GREATER METROPOLITAN DENVER MARKET UPDATE - APRIL 2012
Market Metrics:
March was the month of 'UP' in the Denver home market. While the inventory of homes for sale remained relatively stable, everything else was 'UP' and the strength of the Denver home market continues to show its recovery. All indications are that this will be a strong year for the Denver home market. We are only weeks away from the start of the prime home selling/buying season.
Monthly Market Recap:
Single Family: Condos:
Active Inventory is 8,303 units at month end Active Inventory is 2,022 units at month end
Sold units is 2,775 Sold units is 700
Average Days on Market is 105 Average Days on Market is 97
Median Sold Price is $232,500 Median Sold Price is $125,500
Average Sold Price is $284,035 Average Sold Price is $161,848
March Year-to-Date Market Recap (2012 versus 2011):
MARCH, 2012 YTD HOME TRENDS:
The top four price ranges for sold Single Family homes are: (1) $200,000 to $299,999, (2) $300,000 to $499,999, (3) $150,000 to $199,999, and (4) $110,000 to $149,999.
The top three methods of financing a home purchase are: (1) Conventional financing, (2) FHA financing, and (3) Cash.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional to better understand your specific real estate market.
GREATER METROPOLITAN DENVER MARKET UPDATE
APRIL, 2012
Advice to Sellers:
The Denver home market is weeks away from the prime home selling/buying time of the year. Is it time to take advantage of this prime home selling season to sell your home?
Establish your expectations as to home pricing, deferred maintenance needs, and the average amount of time required before your home can be sold. More and more prospective buyers rate Lifestyle as their top priority. With that being said, the prospective buyer is looking for a home that has everything they want and are not interested in doing renovation/home improvement after the purchase.
Sellers can improve their chances of getting a house sold by sprucing up the inside and out that 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 your RE/MAX Professional to discuss the options available to sell your home during 2012.
CALL YOUR RE/MAX PROFESSIONAL TODAY!
Advice to Buyers:
One may ask 'Does buying a home really make better sense than renting?' While the answer is personal, one should take into consideration the four non financial reasons people buy a home: buyers want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over the space. Home affordability has never been better.
In the market to purchase a home, 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.
Want to learn more? CALL YOUR RE/MAX PROFESSIONAL TODAY!
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional DENVER to better understand your specific real estate market.
Posted at 04:59PM May 02, 2012 by Kelli in Real Estate | Comments[0]
GREATER METROPOLITAN DENVER MARKET UPDATE - MARCH, 2012
Market Metrics:
The market momentum that started January 1st by the release of pent up demand continues through February. This is another example that the metro Denver housing market took another step toward recovery. What does this mean to you individually? Activity is up and the inventory of unsold homes is down. Pricing today remains relatively stable.
Monthly Market Recap:
Single Family: Condos:
Active Inventory is 8,082 units at month end Active Inventory is 2,004 units at month end
Sold units is 1,978 Sold units is 517
Average Days on Market is 106 Average Days on Market is 101
Median Sold Price is $220,000 Median Sold Price is $120,000
Average Sold Price is $270,821 Average Sold Price is $161,143
FEBRUARY, 2012 YTD HOMES SOLD BY PRICE RANGE:
The top four price ranges for sold Single Family homes are: (1) $200,000 to $299,999, (2) $300,000 to $499,999, (3) $150,000 to $199,999, and (4) $110,000 to $149,999.
The top four price ranges for sold Condo homes are: (1) $0 to $109,999, (2) $110,000 to $149,999, (3) $150,000 to $199,999, and (4) $200,000 to $299,999.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional to better understand your specific real estate market.
ADVICE TO SELLERS:
Thinking of putting your home on the market? Here are some things to consider:
Have a pre sale home inspection completed so you have an indication of those areas that will stand out to potential buyers.
Organize and clean by paring down the clutter, and cleaning the windows, carpets, walls, lighting fixtures, and baseboards.
Get replacement estimates so you know the specifics before price negotiations begin.
Find your warranties and manuals.
Spruce up the curb appeal to create a lasting first impression.
Consider staging the home. Buyers senses must be engaged using lighting, music, scents, and colors.
Sellers can improve their chances of getting a house sold by sprucing up the inside and out that 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 your RE/MAX Professional to discuss the options available to sell your home during 2012
ADVICE TO BUYERS:
In the market to purchase a home, 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.
Calculate the costs of homeownership.
Want to learn more? CALL YOUR RE/MAX PROFESSIONAL TODAY!
