Friday, March 23, 2012
Tuesday, March 20, 2012
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.
