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Denver Real Estate Inventory Drops Almost 40% in 1 Year!

Incredible Opportunity for Sellers...

GREATER METROPOLITAN DENVER MARKET UPDATE 

Denver_Real_Estate_Market_Update_February_2012.pdf Download this file

REMAXPROSsnapshotmth012012.pdf Download this file

FEBRUARY, 2012

 

Market Metrics:

At January month end, the inventory of active listings, those homes for sale, represented only 3.3 months of supply of homes on the market.  Home showings increased dramatically and offers were extended as a result of the pent up buyer demand.  While January is traditionally slower than December, the numbers show increased activity when comparing year over year. 

 

Monthly Market Recap:

Single Family:                                                            

Active Inventory is 8,356 units at month end                       

Sold units is 1,993                                                     

Average Days on Market is 103                                

Median Sold Price is $218,855                                  

Average Sold Price is $272,328                                 

 

Condos:

Active Inventory is 2,087 units at month end

Sold units is 477

Average Days on Market is 108

Median Sold Price is $113,000

Average Sold Price is $146,544

 

January Year-to-Date Market Recap (2012 versus 2011):

  

Single Family:                                                           

Active Inventory 8,356 versus 13,714 (↓39%)          

Sold Units 1,993 versus 1,724 (↑16%)                      

Median Price $218,855 vs $225,000 (↓3%)               

Average Price $272,328 vs $277,922 (↓2%)             

Sales Volume $542M versus $479M (↑13%)            

Days on Market 103 versus 120 (↓14%)                    

  

Condos:

Active Inventory 2,087 versus 4,176 (↓50%)

Sold Units 477 versus 432 (↑10%)

Median Price $113,000 vs $124,995 (↓10%)

Average Price $146,544 vs $150,085 (↓2%)

Sales Volume $69M versus $64M (↑8%)

Days on Market 108 versus 123 (↓12%)

 

December 2011 YTD County Sold Data:

 

The top five metropolitan counties based upon closed homes in 2011 are:

(1) Denver County

(2) Arapahoe County

(3) Jefferson County

(4) Adams County

(5) Douglas County.

 

The top four price ranges for sold homes based on closed transactions are:

(1) $100,000 to $199,999

(2) $200,000 to $299,999

(3) $300,000 to $499,999

(4) $0 to $99,999.

 

Advice to Sellers:

The inventory of Active Listings, those homes for sale, continues to decrease.  Historically, this would indicate a seller’s market.  This is not the case, because prospective buyers have wants and needs that they will not compromise.  So what is a seller to do?

Overall, buyers have big dreams for their new home.  Buyers are looking for style upgrades on counter tops, flooring, faucets, and fixtures.  The utility look that started several years ago in kitchen is now spreading to the entire home.  Big on the wish list are separate laundry rooms, spacious built-ins, and a place to maximize storage.

In two words the seller must de-clutter and stage a home.  Make sure each room has a focal point.  Here are 4 quick tips for prepping a home:

(1) make sure home is super clean

(2) clear the clutter and unload some furniture

(3) prep your landscaping and

(4) add new touches everywhere if possible

 

Is it a great time for your home to be on the market!

  

Advice to Buyers:

With the number of active listings, those homes available for sale, continuing to be the lowest it has been in years, a prospective buyer must prioritize one’s needs and wants and look at what is available in the market.  Rents continue to rise in the Denver market and home prices continue to stabilize.

The Colorado Division of Housing recently reported that the metro area had only a 5.4% vacancy rate and that the median rent was now $870.  Vacancy rates have moved down and the area’s median rent has risen for the last eight quarters.  Home affordability has never been higher in the Denver metro area.

Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.

 

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10609 Briarglen Circle Highlands Ranch CO 80130

10529 Dacre Place Lone Tree CO 80124

Rare Opportunity 1/3 Acre Lot! Panoramic Mountain Views! Cul-de-Sac! Great Lone Tree Location.

