Denver Real Estate Market Update June 2013

Market Metrics:

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

- 8,214 homes at May month end
- 8,093 homes came onto the market
- 7,252 homes were placed under contract
- 5,665 homes closed for a closed dollar volume of $1.7 Billion. 

School is out and the traditional prime home selling and home buying season is in full swing.

Monthly Market Recap:
Single Family:    
Active Inventory is 6,738 homes at month end
Sold homes is 4,540    
Average Days on Market is 49  
Median Sold Price is $280,000  
Average Sold Price is $335,776  

Condos:
Active Inventory is 1,476 homes
Sold homes is 1,125
Average Days on Market is 46
Median Sold Price is $163,000
Average Sold Price is $198,612
May Year-to-Date Market Recap (2013 versus 2012):

Single Family:    
Active Inventory 6,738 versus 8,705 (↓23%) 
Sold Units 16,537 versus 13,647 (↑21%) 
Median Price $270,000 vs $240,000 (↑13%) 
Average Price $322,821 vs $290,368 (↑11%)
Sales Volume $5.3B versus $3.9B (↑35%) 
Days on Market 64 versus 94 (↓32%)  

Condos:
Active Inventory 1,476 versus 1,886 (↓22%)
Sold Units 4,095 versus 3,309 (↑24%)
Median Price $155,000 vs $131,500 (↑18%)
Average Price $190,002 vs $167,793(↑13%)
Sales Volume $778M versus $555M (↑40%)
Days on Market 58 versus 94 (↓38%)

Market Facts:
- The inventory of homes available for sale increased in May by 1,269 homes which is a benefit to the entire Denver resale home market.
- Buyer demand continues as well as multiple offers that are becoming more creative every day.
- Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate. 
- Single Family Residential homes have a 2.02 month supply and Condos have a 1.79 month supply.

Advice to Sellers:

School is out and the traditional prime home selling and home buying season is in full swing.  While there are more homes available for sale at May month end than previously throughout the year, a seller needs to be prepared for the Denver home market.

A seller’s home is unique and each and every prospective home buyer is unique.  With that being said, as a seller, have you done everything needed to prepare your home for being on the market and selling during this prime season?

Will your home create that lasting impression?  Are you current on the preventative maintenance items needed for your home?  Have you de-cluttered your home?  To maximize the selling price, have you done recent upgrades?  Since selling a home is not an everyday activity, a seller needs to look to a professional for assistance for these and other questions.

Advice to Buyers:

School is out and the traditional prime home selling and home buying season is in full swing.  While there are more homes available for sale at May month end, other factors have an impact on the market.  Interest rates are rising and new mortgage guidelines have been implemented.

Know what you want in a home, where you want to live, and what price range you can afford.
Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared for the speed of the market and manage your expectations in order to timely participate in the Denver home buying market.