Monday, November 25, 2013

Denver Real Estate Market Update November 2013

By the numbers:
-          The inventory of available homes for sale is 9,734 homes at October month end

-          5,152 homes came onto the market

-          5,452 homes were placed under contract

-          4,628 homes closed for a closed dollar volume of $1.4 Billion 

The changing of seasons up until mid-October did not have an impact on the home market this year. Year over year comparisons continue to be UP for now, we will see what the November data brings next month.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 8,121 homes at month end         

Sold homes is 3,598                                                   

Average Days on Market is 46                                  

Median Sold Price is $275,000                                  

Average Sold Price is $332,184                                 



Active Inventory is 1,613 homes

Sold homes is 1,030

Average Days on Market is 37

Median Sold Price is $163,000

Average Sold Price is $204,808

October Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                            

Active Inventory 8,121 versus 8,108 (↔)                 

Sold Units 37,525 versus 31,464 (↑19%)                  

Median Price $277,500 vs $250,000 (↑11%)             

Average Price $333,381 vs $302,956 (↑10%)

Sales Volume $12.5B versus $9.5B (↑31%)              

Days on Market 51 versus 78 (↓35%)                        


Active Inventory 1,613 versus 1,611 (↔)

Sold Units 9,770 versus 7,743 (↑26%)

Median Price $160,000 vs $140,000 (↑14%)

Average Price $196,969 vs $177,273(↑11%)

Sales Volume $1.9B versus $1.4B (↑40%)

Days on Market 46 versus 79 (↓41%)

Market Facts:

Interest rates fluctuated both downwards and upwards in the month of October.

Consumer confidence dramatically decreased in October to 71.2 down from 81.2 in September.

Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.25 month supply and Condos have a 1.73 month supply.

Advice to Sellers:

Traditionally, the last calendar quarter of the year means a seasonal decline in the local home market.  In 2012 and again in 2013, this tradition is being turned around a bit. Homebuyer demand in general is bucking seasonal declines in many areas.  Late season homebuyers are being drawn back into the market, but pricing is becoming more important as we approach the holidays.

The home market saw a period of time where the government shutdown deflated the home market outlook for a while, but buyer demand is outperforming typical seasonal patterns in general still.  Mortgage interest rates have fluctuated both upwards and downwards in the last 30 days.  The inventory of homes available for sale has decreased 6% in the last month. All signs of good news to come in 2014.

Are you prepared as a seller for all prospective buyers?   

Knowing that today’s home buyers are independent and well informed, how does a seller create and maintain buyer interest in the seller’s home.  A seller must remember that a buyer sees a home for the first time with fresh eyes as a visitor.

Each and every home is unique which suggests professional assistance in selling the home

Advice to Buyers:

Neighborhood Preferences such as a walkable neighborhood, mixed use development, higher densities, pedestrian friendly, and shorter commute times are a priority.  Lifestyle is #1.

New kitchen trends are:  bigger isn’t better, wide open is good, yes to granite, and be conservative and color conscious.

Saturday, November 9, 2013

10380 Dunsford Dr Lone Tree CO 80124