METRO DENVER REAL ESTATE MARKET UPDATE
Denver Real Estate Market Metrics:
By the numbers, the inventory of available homes for sale in Denver was 7,706 homes at December month end; 2,684 homes came onto the market, 3,090 homes were placed under contract, and 3,400 homes closed for a closed dollar volume of $986 Million. It is now 2013 and the home buyer demand seen throughout 2012 continues into 2013. But buyers are having a tough time finding good quality homes to purchase. This is causing prices to rise. Median home prices were up 9% again in December compared to a year ago, which is a continuation of a trend we have seen for several months now. If you’ve been thinking of selling, now may be a great time!
Monthly Market Recap: (Graphs follow at end of article)
Single Family: Condos:
Active Inventory is 6,366 homes at month end Active Inventory is 1,340 homes
Sold homes is 2,725 Sold homes is 675
Average Days on Market is 75 Average Days on Market is 67
Median Sold Price is $255,000 Median Sold Price is $142,000
Average Sold Price is $315,451 Average Sold Price is $186,877
December Year-to-Date Market Recap (2012 versus 2011):
Single Family: Condos:
Active Inventory 6,366 versus 8,854 (↓28%) Active Inventory 1,340 versus 2,139 (↓37%)
Sold Units 37,164 versus 31,437 (↑18%) Sold Units 9,135 versus 7,950 (↑15%)
Median Price $250,000 vs $230,000 (↑9%) Median Price $142,000 vs $124,900 (↑14%)
Average Price $304,178 vs $279,858 (↑9%) Average Price $179,616 vs $159,141(↑13%)
Sales Volume $11.3B versus $8.8B (↑28%) Sales Volume $1.6B versus $1.3B (↑30%)
Days on Market 77 versus 105 (↓27%) Days on Market 77 versus 116 (↓34%)
December Market Facts:
At December month end, the inventory of homes available for sale in the Denver market continued to decline. With this in mind, the Month’s Supply of Inventory is 2.06 months for Single Family and 1.76 months for Condos. Month’s Supply of Inventory is calculated by taking the last twelve months homes sold numbers and calculating an average. This number is then divided into the month end inventory to produce the Month’s Supply of Inventory.
Real estate is local. While the above is a representation of the Denver housing market as a whole, please contact me to better understand your specific local market.
Advice to Denver Home Sellers:
It is a new year. Thinking of selling your metro Denver home? Where do you begin? Well, let’s begin with the basics. Take an objective look at your home as if you were a homebuyer. What catches your attention? Is that impression positive? Next look at the competition and note any differences between your home and the competition.
2013 hot home trends include: smarter, less costly automated controls, outdoor living room and screened porches, outdoor kitchen, vegetable garden, themed designs, new neutrals and color pop, more double duty furnishings, lighter look, energy and water efficiency, and handcrafted elements. The latest kitchen trends include: modern style, tucked away appliances, increased and improved lighting, supersized kitchen island, neutral color scheme, fancy appliances, decorative range hood, and glass backsplashes.
Buyer demand continues and the inventory of homes available for sale continues to decline. While this can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance is crucial in selling the home.
Contact me to discuss the marketing options available to sell your metro Denver home.
Advice to Denver Home Buyers:
The inventory of available homes is the lowest it has been since 1993 and buyer demand remains strong and constant. What is a buyer to do?
Do your homework and be prepared. Determine what you want and your priorities. Mortgage interest rates remain low; but loan qualification requirements have not loosened up. Talk to a mortgage loan originator to learn what you can qualify for. We have several great lenders we can recommend. Determine where you want to live, your lifestyle preferences, and your home preferences. Be prepared to act quickly. Great condition homes that are priced well don’t last long!
Talk to me today about your lifestyle preferences, the benefits of home ownership, Denver homes available for sale, buying a home in 2013, and home affordability.
Are you ready to buy or sell a home in the Denver area? Contact the Bandy Team to see what we can do for you! We’re happy to answer any questions you may have about metro Denver. We would love to show you some terrific properties in Englewood, homes in Franktown, or real estate in Aurora.
Until Next Time,
The Bandy Team
RE/MAX Professionals- Denver, CO
"From Our Heart to Your Home"