Mortgage rates tumble to record low

Mortgage rates tumble to record low

5350 Fox Meadow Ave Highlands Ranch CO 80130

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Bottom Line - Federal Reserve says no rate hikes until at least late 2014

Bottom Line - Federal Reserve says no rate hikes until at least late 2014

Home buying could soon beat renting

Home buying could soon beat renting

Denver Real Estate Market Has Buyers But Not Enough Sellers « CBS Denver

Denver Real Estate Market Has Buyers But Not Enough Sellers « CBS Denver

12472 Daniels Gate Dr. Castle Rock CO 80108

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10205 Stoneglen Trail Lone Tree CO 80124

8651 Sawgrass Dr. Lone Tree CO 80124

Denver Real Estate Market Update January 2012

GREATER METROPOLITAN DENVER MARKET UPDATE

JANUARY, 2012

Market Metrics:

Active Listings inventory continues to decline, 13% month over month and 40% year over year.  Under Contract activity and Closed transactions activity remained seasonal with a continual decline month over month.  The New Year starts with renewed hope that 2012 will be better than 2011.  Wishing you and yours a Happy and Prosperous New Year.

 

Denver_Real_Estate_Market_Update_January_2012.pdf Download this file

rmpmarketstatistics122011.pdf Download this file

Monthly Market Recap:

Single Family:                                                           
Active Inventory is only 8,854 units at month end               

Sold units is 2,531                                                     

Average Days on Market is 107                                

Median Sold Price is $230,000                                  

Average Sold Price is $275,610                                 

 

Condos:

Active Inventory is only 2,139 units at month end

Sold units is 625

Average Days on Market is 106

Median Sold Price is $120,700

Average Sold Price is $166,420

 

December Year-to-Date Market Recap (2011 versus 2010):

Single Family:                                                           

Active Inventory 8,854 versus 13,941 (↓36%)         

Sold Units 31,437 versus 30,777 (↑2%)                   

Median Price $230,000 vs $235,000 (↓2%)              

Average Price $279,858 vs $282,080 (↓1%)             

Sales Volume $8.8B versus $8.7B (↑1%)                 

Days on Market 105 versus 90 (↑17%)                     

 

Condos:

Active Inventory 2,139 versus 4,316 (↓50%)

Sold Units 7,950 versus 8,041 (↓1%)

Median Price $124,900 vs $136,000 (↓8%)
Average Price $159,141 vs $161,005 (↓1%)

Sales Volume $1.2B versus $1.3B (↓2%)

Days on Market 116 versus 98 (↑18%)

 

Days on Market: 

By definition, Days on Market is calculated as the number of elapsed days from the original listing date to the status change date.  Therefore if a home is listed for sale on January 2^nd and the seller(s) accept an offer on January 22^nd, the Days on Market for this property is 21 days at this point in time.

Days on Market is one of several metrics that are used to follow the market trends.

 

Advice to Sellers:

Welcome to 2012.  What changes can one expect in 2012? 

 

The year will start with the lowest inventory of unsold homes in a decade plus.

New home builders will have new models emphasizing efficiency, lifestyle, and a smaller footprint.  For some sellers, this will be competition that has not been seen for several years.

External influences will continue to impact the market; such as, employment, economy, and consumer confidence.

 

As a home seller, one must keep in mind that with the beginning of 2012: 

-          - Housing will be on the minds of many, because lots of people will be seeking housing.

-          - Rising rental rates will cause more to look at home ownership.

-          - Low rental vacancy rates will cause more to look at home ownership.

-          - Historically low mortgage rates will cause more to look at home ownership.

-         -  Overall, affordable housing prices will cause more to look at home ownership.

 

It is a great time for your home to be on the market with inventory levels at 10 year lows! 

 

Advice to Buyers:

The number of active listings, those homes available for sale, continues to be the lowest it has been in years.  Prioritize your needs and wants and look at what is available in the market. 

 

Rents continue to rise in the Denver market and home prices continue to stabilize.

Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.

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7755 Barkway Ct Lone Tree CO 80124

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1345 Pontiac St Denver CO 80220 - Obeo Virtual Tour 701843

Denver Real Estate Inventory Drops 37% since 2011! Incredible Opportunity for Sellers!

