Denver Real Estate Market Update - July 2011

By
Real Estate Agent with Bandy Homes

Market metrics (based on June data):

In June, 4,080 units closed 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.

Denver Market Update 2011

Monthly Market Recap:

Single Family:

 Condominium/Townhouse:

Active Inventory is 14,215 units at month end

 Active Inventory is 3,811 units at month end

Sold units is 3,295

 Sold units is 785

Median Sold Price is $240,000

 Median Sold Price is $125,525

Average Sold Price is $292,230

 Average Sold Price is $158,463

Overall, inventory is not growing seasonally, like it would normally increase this time of year, plus sales are increasing.  This is the first sign that appreciation is now occurring, specifically in lower price ranges.

Denver Market Update 2011

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

Single Family:

 Condominium/Townhouse:

Active Inventory 14,215 versus 17,337 (↓18%)

 Active Inventory 3811 versus 5352 (↓29%)

Sold Units 15,087 versus 16,506 (↓9%)

 Sold Units 3,748 versus 4,484 (↓16%)

Median Price $226,500 vs $229,000 (↓1%)

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

Average Price $278,113 vs $277,023 (even)

 Average Price $157,697 vs $162,012 (↓3%)

Sales Volume $4.2B versus $4.6B (↓8%)

 Sales Volume $0.6B versus $0.7B (↓19%)

Days on Market 111 versus 82 (↑35%)

 Days on Market 123 versus 87 (↑41%)

*Absorption Rate 6.31 versus 6.24 (↑1%)

 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.

Remember: Real estate is local.  While the above is a representation of the Denver market, please contact The Bandy Team to better understand your specific real estate market.

 Denver Market Update 2011

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.  Talk to Marianne Bandy today as she is prepared to advise you of buyer wants and guide you through the home selling process.

Advice to Buyers:

We are in the heart of the home buying season for the Denver real estate market.  Is it time for you 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 and which types of financing you qualify for, research your priorities, and establish a wants versus needs list.

Lifestyle rates number one in the minds of buyers.  Establish your personal expectations of Denver home ownership benefits and costs.

In recent surveys, 7 of 10 renters say owning a home is a top priority, the majority of renters aspire to home ownership, most Americans believe owning a home is a solid financial decision, and 90% of respondents believe home ownership is the cornerstone of the American Dream.

Talk to your RE/MAX Professional today about your Lifestyle preferences and the benefits of home ownership. Let the Bandy Team show you some terrific homes in Parker, beautiful real estate in Castle Rock, including the two communities of houses in Castle Pines; and other properties in the Denver Metro Area, including a wide variety of homes in Highlands Ranch and real estate in Centennial.

Marianne Bandy

Relocate to Denver.

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Rob Lang
At Home Kansas Team Powered by Keller Williams Partners Inc / www.AskRobLang.com - Lawrence, KS
Local Expert in Lawrence Kansas Real Estate Homes

Thank you for sharing this. I hope someone finds exactly what they're looking for here.

Jul 25, 2011 02:29 PM #1
Rainmaker
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Marianne Bandy
Bandy Homes - Parker, CO
CRS, GRI, Certified Negotiation Expert

Thanks!

Jul 31, 2011 01:40 PM #2
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