Tuesday, September 27, 2011
Friday, September 23, 2011
Tuesday, September 20, 2011
Sunday, September 18, 2011
Denver Real Estate Market Update September 2011
Denver Real Estate Market Update September 2011
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.
Tuesday, August 23, 2011
Saturday, August 20, 2011
Wednesday, August 17, 2011
Tuesday, August 16, 2011
Saturday, August 13, 2011
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.
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.
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.
Saturday, July 30, 2011
Tuesday, July 26, 2011
Housing Sales and Prices Continue to Trend Higher
Housing Sales and Prices Continue to Trend Higher
RE/MAX National Housing Report June 2011
Home prices have now risen for four months in a row and sales transactions have risen for five of the last seven months, while the drop in sales prices from 2010 is smaller than it has been in the last three months. The June 2011 RE/MAX National Housing Report, which includes sales data from 53 metro areas in 45 states, indicates that closed transactions rose 7.5% and median prices were up 4.5% from May. Residential inventories continued a 12-month downward trend, most likely due to decreasing foreclosure activity. Although the market had a slow start to this year’s buying season, it now appears to be on track with a more seasonal performance. More metro areas are experiencing positive growth, and growth figures are increasing. Factors that continue to weigh on the market include unemployment, tight lending standards and consumer uncertainty.
"It’s very encouraging that both home prices and sales transactions have now risen for several months in a row,"said RE/MAX CEO Margaret Kelly. "It appears that this market is following traditional seasonal trends as it works its way through a recovery and back to more normal conditions."
Closed transactions in June were 7.4% higher than in May, while still lagging 10.6% behind the level seen in June 2010. The sales increase from May to June was the second highest of 2011 . In June, 47 of the surveyed metro areas experienced a rise in sales, up from 42 in May. Twenty of those metros saw double-digit increases in June compared to 15 in May. Monthly sales increases were the highest in the northeast: Burlington, VT +32.2, Hartford, CT +31.9%, Trenton, NJ +29.1%, New York, NY +27.9% and Boston, MA + 26.6%.
MEDIAN SALES PRICE–YEAR-OVER-YEAR CHANGE
The June 2011 RE/MAX Housing Report shows that home sales prices in June were 4.5% higher than in May, and only two did not see a monthly increase in prices: Albuquerque -1.7% and Honolulu –3.0%. On a year-to-year basis, home prices were 4.9% below June 2010, but 19 metro areas are now experiencing higher home prices than one year ago. In May, only 13 metros had higher prices than a year ago. Some of the most significant yearly increases in home prices occurred in: Pittsburgh, PA +6.6%, Baltimore, MD +4.8%, Des Moines +3.2%, Hartford, CT +3.7% and Washington, DC +3.5%.
The average Days on Market for homes sold in June was 90, down 4 days from the May level. While June marks the 9thconsecutive month the average has been 90 or above, it is the lowest Days on Market the RE/MAX National Housing Report has seen since September 2010, when the average was 88. Days on Market is the average number of days from listing to receipt of a signed contract.
MONTHS SUPPLY OF INVENTORY–AVERAGE OF 53 METRO AREAS
Due to increasing sales and lower foreclosure inventories, the 53 metro areas surveyed in the June 2011 RE/MAX Housing Report had an average Months Supply of Inventory of 6.9, which is unchanged from May, but down significantly from the 9.3 mark seen in June 2010. Overall inventory continued a 12-month trend to lower levels. Inventories were 2.1% lower in June than in May, and down 14.2% from June 2010. The Florida markets continue to see the largest drop in inventory: Miami, FL -50.1%, Orlando, FL -45.1%, Tampa, FL -30.1%, Phoenix, AZ -29.9% , Chicago, IL -25.5% and San Francisco, CA -25.4%.
RE/MAX National Housing Report June 2011
Home prices have now risen for four months in a row and sales transactions have risen for five of the last seven months, while the drop in sales prices from 2010 is smaller than it has been in the last three months. The June 2011 RE/MAX National Housing Report, which includes sales data from 53 metro areas in 45 states, indicates that closed transactions rose 7.5% and median prices were up 4.5% from May. Residential inventories continued a 12-month downward trend, most likely due to decreasing foreclosure activity. Although the market had a slow start to this year’s buying season, it now appears to be on track with a more seasonal performance. More metro areas are experiencing positive growth, and growth figures are increasing. Factors that continue to weigh on the market include unemployment, tight lending standards and consumer uncertainty.
"It’s very encouraging that both home prices and sales transactions have now risen for several months in a row,"said RE/MAX CEO Margaret Kelly. "It appears that this market is following traditional seasonal trends as it works its way through a recovery and back to more normal conditions."