Denver Real Estate Inventory Drops 37% since 2011!

Incredible Opportunity for Sellers!

Great news!  The latest statistics and Supply vs Demand are attached. 

The months supply of inventory has decreased substantially as the number of homes on the market is down 37% from 2011.  

The Denver Real Estate Market started January 2011 with 13,900 Single Family Homes, and as of January 1, 2012 we had only 8,800!  Wow!

We are at or below 6 months of inventory in most areas all the way to approximately $400,000.  The Odds of Selling has increased a great deal as you will see that we don’t dip to a 50% chance of selling until approximately $750,000 in most areas!

Don't miss your opportunity!

www.team-koz.com

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RE/MAX 2012 Top 10 Housing Predictions

2361 Terraridge Dr. Highlands Ranch CO 80126

Denver Real Estate Market Update December 2011

Market Metrics:

The inventory of active listings at November month end hit another new low at

12,634 units, a decline of 11% month over month and 37% year over year.

 

Buyer demand continues at a seasonally adjusted rate for the holiday season.  Declining inventory could become a good news situation.

 

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 10,213 units at month end         

Sold units is 2,468                                                     

Average Days on Market is 99                                  

Median Sold Price is $230,300                                  

Average Sold Price is $275,951                                 

 

Condos:

Active Inventory is 2,421 units at month end

Sold units is 600

Average Days on Market is 105

Median Sold Price is $125,000

Average Sold Price is $153,526

  

November Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                           

Active Inventory 10,213 versus 15,232 (↓33%)        

Sold Units 28,906 versus 28,355 (↑2%)                    

Median Price $229,900 vs $230,250 (↔)                  

Average Price $280,230 vs $282,717 (↓1%)             

Sales Volume $8.1B versus $8.0B (↑1%)                  

Days on Market 105 versus 89 (↑18%)                      

 

Condos:

Active Inventory 2,421 versus 4,649 (↓48%)

Sold Units 7,325 versus 7,439 (↓2%)

Median Price $125,000 vs $133,000 (↓6%)

Average Price $158,520 vs $160,533 (↓1%)

Sales Volume $1.1B versus $1.1B (↔)

Days on Market 117 versus 95 (↑23%)

 

Average Price versus Median Price:

By definition, Average price is derived by adding all of the individual home sales prices to get a total sales volume ($) for the period.  The total sales volume ($) is then divided by the number of sales transactions which results in the Average Price.

By definition, Median Price is derived by ranking the highest individual home sales price to the lowest individual home sales price.  The point where one half of the transactions are either above or below this price is known as the Median Price.

 

Advice to Sellers:

The holiday season is upon us and traditionally the home owner takes his or her home off the market due to the holiday season, busy schedules, and personal or family time.  One must ask if the holiday season is a good time to sell.  

In a recent survey conducted by the National Association of Realtors®, 60% of Real Estate Professionals advise sellers to list a home during the holidays unless they have a preferred strategy going into the new year.  The holiday season brings out more serious buyers, the inventory of active listings is low and thus the competition from other properties is less, and cold weather is a benefit in making the home feel cozy.

If you do have your home on the market for the holiday season, you need to keep two items in mind.  One point is that the home must be kept in “ready to show” condition and the second point is that more interior photos are needed for marketing to prospective Buyers.

 

Advice to Buyers:

The number of active listings, those homes available for sale, is the lowest it has been in years and here we are at the holiday season.  Therefore the Buyers will have fewer homes to choose from.  Traditionally Sellers take homes off the market for the holidays.  If a home remains on the market over the holidays, you may have a motivated Seller.  What does this mean to you?  Talk to a RE/MAX Professional to obtain an understanding of the home market at the holiday season. 

Rents continue to rise in the Denver market and home prices continue to stabilize.

Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.

