Wow! What a first half to the year! Inventory has gone up a little to just over 9,000 Single Family Homes. With one month remaining in the prime home selling/home buying season, June’s Monthly and Year-To-Date real estate statistics for the Denver area show the continuing trend of historically low inventory of available homes, high buyer demand, low mortgage interest rates, and increased due diligence needed to complete a mortgage loan. Denver continues to be one of the strongest home sales markets in the country. Median prices have now increased for five months in a row! See graphs at the end of this article.
Monthly Market Recap:
Single Family: Condos/Townhomes:
|Active Inventory is 9,074 homes at month end||Active Inventory is 1,851 homes|
|Sold homes is 3,981||Sold homes is 923|
|Average Days on Market is 71||Average Days on Market is 74|
|Median Sold Price is $269,500||Median Sold Price is $144,900|
|Average Sold Price is $324,497||Average Sold Price is $181,578|
June Year-to-Date Market Recap (2012 versus 2011):
Single Family: Condos/Townhomes:
|Active Inventory 9,074 versus 14,215 (↓36%)||Active Inventory 1,851 versus 3,811(↓51%)|
|Sold Units 17,628 versus 15,087 (↑17%)||Sold Units 4,232 versus 3,748 (↑13%)|
|Median Price $245,500 vs $226,500 (↑8%)||Median Price $134,957 vs $122,000 (↑11%)|
|Average Price $298,075 vs $278,113 (↑7%)||Average Price $170,799 vs $157,697 (↑8%)|
|Sales Volume $5.2B versus $4.2B (↑25%)||Sales Volume $722M versus $591M (↑22%)|
|Days on Market 89 versus 111 (↓20%)||Days on Market 89 versus 123 (↓28%)|
Is it a Seller’s Market or is it a Buyer’s Market?
At June month end, the absorption rate, also known as month’s supply of available inventory, is 2.3 months for Single Family and 2.0 months for Condos/Townhomes. Historically, six (6) months or less is considered a Seller’s Market.
Remember, real estate markets are 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:
The hottest home remodeling job isn’t the kitchen anymore. It is now the bathroom on a more modest scale. Key factors are easy upkeep, lower cost, and adding accessibility. Fancy showers with a bench are now in. Kitchen remodeling is now number two (2) on the top remodeling list.
If you do not want to remodel, consider these five (5) ways to spruce up the bathroom:
- remove clutter from the bathroom and have it look similar to what you see in a hotel
- clean it until it sparkles
- use fluffy towels and bath mats
- display flower vases
- fix any grout or caulking and remove mildew stains
How hot is the Denver market? A little known fact is that 27,000 Single Family homes have been put on the market in the first six months of the year, and 24,000 Single Family homes have gone under contract. Wow! That’s a very high percentage.
Sellers can improve their chances of getting a house sold by sprucing up the inside and out
such that the home will create that lasting first impression.
Is it a good time for your home to be on the market? As Real Estate is local, contact me to discuss the options available to sell your home during the 2012 prime home selling season.
Advice to Buyers:
Be Prepared is the advice of the day. If you find the home of your dreams, act now.
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.
The home is the emotional center of our lives, and it remains a critical component of who we are.
Want to learn what BE PREPARED means? CALL ME TODAY!
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.