Overview:
Wow! The market data continues to amaze us, and shows the exuberance of a confident market. There’s still a strong demand to buy that is finally giving homeowners the option to sell again due to the year to date appreciation in prices! Once again, the market sold virtually every new listing that came up in July!
Please take a look at the graphs, as we are seeing some interesting trend lines, with Under Contracts and Solds probably peaking for the year and numbers of homes on the market (inventory) looking like it has bottomed out and continuing to grow since the end of May!
Even though we are still classifying this as a Seller’s Market, please be aware that the activity may vary a lot from area to area and with price range.
Market Metrics:
By the numbers, the inventory of available homes for sale is 10,025 homes at July month end, 7,268 homes came onto the market, 7,406 homes were placed under contract, and 6,104 homes closed for a closed dollar volume of $1.9 Billion. July is the transition month of the summer selling season. School has either started in early August or will start within days or weeks. Where has the summer gone?
Monthly Market Recap: (See Graphs at End of Article)
Single Family: Condos:
Active Inventory is 8,286 homes at month end Active Inventory is 1,739 homes
Sold homes is 4,857 Sold homes is 1,247
Average Days on Market is 37 Average Days on Market is 37
Median Sold Price is $286,500 Median Sold Price is $161,000
Average Sold Price is $346,254 Average Sold Price is $203,794
July Year-to-Date Market Recap (2013 versus 2012):
Single Family: Condos:
Active Inventory 8,286 versus 9,087 (↓9%) Active Inventory 1,739 versus 1,740 (↔)
Sold Units 25,827 versus 21,341 (↑21%) Sold Units 6,475 versus 5,137 (↑26%)
Median Price $275,000 vs $249,000 (↑10%) Median Price $158,500 vs $137,500 (↑15%)
Average Price $331,780 vs $300,658 (↑10%) Average Price $194,064 vs $174,299(↑11%)
Sales Volume $8.5B versus $6.4B (↑34%) Sales Volume $1.2B versus $895M (↑40%)
Days on Market 55 versus 84 (↓35%) Days on Market 51 versus 86 (↓41%)
Market Facts:
The Denver home market continues to grow and remains strong.
Home ownership continues to be high on the lifestyle preference list of consumers.
Consumer confidence pulled back in July to 80 down from 82 in June.
Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate. Single Family Residential homes have a 2.39 month supply and Condos have a 1.99 month supply.
Advice to Sellers:
The Real Estate market continues changing. July is a transition month and the summer season is moving into a new phase. School has started which removes some buyers from the market; but, strong buyer demand continues. With that being said, homes available for sale remain on the market a shorter time period (days on market is decreasing). Sellers should be prepared for multiple offers and informed enough to capitalize on creative offers.
The 7 steps in the home selling process are: plan and prepare, obtain the services of a Realtor®, determine the price, market the home, sell the home, complete the closing, and finally move out of the home. In the plan and prepare step, the home owner should do everything to maximize the home’s appeal and the buyer demand. The determine the price step will cause the home owner to become familiar with the competition and the market value of the home.
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?
While the Denver home market continues to be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home. Real Estate is always local; contact me to discuss the options available to you.
Advice to Buyers:
Overall, more homes are available for sale today than at any time this year. Strong buyer demand continues and interest rates are rising. School is in session, which takes some buyers out of the market. Once you have made your decision to buy, start the process asap to insure your home buying success.
Know what you want in a home, where you want to live, and what price range you can afford. Complete the pre-qualification process with a lender so you know the price range that you qualify for when you are purchasing a home. Be prepared and manage your expectations.
Contact me to discuss your lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2013, and home affordability.
Are you ready to sell your Denver home? Contact Marianne Bandy for a no-obligation market analysis of your home’s value. The Bandy Team is here to help with all your real estate needs! We would be happy to show you some beautiful properties in Parker, or some terrific homes in Englewood, including property in Franktown.
Until Next Time,
Marianne Bandy
The Bandy Team
RE/MAX Professionals - Denver, CO
"From Our Heart to Your Home"
720-870-0862
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