 

Market_Update_12112011.pdf Download this file

Stats.pdf Download this file

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Mortgage rates fall to record lows - Dec. 15, 2011

Mortgage rates fall to record lows - Dec. 15, 2011

7553 S Cove Cir Centennial CO 80122

Start the Holiday Rush: Home Energy Tax Credits Expire Dec. 31

Start the Holiday Rush: Home Energy Tax Credits Expire Dec. 31

11 must-knows about early mortgage payoff | Inman News

11 must-knows about early mortgage payoff Inman News

Take advantage of expiring tax deductions | Inman News

Take advantage of expiring tax deductions | Inman News

7284 Laredo Ct Highlands Ranch CO 80130

Denver Real Estate Market Update November 2011

GREATER METROPOLITAN DENVER MARKET UPDATE

NOVEMBER, 2011

Market Metrics:

The unsold inventory of active listings hit a new low at 14,156 units,

the second month in a row for setting a new low record.

As we are moving into new territory, there is steady demand and low inventory.  When one compares our housing market to the nation, Denver continues to hold its own.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 11,504 units at month end         

Sold units is 2,482                                                     

Average Days on Market is 102                                

Median Sold Price is $226,021                                  

Average Sold Price is $269,503                                 

Condos:

Active Inventory is 2,652 units at month end

Sold units is 701

Average Days on Market is 102

Median Sold Price is $125,000

Average Sold Price is $160,723 

October Year-to-Date Market Recap (2011 versus 2010):

Single Family:                                                           

Active Inventory 11,504 versus 16,473 (↓30%)        

Sold Units 26,438 versus 26,213 (↔)                                   

Median Price $229,820 vs $230,000 (↔)                  

Average Price $280,629 vs $282,819 (↓1%)             

Sales Volume $7.4B versus $7.4B (↔)                     

Days on Market 106 versus 87 (↑22%)                      

Condos:

Active Inventory 2,652 versus 4,887 (↓46%)

Sold Units 6,725 versus 6,915 (↓3%)

Median Price $125,000 vs $133,500 (↓6%)

Average Price $158,965 vs $160,186 (↓1%)

Sales Volume $1.0B versus $1.1B (↔)

Days on Market 118 versus 93 (↑27%)

With the holiday season upon us, we continue to see a steady demand for housing.  At a time like this, one needs to take into consideration employment, consumer confidence, and mortgage interest rates.  Mortgage interest rates continue to remain low.  Consumer confidence continues to improve, albeit slow.  Employment is a focus that is on everyone’s mind and definitely a conversation item on a daily basis.  

11countyytd102011.pdf Download this file

 

Advice to Sellers:

Today’s home buyer is looking for his or her dream.  What does this mean to you the home seller?  Well first of all, the home buyer is looking for a home that meets 100% of the home buyer’s expectations.  The home buyer wants to move into his or her new home and have to do nothing but enjoy the home.

Therefore, deferred maintenance needs to be non-existent.  The usual list of maintenance items such as painting and carpeting now also include updating the entire home.  Should you consider updating the bathrooms or the kitchen?  Talk to your RE/MAX Professional about a cost benefit analysis of updates.  Your RE/MAX Professional will be able to advise you on how much a buyer would be willing to pay for the updates in the purchase price of the home.

Learn the value of updates as they relate to the pricing of your home.

Advice to Buyers: 

The number of active listings, those homes available for sale, continues to decreases.  Caution is the theme, with caution rising along with the price point.  What does this mean to you? 

Manage your expectations by determining what you want in a home, what you can afford in a home, what are your lifestyle priorities, and does home ownership allow you to achieve your personal goal.

REMAXPROSmarketupdate112011.pdf Download this file

 

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9873 Pebbble Beach Lane Lone Tree CO 80124

5311 S Eaton Park Way Aurora CO 80016

Home prices up in half of major US cities

Home prices up in half of major US cities

Denver Real Estate Market Update October 2011

GREATER METROPOLITAN DENVER MARKET UPDATE

OCTOBER, 2011

 

 

 

Market Metrics:

 

September historically marks the end of Denver’s prime home selling/buying market with seasonally adjusted transactions when comparing month over month.  Of note is the fact that the month end inventory of active listings in total is 15,533 homes at month end.  This is a new low for the last thirteen months and numbers that we have not seen since 2003.