Closed transactions in June were 7.4% higher than in May, while still lagging 10.6% behind the level seen in June 2010. The sales increase from May to June was the second highest of 2011 . In June, 47 of the surveyed metro areas experienced a rise in sales, up from 42 in May. Twenty of those metros saw double-digit increases in June compared to 15 in May. Monthly sales increases were the highest in the northeast: Burlington, VT +32.2, Hartford, CT +31.9%, Trenton, NJ +29.1%, New York, NY +27.9% and Boston, MA + 26.6%.
MEDIAN SALES PRICE–YEAR-OVER-YEAR CHANGE
The June 2011 RE/MAX Housing Report shows that home sales prices in June were 4.5% higher than in May, and only two did not see a monthly increase in prices: Albuquerque -1.7% and Honolulu –3.0%. On a year-to-year basis, home prices were 4.9% below June 2010, but 19 metro areas are now experiencing higher home prices than one year ago. In May, only 13 metros had higher prices than a year ago. Some of the most significant yearly increases in home prices occurred in: Pittsburgh, PA +6.6%, Baltimore, MD +4.8%, Des Moines +3.2%, Hartford, CT +3.7% and Washington, DC +3.5%.
The average Days on Market for homes sold in June was 90, down 4 days from the May level. While June marks the 9thconsecutive month the average has been 90 or above, it is the lowest Days on Market the RE/MAX National Housing Report has seen since September 2010, when the average was 88. Days on Market is the average number of days from listing to receipt of a signed contract.
MONTHS SUPPLY OF INVENTORY–AVERAGE OF 53 METRO AREAS
Due to increasing sales and lower foreclosure inventories, the 53 metro areas surveyed in the June 2011 RE/MAX Housing Report had an average Months Supply of Inventory of 6.9, which is unchanged from May, but down significantly from the 9.3 mark seen in June 2010. Overall inventory continued a 12-month trend to lower levels. Inventories were 2.1% lower in June than in May, and down 14.2% from June 2010. The Florida markets continue to see the largest drop in inventory: Miami, FL -50.1%, Orlando, FL -45.1%, Tampa, FL -30.1%, Phoenix, AZ -29.9% , Chicago, IL -25.5% and San Francisco, CA -25.4%.
Wednesday, July 20, 2011
Tuesday, July 19, 2011
Friday, July 15, 2011
Denver Real Estate Market Update July 2011
DENVER MARKET UPDATE
JUNE, 2011
Market metrics:
- In June of 2011, the market saw 4,080 units close at an average price of $266,493 which resulted in $1.08 Billion of closed dollar volume.
- This is the first month in 2011 where the closings exceeded $1.0 Billion.
- On a Year-to-Date basis, 18,835 units closed at an average price of $254,151 which resulted in $4.8 Billion of closed dollar volume.
Monthly Market Recap:
Single Family:
Active Inventory is 14,215 units at month end
Sold units is 3,295
Median Sold Price is $240,000
Average Sold Price is $292,230
Condominium:
Active Inventory is 3,811 units at month end
Sold units is 785
Median Sold Price is $125,525
Average Sold Price is $158,463
June Year-to-Date Market Recap (2011 versus 2010):
Single Family:
Active Inventory 14,215 versus 17,337 (↓ 18%)
Sold Units 15,087 versus 16,506 (↓9%)
Median Price $226,500 vs $229,000 (↓1%)
Average Price $278,113 vs $277,023 (even)
Sales Volume $4.2B versus $4.6B (↓8%)
Days on Market 111 versus 82 (↑35%)
Absorption Rate 6.31 versus 6.24 (↑1%)
Condominium:
Active Inventory 3811 versus 5352 (↓29%)
Sold Units 3,748 versus 4,484 (↓16%)
Median Price $122,000 vs $135,000 (↓10%)
Average Price $157,697 vs $162,012 (↓3%)
Sales Volume $0.6B versus $0.7B (↓19%)
Days on Market 123 versus 87 (↑41%)
Absorption Rate 6.80 versus 6.89 (↓1%)
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:
More and more prospective buyers rate Lifestyle as their top priority. What are Lifestyle priorities? Could they be ease of commuting, access to health and safety services, family friendly neighborhood, availability and access? Lifestyle priorities are individual. With that being said, who is the prospective buyer for your home? Today in the Denver market, it is a buyer’s market. What does this mean to you as the seller? One needs to be open to creativity in order to sell your existing home and be positioned as one of the best priced and best conditioned homes in your area.
Advice to Buyers:
We are in the heart of the home buying season for the Denver market. Is it time to note 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.
