The big news is the trend lines are changing, and for the first time in over two years, housing inventory is actually increasing. Notice the inventory graphs are heading back up (see graphs at end of article), and probably will for some time. We are feeling that this is very healthy for our market as our buyers have more to look at and we are headed to a more balanced market for buyers and sellers.
By the numbers, the inventory of available homes for sale is 8,214 homes at May month end. 8,093 homes came onto the market, 7,252 homes were placed under contract, and 5,665 homes closed for a closed dollar volume of $1.7 Billion. School is out and the traditional prime home selling and home buying season is in full swing.
Monthly Market Recap: (See graphs at end of this article)
Single Family: Condos:
Active Inventory is 6,738 homes at month end Active Inventory is 1,476 homes
Sold homes is 4,540 Sold homes is 1,125
Average Days on Market is 49 Average Days on Market is 46
Median Sold Price is $280,000 Median Sold Price is $163,000
Average Sold Price is $335,776 Average Sold Price is $198,612
May Year-to-Date Market Recap (2013 versus 2012):
Single Family: Condos:
Active Inventory 6,738 versus 8,705 (↓23%) Active Inventory 1,476 versus 1,886 (↓22%)
Sold Units 16,537 versus 13,647 (↑21%) Sold Units 4,095 versus 3,309 (↑24%)
Median Price $270,000 vs $240,000 (↑13%) Median Price $155,000 vs $131,500 (↑18%)
Average Price $322,821 vs $290,368 (↑11%) Average Price $190,002 vs $167,793(↑13%)
Sales Volume $5.3B versus $3.9B (↑35%) Sales Volume $778M versus $555M (↑40%)
Days on Market 64 versus 94 (↓32%) Days on Market 58 versus 94 (↓38%)
The inventory of homes available for sale increased in May by 1,269 homes which is a benefit to the entire Denver resale home market.
Buyer demand continues as well as multiple offers that are becoming more creative every day.
Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate. Single Family Residential homes have a 2.02 month supply and Condos have a 1.79 month supply.
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:
School is out and the traditional prime home selling and home buying season is in full swing. While there are more homes available for sale at May month end than previously throughout the year, a seller needs to be prepared for the very active Denver home market.
A seller’s home is unique and each and every prospective home buyer is unique. With that being said, as a seller, have you done everything needed to prepare your home for being on the market and selling during this prime season?
Will your home create that lasting impression? Are you current on the preventative maintenance items needed for your home? Have you de-cluttered your home? To maximize the selling price, have you done recent upgrades? Since selling a home is not an everyday activity, a seller needs to look to a professional for assistance for these and other questions.
While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home. Real Estate is local; contact me to discuss the options available to you.
Advice to Buyers:
School is out and the traditional prime home selling and home buying season is in full swing. While there are more homes available for sale at May month end, other factors have an impact on the market. Interest rates are rising and new mortgage guidelines have been implemented.
Know what you want in a home, where you want to live, and what price range you can afford.
Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home. Be prepared for the speed of the market and manage your expectations in order to timely participate in the Denver home buying market.
Call me today to talk about your Lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2013, and home affordability.
The Bandy Team is here for all of your real estate needs. We can help you buy or sell a Denver home. Contact the Bandy Team to see what we can do for you! If you’re thinking about buying a Denver home, we can show you some terrific property in Denver, including homes in Littleton and real estate in Greenwood Village. You may also be interested in homes in Englewood or real estate in Cherry Hills Village.
Until Next Time,
The Bandy Team
RE/MAX Professionals - Denver, CO
"From Our Heart to Your Home"