 

 

Monthly Market Recap:

 

Single Family:                                                           
Active Inventory is 12,613 units at month end   

Sold units is 2,610                                                       

Average Days on Market is 99                        

Median Sold Price is $229,804                        

Average Sold Price is $280,289                                  

 

Condos:

Active Inventory is 2,920 units at month end 

Sold units is 727

Average Days on Market is 127

Median Sold Price is $128,950

Average Sold Price is $159,980

 

 

September Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                           

Active Inventory 12,613 versus 17,625 (↓28%)           

Sold Units 23,956 versus 23,933 (↔)                         

Median Price $229,970 vs $230,000 (↔)                   

Average Price $281,782 vs $282,416 (↔)                  

Sales Volume $6.8B versus $6.8B (↓1%)                    

Days on Market 106 versus 86 (↑23%)                       

 

 

Condos:

Active Inventory 2,920 versus 5,255 (↓44%)

Sold Units 6,024 versus 6,353 (↓5%)

Median Price $124,900 vs $134,000 (↓7%)

Average Price $158,761 vs $160,280 (↓1%)

Sales Volume $1.0B versus $0.9B (↓6%)

Days on Market 120 versus 91 (↑32%)

 

 

With the end of the prime home selling and home buying market for the Greater Metropolitan Denver area, what can one expect for the remaining months of 2011? 

 

The Active Inventory count in units will continue to decrease as well as the monthly number of both under contract and closed transactions.  This does not mean that the market has gone away or will go away; but, rather that the market continues in a seasonally adjusted basis.

 

With the extremely low inventory that we have not seen in years, homes that are on the market through Fall and Winter will have a greatly increased chance to sell!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

rmprosmarketstats092011.pdf Download this file

REMAXPROSmarketupdate102011.pdf Download this file

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10052 Astoria Ct Lone Tree CO 80124

7923 Witney Place Lone Tree CO 80124

Spring buying lifts home prices for fourth month

Spring buying lifts home prices for fourth month

9558 La Costa Ln Lone Tree CO 80124

7225 Middleham Place Castle Pines CO 80108

Denver Real Estate Market Update September 2011

Denver Real Estate Market Update September 2011

http://team-koz.blogspot.com/

GREATER METROPOLITAN DENVER MARKET UPDATE

SEPTEMBER, 2011

 

 

Market Metrics:

 

June was the first month in 2011 where closings exceeded $1.0 Billion, followed by July, and now in August, 3,973 homes closed at an average price of $260,821 which resulted in $1.0 Billion in sales volume for the month.  Wow three months in a row with over $1.0 Billion in closings.

 

Monthly Market Recap:

 

Single Family:                                                           
Active Inventory is 13,436 units at month end         

Sold units is 3,177                                                     

Average Days on Market is 96                                  

Median Sold Price is $235,000                                  

Average Sold Price is $284,065                                 

 

Condos:

Active Inventory is 3,195 units at month end

Sold units is 796

Average Days on Market is 111

Median Sold Price is $130,000

Average Sold Price is $168,050

 

 

August Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                           

Active Inventory 13,436 versus 17,837 (↓25%)       

Sold Units 21,346 versus 21,612 (↓1%)                   

Median Price $229,950 vs $230,019 (↔)                  

Average Price $281,964 vs $281,599 (↔)                 

Sales Volume $6.0B versus $6.1B (↓1%)                 

Days on Market 107 versus 84 (↑27%)                     

 

 

 

Condos:

Active Inventory 3,195 versus 5,309 (↓40%)

Sold Units 5,297 versus 5,716 (↓7%)

Median Price $124,000 vs $134,950 (↓8%)

Average Price $158,593 vs $160,878 (↓1%)

Sales Volume $0.8B versus $0.9B (↓9%)

Days on Market 119 versus 89 (↑34%)

 

August historically marks the end of the prime home selling and home buying market for the Greater Metropolitan Denver area.  What can one expect for the remaining months of 2011?  The Active Inventory count in units will continue to decrease as well as the monthly number of both under contract and closed transactions.  This does not mean that the market has gone away or will go away; but, rather that the market continues in a seasonally adjusted basis.

