4439 Ivycrest Pt Highlands Ranch CO 80130 - Michael Kozlowski - REMAX Pr...

9570 E Aspen Hill Ln Lone Tree CO 80124 - Michael Kozlowski - REMAX Prof...

4604 Tierra Alta Dr Castle Rock CO 80104 - Michael Kozlowski - REMAX Pro...

Denver Real Estate Market Update October 2014

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

OCTOBER, 2014

By the numbers:

-          The inventory of available homes for sale is 6,777 homes at September month end

-          4,861 homes came onto the market

-          4,608 homes closed

-          Median sold price $274,000

-          Average sold price $317,773

-          Closed dollar volume of $1.46 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 5,427                                                      

Sold Homes is 3,247                                                                          

Median Price is $310,000                                                      

Average Price is $360,240                                         

Average Days on Market is 33                                                          

Condo:

Active Inventory is 1,350

Sold Homes is 1,361

Median Price is $179,900

Average Price is $216,459

Average Days on Market is 28

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 28,556                                                                        

Average Sold Price is $361,859                                             

Condo:

Sold Homes is 10,789

Average Sold Price is $220,198

Market Facts:

Seasonality continues to have an impact on the market; but, to a lower degree than in prior years. Consumer confidence decreased in September to 86.0 down from 93.4 in August. While the inventory of homes available for sale remains low, lifestyle choices continue to be the number one priority of home buyers. Mortgage interest rates fluctuated in September and ended the month with a 30 year conventional rate around 4% and a 15 year conventional rate around 3.125%. The fall season is here and the market continues to show its strength.

Advice to Sellers:

The fall housing market is expected to be seasonally strong, despite buyers showing greater signs of being conservative in their home purchases.  There still remains a desire for an increase in the homes available for sale.  Buyers are more cautious and sticking to their lifestyle choices and budgets for purchasing a home.

With homes continuing to be absorbed faster than homes coming on to the market, what will help you make your home a memorable home?  In a recent nationwide survey of buyers, prospective home buyers are looking for accessibility (#1), a special function room such as an outdoor living room, a mud room, or an in-law suite, and does your home have the availability to add more space and features.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is knowledgeable, and can assist in the Professional plan to sell one’s home.   

Advice to Buyers:

The fall season is here and the Denver home market is showing seasonal cooling, as is the weather.  Now is the time to continue the home buying focus on lifestyle priorities and the home purchase budget.  Keep in mind that “forecasts” indicate/predict that mortgage interest rates will climb by up to ½ %.  Be prepared and look at locking in a rate prior to active home looking.           

 

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, manage your expectations, and be open to looking at the entire Denver market 

5308 Heatherton Ln Highlands Ranch CO 80130 - Michael Kozlowski - REMAX...

Denver Real Estate Market Update September 2014

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

SEPTEMBER, 2014

Market Metrics:

By the numbers:

-          The inventory of available homes for sale is 7,227 homes at August month end

-          5,426 homes came onto the market

-          4,855 homes closed at a median sold price of $275,500

-          Average sold price of $329,399

-          Closed dollar volume of $1.6 Billion. 

Monthly Market Recap:

Single Family:                                                           

Active Inventory is 5,788                                                      

Sold Homes is 3,488                                                              

Median Price is $312,250                                                      

Average Price is $372,684                                         

Average Days on Market is 29                                                          

Condo:

Active Inventory is 1,439

Sold Homes is 1,367  

Median Price is $182,000

Average Price is $218,955

Average Days on Market is 24

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 25,157                                                                        

Average Sold Price is $362,510

Condo:          

Sold Homes is 9,376

Average Sold Price is $220,839                     

The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.

Market Facts:

With the end of August behind us and fall around the corner, the market remains strong; but, yet the market is showing a seasonal slowdown.

-          Home affordability increased in August.

-          Mortgage interest rates were lower in August with a 30 year conventional rate around 4%.

-          Consumer confidence increased in August to 92.4 up from 90.3 in July.

Overall, the Denver home market continues to have less than a two month supply of homes available for sale at the current sales rate.