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional DENVER to better understand your specific real estate market.
Posted at 04:57PM May 02, 2012 by Kelli in Real Estate | Comments[0]
GREATER METROPOLITAN DENVER MARKET UPDATE - FEBRUARY, 2012
Market Metrics:
At January month end, the inventory of active listings, those homes for sale, represented 3.3 months of supply of homes on the market. Home showings increased dramatically and offers were extended as a result of the pent up buyer demand. While January is traditionally slower than December, the numbers show increased activity when comparing year over year.
Monthly Market Recap:
Single Family: Condos:
Active Inventory is 8,356 units at month end Active Inventory is 2,087 units at month end
Sold units is 1,993 Sold units is 477
Average Days on Market is 103 Average Days on Market is 108
Median Sold Price is $218,855 Median Sold Price is $113,000
Average Sold Price is $272,328 Average Sold Price is $146,544
December 2011 YTD County Sold Data:
The top five metropolitan counties based upon closed homes in 2011 are: (1) Denver County, (2) Arapahoe County, (3) Jefferson County, (4) Adams County, and (5) Douglas County.
The top four price ranges for sold homes based on closed transactions are: (1) $100,000 to $199,999, (2) $200,000 to $299,999, (3) $300,000 to $499,999, and (4) $0 to $99,999.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional to better understand your specific real estate market.
Advice to Sellers:
The inventory of Active Listings, those homes for sale, continues to decrease. Historically, this would indicate a seller’s market. This is not the case, because prospective buyers have wants and needs that they will not compromise. So what is a seller to do?
Overall, buyers have big dreams for their new home. Buyers are looking for style upgrades on counter tops, flooring, faucets, and fixtures. The utility look that started several years ago in kitchen is now spreading to the entire home. Big on the wish list are separate laundry rooms, spacious built-ins, and a place to maximize storage.
In two words the seller must de-clutter and stage a home. Make sure each room has a focal point. Here are 4 quick tips for prepping a home: (1) super clean, (2) clear the clutter and unload some furniture, (3) prep your landscaping, and (4) add new touches.
Is it a good time for your home to be on the market? Contact your RE/MAX Professional to discuss the options available to sell your home during 2012.
CALL YOUR RE/MAX PROFESSIONAL TODAY!
Advice to Buyers:
With the number of active listings, those homes available for sale, continuing to be the lowest it has been in years, a prospective buyer must prioritize one’s needs and wants and look at what is available in the market. Rents continue to rise in the Denver market and home prices continue to stabilize.
The Colorado Division of Housing recently reported that the metro area had only a 5.4% vacancy rate and that the median rent was now $870. Vacancy rates have moved down and the area’s median rent has risen for the last eight quarters. Home affordability has never been higher in the Denver metro area.
Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional DENVER to better understand your specific real estate market.
Posted at 04:52PM May 02, 2012 by Kelli in Real Estate | Comments[0]
GREATER METROPOLITAN DENVER MARKET UPDATE - JANUARY, 2012
Market Metrics:
Active Listings inventory continues to decline, 13 percent month over month and 40 percent year over year. Under Contract activity and Closed transactions activity remained seasonal with a continual decline month over month. The New Year starts with renewed hope that 2012 will be better than 2011. Wishing you and yours a Happy and Prosperous New Year.
Monthly Market Recap:
Single Family: Condos:
Active Inventory is 8,854 units at month end Active Inventory is 2,139 units at month end
Sold units is 2,531 Sold units is 625
Average Days on Market is 107 Average Days on Market is 106
Median Sold Price is $230,000 Median Sold Price is $120,700
Average Sold Price is $275,610 Average Sold Price is $166,420
Days on Market:
By definition, Days on Market is calculated as the number of elapsed days from the original listing date to the status change date. Therefore if a home is listed for sale on January 2nd and the seller(s) accept an offer on January 22nd, the Days on Market for this property is 21 days at this point in time.
Days on Market is one of several metrics that are used to follow the market trends.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional DENVER to better understand your specific real estate market.
Posted at 02:52PM Jan 15, 2012 by Kelli in Real Estate | Comments[0]
GREATER METROPOLITAN DENVER MARKET UPDATE - DECEMBER, 2011
Market Metrics:
The inventory of active listings at November month end hit a new low at 12,634 units, a decline of 11 percent month over month and 37 percent year over year. Buyer demand continues at a seasonally adjusted rate for the holiday season. Declining inventory could become a good news and/or bad news situation.