 

 

Advice to Sellers:

 

With the market seasonably adjusting for the remainder of the year, help the prospective buyer visualize the value, comfort, and joy of living in your home.  Don’t slack off on home maintenance, spruce up those areas that need attention, make sure that the curb appeal is maximized by maintaining the lawn and shrubbery, consider removing personalized wallpaper and borders, paint where needed, and if the home is vacant, consider staging the home.  Use the natural senses to attract, sight-clean, neat, inviting, soft music playing for showings, eliminate harsh smells, pull back curtains, open the windows and let fresh air in, and clean the windows.

 

 

Advice to Buyers:

 

Home affordability is at near record highs.  What does this mean?  In summary, the cost of home ownership remains low when one takes into consideration the savings of monthly mortgage payments versus paying rent, the tax breaks of home ownership, building equity in your home, and the feeling of security that comes with home ownership.

 

Let’s review the 7 steps to take before you buy a home?  The steps are decide how much you can afford, develop your home wish list, select where you want to live, start saving, ask about all the costs before you sign, get your credit in order, and get prequalified.  Additionally, know how much financing you qualify for, research your priorities, establish a wants list, and establish a needs list.  Pay attention to only the local market as real estate is local.  For you the buyer, the local real estate market can be a single home, a block of homes, or a subdivision.  This is the market that is important to you.

 

Lifestyle continues to rate number one in the minds of buyers.  Establish your personal expectations of home ownership benefits and costs.

Stats.pdf Download this file

REMAXPROSmarketupdate092011.pdf Download this file

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2361 Terraridge Dr. Highlands Ranch CO 80126

Denver Real Estate Market Update August 2011

http://team-koz.blogspot.com/

DENVER MARKET UPDATE

JULY, 2011

 

 

 

Market Metrics:

 

July is the second month in 2011 where 3,835 homes closed at an average price of $270,066 which resulted in $1.0 Billion in sales volume for the month. June 2011 was the first month for 2011 to achieve these numbers.

 

Monthly Market Recap:

 

Single Family:                                                           
Active Inventory is 14,014 units at month end         

Sold units is 3,082                                                     

Median Sold Price is $237,000                                  

Average Sold Price is $298,654                                 

 

Condos:

Active Inventory is 3,569 units at month end

Sold units is 753

Median Sold Price is $123,150

Average Sold Price is $153,058

 

July Year-to-Date Market Recap (2011 versus 2010):

 

Single Family:                                                           

Active Inventory 14,014 versus 17,983 (↓22%)        

Sold Units 18,169 versus 19,138 (↓5%)                    

Median Price $228,500 vs $230,000 (↓1%)               

Average Price $281,597 vs $279,800 (↑1%)             

Sales Volume $5.1B versus $5.4B (↓6%)                  

Days on Market 109 versus 83 (↑31%)                      

Absorption Rate 6.13 versus 6.61 (↓7%)                   

 

Condos:

Active Inventory 3,569 versus 5,467 (↓35%)

Sold Units 4,501 versus 5,111 (↓12%)

Median Price $122,165 vs $135,000 (↓10%)

Average Price $156,921 vs $161,055 (↓3%)

Sales Volume $0.7B versus $0.8B (↓14%)

Days on Market 121 versus 88 (↑38%)

Absorption Rate 6.26 versus 7.28 (↓14%)

 

Note: Absorption Rate is also known as Month’s Supply of Inventory and represents the number of months that would be needed to deplete the current active listings inventory at the current sales rate.