Advice to Sellers:

In the Denver home market seasonal slowdown is here and yet the market is expected to stay strong for the remainder of the year and possibly set several records again this year.

Now is the time to look as if you were a Buyer.  What stands out and what does not stand out?  Is it time to de-clutter, update your home, possibly do some remodeling, or change the curb appeal?

With the season changing, the market will change also.  The frenzy of multiple offers seen earlier in the year will be more moderate and buyers will continue to make offers on homes that meet their lifestyle criteria.  The market will continue strong to year end; but, will slow down and fewer transactions will be finalized on an ongoing basis.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is a local expert, is knowledgeable, and can assist in the Professional plan to sell one’s home.  Now is the time to reach out to a Professional.

Advice to Buyers:

Three plus months remain in 2014.  If you are a Buyer, you will see a slowdown in the market even though it will continue strong.  There may be more homes available for sale; but, Sellers will be expecting to receive premium price offers for their home.

The market has shown for the last two years that even with the seasonal slowdown, it continues to be a good time to look for a home and purchase the home of your dreams.      

 

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, manage your expectations, and be open to looking at the entire Denver market

7421 E. 26th Ave. Denver CO 80238

4604 Tierra Alta Dr. Castle Rock CO 80104

RealtyTrac: Cash purchases disappearing from home sales | 2014-08-19 | HousingWire

RealtyTrac: Cash purchases disappearing from home sales | 2014-08-19 | HousingWire

Denver Real Estate Market Update August 2014

Market Metrics:

By the numbers:

-          The inventory of available homes for sale is 7,410 homes at July month end

-          6,211 homes came onto the market

-          5,266 homes closed

-          Median sold price is $282,500

-          Average sold price is $332,764

-          Closed dollar volume of $1.75 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 5,846                                                      

Sold Homes is 3,833                                                              

Median Price is $315,000                                                      

Average Price is $373,662                                         

Average Days on Market is 28                                                          

Condo:

Active Inventory is 1,564

Sold Homes is 1,435

Median Price is $185,500

Average Price is $223,551

Average Days on Market is 26

Year To Date Market Recap:

Single Family:                                                                       

Sold Homes is 21,544                                                                        

Average Sold Price is $361,032                                             

Condo:

Sold Homes is 7,958

Average Sold Price is $221,143

Source:  Metrolist, Inc./ReColorado.com – August 6, 2014

The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.

Market Facts:

-          The market frenzy has reduced and both buyers and sellers are more cautious.  Interest rates remain under 5%.

-          First time home buyers are coming back into the market and new household formations are happening.  The prime season is almost over and school has started.

-          Consumer confidence increased in July to 90.9 up from 86.4 in June.

Advice to Sellers:

Change continues, the prime season is almost over, and school has started.  Is now the time to list your home or if your home is listed; what does a seller do?

Previously the Sellers advice has touched on the basics of know your market, know your competition, know pricing, know buyer’s wants and needs, declutter, upgrade where necessary, maximize curb appeal, and be prepared.

With the season changing, the market will change also.  The frenzy of multiple offers seen earlier in the year will be more moderate and buyers will continue to make offers on homes that meet their lifestyle criteria.  The market will continue strong to year end; but, will slow down and fewer transactions will be finalized on an ongoing basis.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is a local expert, is hyper local market (neighborhood) knowledgeable, and can assist in the Professional plan to sell one’s home.   

Advice to Buyers:

The prime season is ending and fall is around the corner.  What will the market look like for the remainder of the year?  How can Buyers compete in this ever changing market?  Will there be more homes available for sale?  What will be the impact on pricing?

The market will continue strong; but, will slow down as fewer transactions will be finalized.  Now continues to be a good time to look for a home and purchase the home of your dreams as the inventory of homes will start to increase moving into the Fall.

 

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, manage your expectations, and be open to looking in different areas.

7620 Lebrun Ct. Lone Tree CO 80124

10903 Valleybrook Cir. Highlands Ranch CO 80130

Denver Real Estate Market Update July 2014

Market Metrics:

By the numbers:

-         The inventory of available homes for sale is 6,888 homes at June month end

-         6,488 homes came onto the market

-         5,426 homes closed

-         Median sold price is $284,950

-         Average sold price is $335,737

-         Closed dollar volume of $1.82 Billion. 

