Market Metrics:
The big story continues to be the low amounts of inventory as we see the Single Family Inventory hovering at 8,700 listings during the primest of times to list a home in the Denver market. We are continuing to see more of the same: a limited amount of inventory of homes available for sale, continuing/expanding buyer demand, and multiple offers that are now happening in the higher price ranges. The limited inventory of homes available for sale and high buyer demand has led to the bidding wars which are now prevalent. Denver continues to be one of the strongest real estate markets in the country.
Monthly Market Recap:
Single Family: Condos:
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Active Inventory is 8,705 units at month end |
Active Inventory is 1,886 units at month end |
|
Sold units is 3,768 |
Sold units is 857 |
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Average Days on Market is 78 |
Average Days on Market is 81 |
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Median Sold Price is $258,000 |
Median Sold Price is $144,330 |
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Average Sold Price is $307,896 |
Average Sold Price is $179,253 |
May Year-to-Date Market Recap (2012 versus 2011):
Single Family: Condos:
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Active Inventory 8,705 versus 13,958 (↓38%) |
Active Inventory 1,886 versus 3,930 (↓52%) |
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Sold Units 13,647 versus 11,792 (↑16%) |
Sold Units 3,309 versus 2,963 (↑12%) |
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Median Price $240,000 vs $224,500 (↑7%) |
Median Price $131,500 vs $121,000 (↑9%) |
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Average Price $290,368 vs $274,168 (↑6%) |
Average Price $167,793 vs $157,494 (↑7%) |
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Sales Volume $3.9B versus $3.2B (↑23%) |
Sales Volume $555M versus $466M (↑19%) |
|
Days on Market 94 versus 114 (↓18%) |
Days on Market 94 versus 122 (↓23%) |
MAY 2012 YTD HOME TRENDS:
The top three price ranges for sold Single Family homes are: (1) $100,000 to $199,999, (2) $200,000 to $299,999, (3) $300,000 to $399,999.
The top three price ranges for sold Condo homes are: (1) $100,000 to $199,999, (2) $0 to $99,999, and (3) $200,000 to $299,999.
Remember, real estate is local. While the above is a representation of the Denver real estate market as a whole, please contact me to better understand your specific real estate market.
Advice to Sellers:
Recent surveys indicate that there is a shift in thinking when it comes to home ownership. Instead of looking at home ownership through the eyes of an economist, Americans are realizing that a home doesn’t solely equate to financial return or measure. The home is the emotional center of our lives, and it remains a critical component of who we are.
With the above being said; the inventory of homes for sale remains relatively low and the number of buyers increases daily. Are you thinking of selling your Denver home? Have you done your homework, checked out the competition, taken care of all deferred maintenance items, and remodeled as necessary?
Sellers can improve their chances of getting a house sold by sprucing up the inside and out such that the home will create a lasting first impression. You want to make your home the best conditioned property on the market. Another idea for homes priced below $350,000 is to create an auction atmosphere in the marketing of your home to obtain top dollar!
Is it a good time for your Denver home to be on the market? As Real Estate is local, contact me to discuss the options available to sell your Denver home during the 2012 prime home selling season.
Advice to Buyers:
Is home ownership still the American Dream? The Dream is alive! Most surveys indicate that the majority of Americans rate the importance of home ownership as 10 out of 10.
Now is the time for the Buyer to be prepared. Here is a list of things to consider when preparing for homeownership: decide what you can afford, develop your home wish list, select where you want to live, start saving, get your credit in order, determine your mortgage qualifications, get preapproved, weigh the sources of your down payment, and calculate the costs of homeownership. Additionally, a buyer should consider zoning and remodeling rules when looking to purchase a home.
Be prepared for a bidding war on the home of your choice. Many homes, especially in the lower price ranges, are selling for above list price. We can help determine a likely selling price to help you structure your offer.
What else can buyers do?
- Get Pre-approved for a loan now and be a ready buyer.
- Learn about an FHA 203K loan, which allows you to add improvements into your loan.
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 Castle Rock, we can show you some terrific properties in Castle Pines, homes in The Meadows, town homes in Founders Village, and real estate in Castlewood Ranch.
Marianne Bandy
Want to learn more? CALL ME TODAY!
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