Wow!What a spring we are having! The Market continues to give signs of hope and prosperity! We are still amazed at the lack of inventory as Single Family Homes stayed at 8,353 number of units currently active, andCondo’s/Townhomes at 1,901. This is a very unique time in the MetroDenver Real Estate Market, as we see unbelievably low inventory and the numberof under contracts and closings continues to rise! Price pressure continues to build and we are already seeing median price increase s versus a year ago of 5% for SF homes and 7% for townhomes and condos.
WithApril, the preview month of the prime home selling/buying season, now behind us, what an amazing home market we are seeing. The inventory of homes for sale remains low but relatively stable at 10,254 homes available on the market. This limited inventory comes as more buyers are shopping for homes, driving prices up, and multiple offers are becoming the norm. We are starting to see a steady price appreciation. Denver is now considered one of the strongest markets in the country.
Monthly Market Recap:
|Active Inventory is 8,353 units at month end||Active Inventory is 1,901 units at month end|
|Sold units is 3,133||Sold units is 758|
|Average Days on Market is 90||Average Days on Market is 91|
|Median Sold Price is $249,900||Median Sold Price is $142,000|
|Average Sold Price is $298,712||Average Sold Price is $178,231|
April Year-to-Date Market Recap (2012 versus 2011):
|Active Inventory 8,353 versus 13,874 (↓40%)||Active Inventory 1,901 versus 3,973 (↓52%)|
|Sold Units 9,879 versus 8,756 (↑13%)||Sold Units 2,452 versus 2,267 (↑8%)|
|Median Price $233,000 vs $221,000 (↑5%)||Median Price $128,000 vs $120,000 (↑7%)|
|Average Price $283,682 vs $272,339 (↑4%)||Average Price $163,787 vs $156,709 (↑5%)|
|Sales Volume $2.8B versus $2.4B (↑18%)||Sales Volume $402M versus $355M (↑13%)|
|Days on Market 100 versus 116 (↓14%)||Days on Market 98 versus 125 (↓22%)|
APRIL 2012 YTD HOME SALES TRENDS:
The top three price ranges for numbers of 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 market as a whole, please contact me to better understand your specific real estate market.
Advice to Sellers:
The national home ownership rate reached a decade low of 62%, down from 73% in 2006 and 2007. Much of the decline is the result of the economy, foreclosures, job losses, fallen home values, and more. Americans continue the thirst for home ownership and in a recent survey, over 70% of the respondents desire home ownership and also feel that now is a good time to buy.
The inventory of homes for sale remains low and the number of buyers increases daily. Now is the time to make sure your home is ready to be on the market. Do your homework, check out the competition, take care of all deferred maintenance items, and remodel 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 that powerful 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 2012.
Advice to Buyers:
By the numbers, there are 10,200 plus homes available for sale, 5,600 offers were extended and accepted by both the seller and the buyer in April, and 3,100 homes closed in April. Why are things getting so competitive? The inventory of homes available for sale last April was 18,000 homes. The drastic decrease in the number of homes for sale is leaving home buyers with fewer options, often resulting in bidding competition.
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.
Want to learn more? 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.
Source: Denver MetroList