Monthly Market Recap:

Single Family:                                                            

Active Inventory is 5,460                                                         

Sold Homes is 3,984                                                                           

Median Price is $313,500                                                        

Average Price is $376,138                                          

Average Days on Market is 28                                                

Condo:

Active Inventory is 1,428

Sold Homes is 1,442

Median Price is $180,000

Average Price is $224,116

Average Days on Market is 24

Year To Date Market Recap:

Single Family:                                                           

Sold Homes is 17,605                                                                         

Average Sold Price is $358,454                                              

Condo:

Sold Homes is 6,486

Average Sold Price is $220,658

Market Facts:

-         The availability of active listings remains limited and prospective buyers are becoming even more creative in the market.

-         Interest rates remain under 5%.

-         Available rentals are increasing somewhat, rents continue to remain high, and home ownership is generally cheaper than renting.

-         Consumer confidence increased in June to 85.2 up from 82.2 in May.

Advice to Sellers:

In a limited inventory market such as Denver, multiple offer situations for sellers are the norm.  Something that is new in the market is simultaneous offers on multiple homes when the buyer intends to buy.  Additionally and slowly, first time home buyers are returning to the market. 

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams.  As such, the homeowner looking to sell one’s home needs a professional who is a local expert, is hyper local market (neighborhood) knowledgeable, and can assist in the Professional plan to sell one’s home.  Now is the time to reach out.

As a homeowner, seller, or prospective seller, one needs to know the market.  Here are several questions that need to be asked and evaluated:  what is my home worth, how much equity does one have in the home, what is or would be my home’s competition, what are buyers looking for in a home, does one need to update the home, if you update the home, what update should you do, and when the home sells, how and when does one find the new home?

Know the market, maximize the curb appeal, prepare your home, de-clutter where necessary, update where appropriate, take care of deferred maintenance, and reach out to a Professional.

Advice to Buyers:

Creativity is the word of the day.  For example: when having your REALTOR® present your offer, include a video from you and yours which highlights the reason why the seller’s home is your American Dream, consider offering at a competitive price, be willing to compete against other buyers, and most recently consider making simultaneous offers on multiple properties.  

 

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, manage your expectations, and be open to looking at the entire Denver market.  Reach out to a Professional today about your best options and opportunities to participate and succeed in the purchase of your “Dream” home.

7413 La Quinta Ln. Lone Tree CO 80124

305 Inverness Way S. #209 Englewood CO 80112

Denver Real Estate Market Update June 2014

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

JUNE, 2014

Market Metrics:

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

-         7,059 homes at May month end

-         6,837 homes came onto the market

-         4,983 homes closed

-         Median sold price of $277,053

-         Average sold price of $335,246

-         Closed dollar volume of $1.67 Billion. 

Monthly Market Recap:

Single Family:                                                            

Active Inventory is 5,542                                                         

Sold Homes is 3,593                                                                           

Median Price is $311,355                                                        

Average Price is $376,111                                          

Average Days on Market is 31                                                

Condo:

Active Inventory is 1,517

Sold Homes is 1,390

Median Price is $180,000

Average Price is $229,643

Average Days on Market is 25

Year To Date Market Recap:

Single Family:                                                           

Sold Homes is 13,481                                                                         

Average Sold Price is $353,413                                              

Condo:

Sold Homes is 4,981

Average Sold Price is $219,294

Market Facts:

-         Approximately 60 days remain in the prime home selling/ home buying season.

-         The inventory of homes available for sale has increased and buyer demand remains strong.

-         On the home affordability front, the Condo market is hot, Hot, HOT!

-         Consumer confidence increased in May to 83 up from 81.7 in April.

Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.  The Condo market has less than a one month supply.

Advice to Sellers:

School is out and approximately 60 days remain in the prime home buying season.  In this ever changing market, buyers are well informed and have determined the dream home of choice. 

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home?  Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the home of their dreams.  .