Lifestyle rates number one in the minds of buyers. Establish your personal expectations of home ownership benefits and costs.
In recent surveys, 7 of 10 renters say owning a home is a top priority. A majority of renters aspire to home ownership and most Americans believe owning a home is a solid financial decision. Also, 90% of respondents believe home ownership is the cornerstone of the American Dream.
DENVER MARKET UPDATE
Homes Sold for $1 Million or Greater
JUNE, 2011
June was one of the best months in a while for closing $1 Million+ properties, with a total closed dollar volume of $104.2 Million. Good news for higher end seller!
- Seventy residential homes sold/closed in June, 2011 for $1 Million or greater.
o Sixty Six (66) were single family and four (4) were condo.
Compared to the previous month and same month last year:
- Single Family was up 57% compared to May, 2011 and down 3% compared to June, 2010.
- Condo was up 100% compared to May, 2011 and up 300% compared to June, 2010.
For single family:
- 20 were in Boulder County, 14 were in Denver County, 11 each were in Arapahoe County and Douglas County, 7 were in Jefferson County, and 1 each were in Adams County, Clear Creek County, and Elbert County.
For condo:
- 3 were in Denver County, and 1 was in Boulder County.
Of the sixty six (66) single family properties sold/closed, the lowest sold price was $1.0 Million, while the highest sold/closed price was $6.1 Million (8 Bedrooms and 9 Bathrooms), and the 66 properties represent $99.1 Million in closed volume.
The four (4) condo properties sold/closed represent $5.0 Million in closed volume.
Residential equals Single Family plus Condo.
The above representation covers an eleven (11) county area including the counties of
Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin,
Jefferson, and Park. The above representation may or may not reflect all real estate activity in the market.
Denver Real Estate Market Update July 2011
DENVER MARKET UPDATE
JUNE, 2011
Market metrics:
- In June of 2011, the market saw 4,080 units close at an average price of $266,493 which resulted in $1.08 Billion of closed dollar volume.
- This is the first month in 2011 where the closings exceeded $1.0 Billion.
- On a Year-to-Date basis, 18,835 units closed at an average price of $254,151 which resulted in $4.8 Billion of closed dollar volume.
Monthly Market Recap:
Single Family:
Active Inventory is 14,215 units at month end
Sold units is 3,295
Median Sold Price is $240,000
Average Sold Price is $292,230
Condominium:
Active Inventory is 3,811 units at month end
Sold units is 785
Median Sold Price is $125,525
Average Sold Price is $158,463
June Year-to-Date Market Recap (2011 versus 2010):
Single Family:
Active Inventory 14,215 versus 17,337 (↓ 18%)
Sold Units 15,087 versus 16,506 (↓9%)
Median Price $226,500 vs $229,000 (↓1%)
Average Price $278,113 vs $277,023 (even)
Sales Volume $4.2B versus $4.6B (↓8%)
Days on Market 111 versus 82 (↑35%)
Absorption Rate 6.31 versus 6.24 (↑1%)
Condominium:
Active Inventory 3811 versus 5352 (↓29%)
Sold Units 3,748 versus 4,484 (↓16%)
Median Price $122,000 vs $135,000 (↓10%)
Average Price $157,697 vs $162,012 (↓3%)
Sales Volume $0.6B versus $0.7B (↓19%)
Days on Market 123 versus 87 (↑41%)
Absorption Rate 6.80 versus 6.89 (↓1%)
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:
More and more prospective buyers rate Lifestyle as their top priority. What are Lifestyle priorities? Could they be ease of commuting, access to health and safety services, family friendly neighborhood, availability and access? Lifestyle priorities are individual. With that being said, who is the prospective buyer for your home? Today in the Denver market, it is a buyer’s market. What does this mean to you as the seller? One needs to be open to creativity in order to sell your existing home and be positioned as one of the best priced and best conditioned homes in your area.
Advice to Buyers:
We are in the heart of the home buying season for the Denver market. Is it time to note 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.
Lifestyle rates number one in the minds of buyers. Establish your personal expectations of home ownership benefits and costs.
In recent surveys, 7 of 10 renters say owning a home is a top priority. A majority of renters aspire to home ownership and most Americans believe owning a home is a solid financial decision. Also, 90% of respondents believe home ownership is the cornerstone of the American Dream.
DENVER MARKET UPDATE
Homes Sold for $1 Million or Greater
JUNE, 2011
June was one of the best months in a while for closing $1 Million+ properties, with a total closed dollar volume of $104.2 Million. Good news for higher end seller!
- Seventy residential homes sold/closed in June, 2011 for $1 Million or greater.
o Sixty Six (66) were single family and four (4) were condo.
