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                                 



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%)                   



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%)



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? or 303-949-2755

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

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