As a homeowner, seller, or prospective seller, one needs to know the market.  Here are several questions that need to be asked and evaluated:  what is my home worth, how much equity does one have in the home, what is or would be my home’s competition, what are buyers looking for in a home, does one need to update the home, if you update the home, what update should you do, and when the home sells, how and when does one find the new home?

What is a seller to do?  Know the market, maximize the curb appeal, prepare your home, de-clutter, update where appropriate, take care of deferred maintenance, and reach out to a Professional.

Advice to Buyers:

Prices continue to increase, the market remains strong, and availability of homes on the market remains limited.  As a buyer, you have already determined the dream home.  Now is the time to reach out.  Expand your focus to the greater Denver market when looking for your dream home.      

 

What is a buyer to do?  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, manage your expectations, and be open to looking at the entire Denver market.  Reach out to a Professional today about your Lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2014, and home affordability.

7451 Pirlot Pl. Lone Tree CO 80124

5051 S. Rome St. Aurora CO 80015 - Obeo Virtual Tour 839893

10748 Hillsboro Cir. Parker CO 80134

5354 Fullerton Cir. Highlands Ranch CO 80130

10199 Bluffmont Dr. Lone Tree CO 80124

Denver Real Estate Market Update May 2014

7 COUNTY METROPOLITAN DENVER MARKET UPDATE

MAY, 2014

Market Metrics:

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

-          6,268 homes at April month end

-          6,239 homes came onto the market

-          4,196 homes closed at a median sold price of $272,500

-          Average sold price is $325,052 resulting in a closed dollar volume of $1.4 Billion. 

Monthly Market Recap:

Single Family:                                                                       

Active Inventory is 4,940                                                      

Sold Homes is 3,077                                                                          

Median Price is $305,000                                                      

Average Price is $361,248                                         

Average Days on Market is 39                                                          

Condo:

Active Inventory is 1,328

Sold Homes is 1,119

Median Price is $176,000

Average Price is $225,522

Average Days on Market is 35

Year To Date Market Recap:

Single Family:                                                                      

Sold Homes is 9,747                                                                          

Average Sold Price is $345,914                                             

Condo:

Sold Homes is 3,523

Average Sold Price is $214,773

Market Facts:

The inventory of homes available for sale remains low and buyer demand remains strong.

Interest rates although affordable continued an upwards trend in the month of April.

Consumer confidence decreased in April to 82.3 down from 83.9 in March.

Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.

Advice to Sellers:

The Denver home market remains strong and the prime home buying season is here.  With less than a two month supply of homes available for sale, buyers are gearing up to present creative offers to sellers.

As a homeowner, seller, or prospective seller, one needs to know the market.  Here are several questions that need to be asked and evaluated:  what is my home worth, how much equity does one have in the home, what is or would be my home’s competition, what are buyers looking for in a home, does one need to update the home, if you update the home, what update should you do, and when the home sells, how and when does one find the new home?

What is a creative offer?  How does one sell your home in this market?  How does one buy a home in this market?

What is a seller to do?  Know the market, prepare your home, de-clutter, take care of deferred maintenance, and reach out to a Professional.

Advice to Buyers:

With a strong market and limited availability of homes on the market, how does a buyer find the home of one’s dreams?  What is needed and what does creativity mean today?  Now is the time to reach out.       

 

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 and manage your expectations.   

15455 Canyon Rim Dr. #203 Englewood CO 80112

8854 Fremont Cir. Centennial CO 80112

7986 S. Madison Way Centennial CO 80122

10380 Dunsford Dr Lone Tree CO 80124

5967 S. Jasmine St. Centennial CO 80111

10444 Rivington Ct. Lone Tree CO 80124

10205 Stoneglen Trail Lone Tree CO 80124

4833 Collingswood Dr. Highlands Ranch CO 80130

402 Antero St. Golden CO 80401 - Obeo Virtual Tour 839887

25042 E. Davies Dr. Aurora CO 80016

9203 Kornburst Cir. Lone Tree CO 80124

7977 Chapparal Rd. Lone Tree CO 80124

)

10588 Wagon Box Cir. Highlands Ranch CO 80130

)

11191 Night Heron Dr. Parker CO 80134

Denver Real Estate Market Update February 2014

1. GREATER METROPOLITAN DENVER MARKET UPDATE
   FEBRUARY, 2014
   
   By the numbers:
   
   - The inventory of available homes for sale is 7,610 homes at January month end
   - 4,116 homes came onto the market
   - 3,621 homes were placed under contract
   - 3,342 homes closed at an average sold price of $302,251
   - Resulting in a closed dollar volume of $1.0 Billion. ...
   