 

Advice to Sellers:

 

The inventory of active listings continues to remain low in the Denver market and normally this would represent a “seller’s market”.  Mortgage rates have reached record lows and competitive rents are going up.  If you are a seller, how do you overcome the basic buyer reluctance which is the fear of paying too much?  How do you represent the value of your home?  What are the creative options that you need to be aware of in today’s market? These are some of the questions that sellers are asking to find that perfect buyer. Interest rates and inventories will play a key role in future sales numbers, watch them carefully.

 

Advice to Buyers:

 

Mortgage rates reach record lows and rents are going up.  What does this mean to you?  For one, the lower the mortgage rate equates to a larger price range of a home that you can afford.  Higher rents open up home ownership possibilities.  Is home ownership right for you?   

 

Let’s review the 7 steps to take before you buy a home?  The steps are: decide how much you can afford, develop your home wish list, select where you want to live, start saving, ask about all the costs before you sign, get your credit in order, and get prequalified.  Additionally, know how much financing you qualify for, research your priorities, establish a wants list, and establish a needs list.  Pay attention to only the local market as real estate is local.  The local real estate market can be a single home, a block of homes, or a subdivision.

 

Lifestyle continues to rate number one in the minds of buyers.  Establish your personal expectations of home ownership benefits and costs.

 

 

 

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Denver Real Estate Market Update August 2011

DENVER MARKET UPDATE
JULY, 2011

Market Metrics:

July is the second month in 2011 where 3,835 homes closed at an average price of $270,066 which resulted in $1.0 Billion in sales volume for the month. June 2011 was the first month for 2011 to achieve these numbers.

Monthly Market Recap:

Single Family:
Active Inventory is 14,014 units at month end
Sold units is 3,082
Median Sold Price is $237,000
Average Sold Price is $298,654

Condos:
Active Inventory is 3,569 units at month end
Sold units is 753
Median Sold Price is $123,150
Average Sold Price is $153,058

July Year-to-Date Market Recap (2011 versus 2010):

Single Family:
Active Inventory 14,014 versus 17,983 (↓22%)
Sold Units 18,169 versus 19,138 (↓5%)
Median Price $228,500 vs $230,000 (↓1%)
Average Price $281,597 vs $279,800 (↑1%)
Sales Volume $5.1B versus $5.4B (↓6%)
Days on Market 109 versus 83 (↑31%)
Absorption Rate 6.13 versus 6.61 (↓7%)

Condos:
Active Inventory 3,569 versus 5,467 (↓35%)
Sold Units 4,501 versus 5,111 (↓12%)
Median Price $122,165 vs $135,000 (↓10%)
Average Price $156,921 vs $161,055 (↓3%)
Sales Volume $0.7B versus $0.8B (↓14%)
Days on Market 121 versus 88 (↑38%)
Absorption Rate 6.26 versus 7.28 (↓14%)

Note: Absorption Rate is also known as Month’s Supply of Inventory and represents the number of months that would be needed to deplete the current active listings inventory at the current sales rate.

Advice to Sellers:

The inventory of active listings continues to remain low in the Denver market and normally this would represent a “seller’s market”. Mortgage rates have reached record lows and competitive rents are going up. If you are a seller, how do you overcome the basic buyer reluctance which is the fear of paying too much? How do you represent the value of your home? What are the creative options that you need to be aware of in today’s market? These are some of the questions that sellers are asking to find that perfect buyer. Interest rates and inventories will play a key role in future sales numbers, watch them carefully.

Advice to Buyers:

Mortgage rates reach record lows and rents are going up. What does this mean to you? For one, the lower the mortgage rate equates to a larger price range of a home that you can afford. Higher rents open up home ownership possibilities. Is home ownership right for you?

Let’s review the 7 steps to take before you buy a home? The steps are: decide how much you can afford, develop your home wish list, select where you want to live, start saving, ask about all the costs before you sign, get your credit in order, and get prequalified. Additionally, know how much financing you qualify for, research your priorities, establish a wants list, and establish a needs list. Pay attention to only the local market as real estate is local. The local real estate market can be a single home, a block of homes, or a subdivision.

Lifestyle continues to rate number one in the minds of buyers. Establish your personal expectations of home ownership benefits and costs.