MARCH, 2012

 

Market Metrics:

The market momentum that started January 1st by the release of pent up demand continues through February.  This is another example that the metro Denver housing market took another step toward recovery.  What does this mean to you individually?  Activity is up and the inventory of unsold homes is down.  Pricing today remains relatively stable.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 8,082 units at month end                       

Sold units is 1,978                                                     

Average Days on Market is 106                                

Median Sold Price is $220,000                                  

Average Sold Price is $270,821                                 


Condos:

Active Inventory is 2,004 units at month end

Sold units is 517

Average Days on Market is 101

Median Sold Price is $120,000

Average Sold Price is $161,143

  

February Year-to-Date Market Recap (2012 versus 2011):

Single Family:                                                           

Active Inventory 8,082 versus 13,393 (↓40%)          

Sold Units 3,971 versus 3,494 (↑14%)                      

Median Price $219,900 vs $220,000 (↔)                  

Average Price $271,577 vs $271,516 (↔)                 

Sales Volume $1.0B versus $949M (↑14%)              

Days on Market 105 versus 121 (↓13%)                    

 

Condos:

Active Inventory 2,004 versus 3,965 (↓50%)

Sold Units 994 versus 891 (↑12%)

Median Price $118,000 vs $120,475 (↓2%)

Average Price $154,137 vs $152,955 (↑1%)

Sales Volume $153M versus $136M (↑12%)

Days on Market 104 versus 126 (↓17%)

 

FEBRUARY, 2012 YTD HOMES SOLD BY PRICE RANGE:

The top four price ranges for sold Single Family homes are: 

-          (1) $200,000 to $299,999

-          (2) $300,000 to $499,999

-          (3) $150,000 to $199,999

-          (4) $110,000 to $149,999.

 

The top four price ranges for sold Condo homes are:

-          (1) $0 to $109,999

-          (2) $110,000 to $149,999

-          (3) $150,000 to $199,999

-          (4) $200,000 to $299,999.

 

Advice to Sellers:

Thinking of putting your home on the market?  Here are some things to consider:

-          Have a pre sale home inspection completed so you have an indication of those areas that will stand out to potential buyers.

-          Organize and clean by paring down the clutter, and cleaning the windows, carpets, walls, lighting fixtures, and baseboards.

-          Get replacement estimates so you know the specifics before price negotiations begin.

-          Find your warranties and manuals.

-          Spruce up the curb appeal to create a lasting first impression.

-          Consider staging the home.  Buyers senses must be engaged using lighting, music, scents, and colors.

Sellers can improve their chances of getting a house sold by sprucing up the inside and out that will create that lasting first impression.


Advice to Buyers:

-          In the market to purchase a home, here is a list of things to consider when preparing for homeownership:

-          Decide what you can afford.

-          Develop your home wish list.

-          Select where you want to live.

-          Start saving.

-          Get your credit in order.

-          Determine your mortgage qualifications.

-          Get preapproved.

-          Weigh the sources of your down payment.

-          Calculate the costs of homeownership.

 

REMAXPROSmarketupdate032012.pdf Download this file
RMPROSMARKETSTATISTICS022012.pdf Download this file
rmptrends022012.pdf Download this file

Posted via email from team-koz's posterous