Compared to the previous month and same month last year:
- Single Family was up 57% compared to May, 2011 and down 3% compared to June, 2010.
- Condo was up 100% compared to May, 2011 and up 300% compared to June, 2010.
For single family:
- 20 were in Boulder County, 14 were in Denver County, 11 each were in Arapahoe County and Douglas County, 7 were in Jefferson County, and 1 each were in Adams County, Clear Creek County, and Elbert County.
For condo:
- 3 were in Denver County, and 1 was in Boulder County.
Of the sixty six (66) single family properties sold/closed, the lowest sold price was $1.0 Million, while the highest sold/closed price was $6.1 Million (8 Bedrooms and 9 Bathrooms), and the 66 properties represent $99.1 Million in closed volume.
The four (4) condo properties sold/closed represent $5.0 Million in closed volume.
Residential equals Single Family plus Condo.
The above representation covers an eleven (11) county area including the counties of
Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin,
Jefferson, and Park. The above representation may or may not reflect all real estate activity in the market.
Thursday, July 14, 2011
Tuesday, July 12, 2011
Friday, July 8, 2011
Saturday, July 2, 2011
Thursday, June 30, 2011
Wednesday, June 29, 2011
Tuesday, June 28, 2011
Sunday, June 12, 2011
Denver Real Estate Market Update June 2011
MARKET UPDATE
June 2011
The May 2011 month end inventory of unsold homes currently stands at 19,573 units, even with last month and down 11% from May, 2010. Great to see as lower inventories mean less competition.
- 4,777 units were placed under contract in May, up 1% from April and up 23% from May, 2010 a positive sign moving into summer.
- 3,732 units sold/closed in May, up 9% from April and down 15% from May, 2010.
Residential average sales price was $257,177 for May 2011, an increase of 3% month over month and 4% year over year.
Single Family average sales price was $279,443 for May 2011, an increase of 3% month over month and 2% year over year.
- 40% of the Single Family properties sold/closed in May were under $200,000 and 29% were in the $200,000 to $300,000 price range.
- Almost 70% of all market sales were under $300,000 in the Metro area in May.
Condo average sales price was $160,051 for May 2011 an increase of 1% month over month and 2% year over year.
- 34% of the Condo properties sold/closed in May were under $90,000 and 61% were under $150,000.
Condo median prices increased 2% to $123,525 in May 2011 when compared to April 2011 and decreased 9% from $135,000 in May 2010.
Single Family median prices increased 4% to $230,000 in May 2011 when compared to April 2011 and remained stable when compared to May 2010.
The leading counties for home sales in the Denver market continue to be: Denver, Arapahoe, and Jefferson.
Advice to Sellers:
More and more prospective buyers rate Lifestyle as their top priority with financial concerns following close behind. With that being said, the prospective buyer is looking for a home that has everything they want and is not interested and/or doesn’t have the financial ability to do renovations/home improvements after the purchase.
Move-In Ready homes are selling faster and for higher dollar than ever before. The more upgrades, the better your home shows, the sooner one of these buyers will make an offer on your home. Curb appeal, inside and out has never been more important.
Advice to Buyers:
Rental rates continue to increase and availability of rental properties continue to decrease. Denver continues to be a great market for first time home buyers.
Lifestyle rates number one in the minds of buyers. Establish your personal expectations of home ownership benefits and costs.
One may ask “Does buying really make better sense than renting?” While the answer is personal, one should take into consideration the results of a recent Fannie Mae National Housing Survey which shows that forgetting the finances for a minute, four of the biggest reasons people buy a home have nothing to do with money: they want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over the space.
Wednesday, June 1, 2011
Friday, May 27, 2011
Thursday, May 26, 2011
Saturday, May 21, 2011
Denver Real Estate Market Update May 2011
The April 2011 month end inventory of unsold homes stood at 19,553 units, up 1% from last month and down 9% from April, 2010. The inventory of unsold homes will continue to increase in the coming months as we enter the prime selling/buying season.
- 4,749 units were placed under contract in April 2011, up 33% from March 2011 and down 28% from April, 2010. (Please note that in April 2010, the First Time Home Buyer Tax Credit effectively expired. As such, the April, 2010 market saw buyers create a frenzy situation by placing multiple offers on multiple homes in order to insure use of the federal program.)
- 3,429 units sold/closed in April 2011, up 7% from March 2011 and down 18% from April, 2010. (Please see the above note to appreciate the impact of the First Time Homebuyer Tax Credit program last year.)
