GREATER METROPOLITAN DENVER MARKET UPDATE
MARCH, 2013
Market Metrics:
By the numbers, the inventory of available homes for sale is:
- 6,786 homes at February month end
- 4,675 homes came onto the market
- 5,033 homes were placed under contract
- 2,967 homes closed for a closed dollar volume of $820 Million.
The spring home selling market started early this year with the lowest month end inventory recorded this February month end.
Monthly Market Recap:
Single Family:
Active Inventory is 5,541 homes at month end
Sold homes is 2,363
Average Days on Market is 81
Median Sold Price is $255,000
Average Sold Price is $302,475
Condos:
Active Inventory is 1,245 homes
Sold homes is 604
Average Days on Market is 73
Median Sold Price is $143,750
Average Sold Price is $175,351
February Year-to-Date Market Recap (2013 versus 2012):
Single Family:
Active Inventory 5,541 versus 8,082 (↓31%)
Sold Units 4,706 versus 3,971 (↑19%)
Median Price $252,500 vs $219,900 (↑15%)
Average Price $302,152 vs $271,577 (↑11%)
Sales Volume $1.4B versus $1.1B (↑32%)
Days on Market 81 versus 105 (↓23%)
Condos:
Active Inventory 1,245 versus 2,004 (↓38%)
Sold Units 1,214 versus 994 (↑22%)
Median Price $141,750 vs $118,000 (↑20%)
Average Price $173,049 vs $154,137(↑12%)
Sales Volume $210M versus $143M (↑37%)
Sales Volume $210M versus $143M (↑37%)
Days on Market 72 versus 104 (↓31%)
February Market Facts:
At February month end, the inventory of homes available on the market @ 6,786 homes reached yet another new low since January, 1985. With this in mind, the Month’s Supply of Inventory is 1.75 months for Single Family and 1.60 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 Denver market is in the midst of the spring home selling market and overall, Denver is experiencing a seller’s market.
Looking to sell your home now? What do you need to know? Well, let’s begin with the basics.
Below are some questions that you need to ask yourself:
- What is my home worth?
- How does my home compare to the competition?
- Do I have enough equity in my home to sell it today?
- Is now the right time to sell my home?
- What are Buyers looking for?
- What does first impression mean?
- What do I need to do to make my home marketable?
- Should I invest in remodeling?
- Will my home sell?
- If my home sells, what are my next steps?
Buyer demand continues and the inventory of homes available for sale is at an all time low. While this can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home
Advice to Buyers:
Be an informed buyer. Know what you want. In this sellers market, each and every home is unique which suggests professional assistance in buying a home.