Monthly Market Recap:
Single Family: Condos:
Active Inventory is 10,213 units at month end Active Inventory is 2,421 units at month end
Sold units is 2,468 Sold units is 600
Average Days on Market is 99 Average Days on Market is 105
Median Sold Price is $230,300 Median Sold Price is $125,000
Average Sold Price is $275,951 Average Sold Price is $153,526
Average Price versus Median Price:
By definition, Average price is derived by adding all of the individual home sales prices to get a total sales volume ($) for the period. The total sales volume ($) is then divided by the number of sales transactions which results in the Average Price.
By definition, Median Price is derived by ranking the highest individual home sales price to the lowest individual home sales price. The point where one half of the transactions are either above or below this price is known as the Median Price.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional to better understand your specific real estate market.
Advice to Sellers:
The holiday season is upon us and traditionally the home owner takes his or her home off the market due to the holiday season, busy schedules, and personal or family time. One must ask if the holiday season is a good time to sell.
In a recent survey conducted by the National Association of Realtors®, 60% of Real Estate Professionals advise sellers to list a home during the holidays. The holiday season brings out more serious buyers, the inventory of active listings is low and thus the competition from other properties is less, and cold weather is a benefit in making the home feel cozy.
If you do have your home on the market for the holiday season, you need to keep two items in mind. One point is that the home must be kept in “ready to show” condition and the second point is that more interior photos are needed for marketing to prospective Buyers.
Is it a good time for your home to be on the market? Contact your RE/MAX Professional to discuss the options available to sell your home during the holiday season
Advice to Buyers:
The number of active listings, those homes available for sale, is the lowest it has been in years and here we are at the holiday season. Therefore the Buyers will have fewer homes to choose from. Traditionally Sellers take homes off the market for the holidays. If a home remains on the market over the holidays, you may have a motivated Seller. What does this mean to you? Talk to a RE/MAX Professional to obtain an understanding of the home market at the holiday season.
Rents continue to rise in the Denver market and home prices continue to stabilize.
Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.
CALL YOUR RE/MAX PROFESSIONAL TODAY!
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional DENVER to better understand your specific real estate market.
Posted at 02:50PM Jan 15, 2012 by Kelli in Real Estate | Comments[0]
GREATER METROPOLITAN DENVER MARKET UPDATE - NOVEMBER, 2011
Market Metrics:
The unsold inventory of active listings hit a new low at 14,156 units, the second month in a row for setting a new low record. As we are moving into new territory, there is steady demand and low inventory. When one compares our housing market to the nation, Denver continues to hold its own.
Monthly Market Recap:
Single Family: Condos:
Active Inventory is 11,504 units at month end Active Inventory is 2,652 units at month end
Sold units is 2,482 Sold units is 701
Average Days on Market is 102 Average Days on Market is 102
Median Sold Price is $226,021 Median Sold Price is $125,000
Average Sold Price is $269,503 Average Sold Price is $160,723
October Year-to-Date Market Recap (2011 versus 2010):
With the holiday season upon us, we continue to see a steady demand for housing. At a time like this, one needs to take into consideration employment, consumer confidence, and mortgage interest rates. Mortgage interest rates continue to remain low. Consumer confidence continues to improve, albeit slow. Employment is a focus that is on everyone’s mind and definitely a conversation item on a daily basis.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional to better understand your specific real estate market.
GREATER METROPOLITAN DENVER MARKET UPDATE NOVEMBER, 2011
Advice to Sellers:
Today’s home buyer is looking for his or her dream. What does this mean to you the home seller? Well first of all, the home buyer is looking for a home that meets 100 percent of the home buyer’s expectations. The home buyer wants to move into his or her new home and have to do nothing but enjoy the home.
Therefore, deferred maintenance needs to be non-existent. The usual list of maintenance items such as painting and carpeting now also include updating the entire home. Should you consider updating the bathrooms or the kitchen? Talk to a RE/MAX Professional about a cost benefit analysis of updates. The RE/MAX Professional will be able to advise you on how much a buyer would be willing to pay for the updates in the purchase price of the home.
Learn the value of updates as they relate to the pricing of your home.
These are a few suggestions for you the seller to determine the pricing. To learn more, talk to a RE/MAX Professional today.
CALL YOUR RE/MAX PROFESSIONAL TODAY!
Advice to Buyers:
The number of active listings, those homes available for sale, continues to decreases. Caution is the theme, with caution rising along with the price point. What does this mean to you? Talk to a RE/MAX Professional to obtain an understanding of the home market.