In review, the first time home buyer/move buyer needed to have the home under contract by the end of April 2010 and closed by June 30th 2010. The June date was later changed to September 30th to take into consideration the extended time period required to close a distress property. The overall market, while down from last year has remained fairly steady in our “New Normal” world.
- All residential prices averaged $248,991 for April 2011, a slight decrease month over month and year over year.
- Single Family prices averaged $271,969 also a slight decrease month over month and year over year.
o 41% of all Single Family properties sold/closed in April 2011 were under $200,000 and 27% were in the $200,000 to $300,000 price range, comprising over 2/3 of the market.
- Condo prices averaged $158,438 a slight decrease month over month and year over year also. 37% of the Condo properties sold/closed in March were under $100,000 and 74% were under $200,000.
Looking at Median home price values:
- Condo median prices increased 1% to $121,200 in April 2011 when compared to March 2011 and decreased 13% from $139,700 in April 2010.
- Single Family median prices decreased 1% to $222,000 in April 2011 when compared to March 2011 and decreased 3% from $230,000 in March 2010.
The leading counties for home sales in the Denver market are: Denver, Arapahoe, and Jefferson.
On average a homeowner sells their existing home every six (6) years.
Home ownership continues to be the single largest purchase in one’s lifetime.
Advice to Sellers:
Establish your expectations as to home pricing, deferred maintenance needs, and the average amount of time required before your home can be sold.
Denver is in the prime home selling season. Take advantage of this prime home selling, position your home as the best that it can be to get your home sold.
Advice to Buyers:
Rental rates continue to increase and availability of rental properties continue to decrease. Denver continues to be a great market for first time home buyers.
As we move through the prime home selling/buying time of the year, more and more buyers will be entering the market. Establish your personal expectations of home ownership benefits and costs.
One may ask “Does buying really make better sense than renting?” While the answer is personal, one should take into consideration the results of a recent Fannie Mae National Housing Survey which shows that forgetting the finances for a minute, four of the biggest reasons people buy a home have nothing to do with money: they want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over the space.
- 4,749 units were placed under contract in April 2011, up 33% from March 2011 and down 28% from April, 2010. (Please note that in April 2010, the First Time Home Buyer Tax Credit effectively expired. As such, the April, 2010 market saw buyers create a frenzy situation by placing multiple offers on multiple homes in order to insure use of the federal program.)
- 3,429 units sold/closed in April 2011, up 7% from March 2011 and down 18% from April, 2010. (Please see the above note to appreciate the impact of the First Time Homebuyer Tax Credit program last year.)
In review, the first time home buyer/move buyer needed to have the home under contract by the end of April 2010 and closed by June 30th 2010. The June date was later changed to September 30th to take into consideration the extended time period required to close a distress property. The overall market, while down from last year has remained fairly steady in our “New Normal” world.
- All residential prices averaged $248,991 for April 2011, a slight decrease month over month and year over year.
- Single Family prices averaged $271,969 also a slight decrease month over month and year over year.
o 41% of all Single Family properties sold/closed in April 2011 were under $200,000 and 27% were in the $200,000 to $300,000 price range, comprising over 2/3 of the market.
- Condo prices averaged $158,438 a slight decrease month over month and year over year also. 37% of the Condo properties sold/closed in March were under $100,000 and 74% were under $200,000.
Looking at Median home price values:
- Condo median prices increased 1% to $121,200 in April 2011 when compared to March 2011 and decreased 13% from $139,700 in April 2010.
- Single Family median prices decreased 1% to $222,000 in April 2011 when compared to March 2011 and decreased 3% from $230,000 in March 2010.
The leading counties for home sales in the Denver market are: Denver, Arapahoe, and Jefferson.
On average a homeowner sells their existing home every six (6) years.
Home ownership continues to be the single largest purchase in one’s lifetime.
Advice to Sellers:
Establish your expectations as to home pricing, deferred maintenance needs, and the average amount of time required before your home can be sold.
Denver is in the prime home selling season. Take advantage of this prime home selling, position your home as the best that it can be to get your home sold.
Advice to Buyers:
Rental rates continue to increase and availability of rental properties continue to decrease. Denver continues to be a great market for first time home buyers.
As we move through the prime home selling/buying time of the year, more and more buyers will be entering the market. Establish your personal expectations of home ownership benefits and costs.
One may ask “Does buying really make better sense than renting?” While the answer is personal, one should take into consideration the results of a recent Fannie Mae National Housing Survey which shows that forgetting the finances for a minute, four of the biggest reasons people buy a home have nothing to do with money: they want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over the space.
Friday, May 20, 2011
Wednesday, May 11, 2011
Thursday, May 5, 2011
Wednesday, May 4, 2011
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