Market Metrics:
The inventory of active listings at November month end hit a new low at 12,634 units, a decline of 11% month over month and 37% year over year. Buyer demand continues steady at a seasonally adjusted rate for the holiday season. Declining supply and steady demand could indicate that we are poised for firming prices in the next six months.
Monthly Market Recap:
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Single Family: |
Condos: |
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Active Inventory is 10,213 units at month end |
Active Inventory is 2,421 units at month end |
|
Sold units is 2,468 |
Sold units is 600 |
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Average Days on Market is 99 |
Average Days on Market is 105 |
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Median Sold Price is $230,300 |
Median Sold Price is $125,000 |
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Average Sold Price is $275,951 |
Average Sold Price is $153,526 |
November Year-to-Date Market Recap (2011 versus 2010):
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Single Family: |
Condos: |
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Active Inventory 10,213 versus 15,232 (↓33%) |
Active Inventory 2,421 versus 4,649 (↓48%) |
|
Sold Units 28,906 versus 28,355 (↑2%) |
Sold Units 7,325 versus 7,439 (↓2%) |
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Median Price $229,900 vs $230,250 (↔) |
Median Price $125,000 vs $133,000 (↓6%) |
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Average Price $280,230 vs $282,717 (↓1%) |
Average Price $158,520 vs $160,533 (↓1%) |
|
Sales Volume $8.1B versus $8.0B (↑1%) |
Sales Volume $1.1B versus $1.1B (↔) |
|
Days on Market 105 versus 89 (↑18%) |
Days on Market 117 versus 95 (↑23%) |
Average Price versus Median Price:
By definition, Average price is derived by adding all of the individual home sales prices to get a total sales volume ($) 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.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact me to better understand your specific real estate market.
Advice to Sellers:
Don’t wait until Spring to put your property on the market. There is a shortage of inventory NOW, especially for nice properties, well prepared for market and priced appropriately.
And you should keep two items in mind. One point is that the home must be kept in “ready to show” condition. The second point is that more interior photos are needed for marketing to prospective Buyers.
Is it a good time for your home to be on the market? Contact me to discuss the options available to sell your home during the first part of the year.
Advice to Buyers:
The number of active listings, those homes available for sale, is the lowest it has been in years and interest rates are at an all time low. Therefore, the serious Buyers now have fewer homes to choose from. When you see a property that works for you, make an offer, don’t wait. We are no longer in a “Buyer’s Market” and are rapidly shifting to a “Seller’s Market”. You need to know that what’s happening nationally is not what’s happening in the Denver Metro market. Call me to discuss how to make an appealing and as strong and offer as possible in this shifting market .
Rents continue to rise in theDenvermarket and home prices continue to stabilize.
Give me a call today to talk about your Lifestyle preferences, the benefits of home ownership, and home affordability.
Until next time,
Marianne Bandy
303-746-7799
Let the professionals at the Bandy Team help you buy or sell a Denver home, contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific properties in Denver, including homes in Denver Highlands and real estate in Washington Park (also known as Wash Park). You may also be interested in horse property in Franktown or homes in Parker, including a wide variety of homes in Canterberry and real estate in Stonegate.
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