   Monthly Market Recap:
   
   Residential (Single Family plus Condo):
   Active Inventory is 7,610 homes at month end
   Sold homes is 3,342
   Average Days on Market is 61
   Average Sold Price is $302,251
   
   Single Family:
   Active Inventory is 6,089
   Sold Homes is 2,073
   Average Price is $331,374
   Median Price is $273,000
   
   Condo:
   Active Inventory is 1,521
   Sold Homes is 617
   Average Price is $203,731
   Median Price is $156,000
   
   Source: Metrolist, Inc., February 11, 2014
   
   Market Facts:
   
   Interest rates continued to gradually increase upwards in the month of January.
   Consumer confidence increased in January to 80.7 up from 74.5 in December.
   
   Overall, the Denver home market continues to have a two month supply of homes available for sale at the current sales rate.
   
   Advice to Sellers:
   
   It is a new year and some things have changed while others have not. As we move into the prime home selling season, two things remain the same; buyer demand remains strong and available homes for sale is limited.
   
   The spring selling rush may already be underway. Sellers are nervous about what the spring season is going to bring. Recent surveys indicate that consumers are more committed to buying and selling this year. Consumers are optimistic and realistic at the same time. Normalcy in the home market is returning; but, strong consumer demand and limited inventory of homes available for sale remains.
   
   When taking a look at the top two generations of home buyers, GENX (1965-1979) and MILLENIAL (1980-2000) share several home must haves. The shared home must haves are: updated kitchen and bath, big kitchen with open floor plan, home office, location, technology, and lifestyle.
   
   What is a seller to do? Prepare your home, de-clutter, take care of deferred maintenance, and reach out to a Professional.
   
   Each and every home is unique which suggests professional assistance in selling the home.
   
   Advice to Buyers:
   
   Prioritize your needs and wants and focus on the available homes. Be prepared to make a decision when you find the home of your dreams.
   
   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 and manage your expectations.

Want to Sell Your Home? The Spring Selling Season May Be Coming Early This Year (TRLA, Z)

Want to Sell Your Home? The Spring Selling Season May Be Coming Early This Year (TRLA, Z)

6810 S. Elizabeth Cir. Centennial CO 80122

DENVER REAL ESTATE MARKET UPDATE
JANUARY, 2014

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

- 7,275 homes at December month end
- 2,379 homes came onto the market
- 2,807 homes were placed under contract
- 3,229 homes closed for a closed dollar volume of $1.0 Billion

The year ended December 31, 2013 was a year of records, continuous buyer demand, market frenzy, and upward interest rates.

Monthly Market Recap:

Residential (Single Family plus Condo):
Active Inventory is 7,275 homes at month end
Sold homes is 3,229
Average Days on Market is 57
Average Sold Price is $310,643

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

Residential (Single Family plus Condo):
Active Inventory 7,275 versus 7,706 (↓6%)
Sold Units 54,024 versus 46,299 (↑17%)
Average Price $306,910 versus $279,601 (↑10%)
Sales Volume $16.6B versus $12.9B (↑28%)

Market Facts:

- Interest rates continued to gradually increase upwards in the month of December
- Consumer confidence increased in December to 78.1 up from 72.0 in November

Overall, the Denver home market continues to have a two month supply of homes available for sale at the current sales rate.

Records have been set in 2013 in the Denver Home Market.

Advice to Sellers:

Welcome to 2014, last year ended with:

- 54,024 homes sold/closed
- Closed dollar volume of $16.6 Billion
- Average price appreciation of 10%

Last year was a record year in several categories.

This year starts with low inventory of unsold homes, continuing strong buyer demand, low rental vacancy, new home builders building as fast as they can, and an overall consumer thirst for home ownership. External influences will continue to impact the home market; such as, employment, economy, and consumer confidence. Many economic forecasts believe that 2014 will be a better year than 2013.

An overview of the 2014 forecast is that employment will increase, mortgage interest rates will increase, home pricing will increase slightly, and consumer confidence will increase slightly.

Are you prepared as a seller for all prospective buyers? Here are five (5) things to do before putting your home on the market for sale: obtain a pre-sale inspection, organize and clean everything, obtain replacement estimates, find warranty documentation, and spruce up your home’s curb appeal.

Last but not least, find that one thing that will provide your home’s WOW factor to prospective home buyers.

Advice to Buyers:

In looking at 2014 from an economist’s perspective, the overall forecast is positive. Employment will increase, interest rates will increase, home affordability will decrease slightly, home buyer demand will continue, home pricing will increase slightly, and consumer confidence is expected to increase. Prioritize your needs and wants and focus on the available homes.

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 and manage your expectations.

24548 E. Glasgow Cir. Aurora CO 80016

24548 E. Glasgow Cir. Aurora CO 80016

Analysts Revise 2014 Price Forecasts Upward

Analysts Revise 2014 Price Forecasts Upward

12414 S US Highway 285 Conifer CO 80433

10056 Teton Ct Lone Tree CO 80124

More consumers planning to buy | Inman News

More consumers planning to buy | Inman News

5247 Fox Meadow Dr. Highlands Ranch CO 80130

Denver Real Estate Market Update December 2013

GREATER METROPOLITAN DENVER MARKET UPDATE

DECEMBER, 2013

 

By the numbers:

-          The inventory of available homes for sale is 8,815 homes at November month end

-          3,441 homes came onto the market

-          3,607 homes were placed under contract

-          3,500 homes closed for a closed dollar volume of $1.1 Billion

The holidays are here and 2014 is fast approaching. Year over year comparisons continue to be on the rise so far.

Monthly Market Recap:

Residential (Single Family plus Condo):

-          Active Inventory is 8,815 homes at month end

-          Sold homes is 3,500

-          Average Days on Market is 44

-          Average Sold Price is $312,401

-          Median Sold Price is $250,000

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

 

Residential (Single Family plus Condo):

-          Active Inventory 8,815 versus 8,847 (↔)

-          Sold Units 50,795 versus 42,899 (↑18%)

-          Average Price $305,698 versus $278,783 (↑10%)

-          Sales Volume $15.5B versus $11.9B (↑30%)

-          Median Price $254,900 versus $232,000 (↑10%)                              

 

Market Facts:

Interest rates gradually increased upwards in the month of November.

Consumer confidence slightly decreased in November to 70.4 down from 71.2 in October.

Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.

This year will set many records in the Denver home market.

Advice to Sellers:

2014 is rapidly approaching and will be a year of many changes.  The Consumer Financial Protection Bureau (CFPB) will be implementing new rules in 2014.  Be Prepared is a motto that the Sellers need to keep in mind.  Many economic forecasts believe that 2014 will be a better year than 2013.     

An overview of the 2014 forecast is that employment will increase, mortgage interest rates will increase, home pricing will increase slightly, and consumer confidence will increase slightly.

Are you prepared as a seller for all prospective buyers?

Here are five (5) things to do before putting your home on the market for sale: 

-          Obtain a pre-sale inspection

-          Organize and clean everything

-          Obtain replacement estimates

-          Find warranty documentation, and spruce up your homes curb appeal.

Advice to Buyers:

2014 is rapidly approaching and will bring change for prospective home buyers.  The Consumer Financial Protection Bureau (CFPB) will have new rules that will be implemented in 2014.  One of the CFPB changes is the “Qualified Mortgage”.  Other changes will be implemented in 2014. 

In looking at 2014 from an economist’s perspective, the overall forecast is positive.

-          Employment will increase

-          Interest rates will increase

-          Home affordability will decrease slightly

-          Home buyer demand will continue

-          Home pricing will increase slightly

-          Consumer confidence is expected to increase.

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 and manage your expectations.

 

 

Team Koz Michael Kozlowski

2790 W Louisiana Denver CO 80219 - Obeo Virtual Tour 839548