Manage your expectations by determining what you want in a home, what you can afford in a home, what are your lifestyle priorities, and does home ownership allow you to achieve your personal goal.
Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.
CALL YOUR RE/MAX PROFESSIONAL TODAY!
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional DENVER to better understand your specific real estate market.
Posted at 02:12PM Nov 26, 2011 by Kelli in Real Estate | Comments[0]
GREATER METROPOLITAN DENVER MARKET UPDATE - OCTOBER, 2011
Market Metrics:
September historically marks the end of Denver’s prime home selling/buying market with seasonally adjusted transactions when comparing month over month. Of note is the fact that the month end inventory of active listings in total is 15,533 homes at month end. This is a new low for the last thirteen months.
Monthly Market Recap:
Single Family: Condos:
Active Inventory is 12,613 units at month end Active Inventory is 2,920 units at month end
Sold units is 2,610 Sold units is 727
Average Days on Market is 99 Average Days on Market is 127
Median Sold Price is $229,804 Median Sold Price is $128,950
Average Sold Price is $280,289 Average Sold Price is $159,980
With the end of the prime home selling and home buying market for the Greater Metropolitan Denver area, what can one expect for the remaining months of 2011? The Active Inventory count in units will continue to decrease as well as the monthly number of both under contract and closed transactions. This does not mean that the market has gone away or will go away; but, rather that the market continues in a seasonally adjusted basis.
Real estate is local. While the above is a representation of the Denver market as a whole, please contact a RE/MAX Professional DENVER to better understand your specific real estate market.
Posted at 10:46AM Oct 16, 2011 by Kelli in Real Estate | Comments[0]
DBJ: RE/MAX Professionals No. 3 in Denver Residential Sales for 2010
DBJ: RE/MAX Professionals No. 3
The Denver Business Journal’s annual Book of Lists for Residential Real Estate Brokerages has listed RE/MAX Professionals as No. 3.
Professionals had the 3rd largest sales volume of all Denver-Area Residential Real Estate Brokerages in 2010, according to the ranking. The DBJ’s ranking was based on 2010 home sales in the Denver area. Here are their rankings:
Denver-Area Residential Real Estate Brokerages - Ranked by 2010 sales volume.
Agents with the top-ranked RE/MAX offices averaged 13 transaction sides in 2010, compared to just 5.0 for Keller Williams agents, 7.5 for Coldwell Banker agents and 9.2 for Fuller Sotheby’s International Realty, according to the rankings. RE/MAX agents outperformed agents with all other national real estate franchises.
Seven RE/MAX offices ranked in the top 15. Combined, the offices had 17,938 transaction sides and more than $5.01 billion in sales volume. Here are their standings:
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#1- RE/MAX Alliance
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#3- RE/MAX Professionals
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#6- RE/MAX of Boulder
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#7- RE/MAX Masters
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#11- RE/MAX Southeast
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#13- RE/MAX Northwest
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#15- RE/MAX 100
“Our RE/MAX offices took on the challenge of today’s real estate market with the determination to make the year a success,” said Elena Dean, Vice President and Regional Director, RE/MAX Mountain States. “Our agents know that their first responsibility is to help their customers. And we owe our success to their trust and support.”
Posted at 03:09PM Jun 08, 2011 by Kelli in Real Estate | Comments[0]
So, How's the Denver Real Estate Market - March 2011 ...
Just like Spring, The Denver Real Estate Market is slowly waking up!
Home resales in metro Denver were down 8.5% in February from a year earlier, following a similar year over-year decline in January, according to Metrolist Inc. As the housing markets are finding their sea legs after being propped up by the first time buyers government stimulus in 2010, we see consumer confidence slowly increasing just as sure as the buds starting to appear on all of our trees and bushes. The number of homes Sold rose 3.4% in February to 2,229, compared with the 2,156 the previous month, according to an analysis of Metrolist data. Meanwhile, the Conference Board's Consumer Confidence Index, which had increased in January, improved further in February. The index stands at 70.4, up from 64.8 in January.
The bright spot in the current market is that approximately 40 percent of the market this time last year was a result of the first time buyer tax credit. The decline in sales is a natural result of that going away. Take that out of there, and look at the activity we have today, and it's really fairly positive. We do have Activity in the market! Consumer confidence seems to be increasing across America as 68% of potential homebuyers and sellers in a recent survey, believe that the real estate market and property values will recover in the next year or two. In addition, 86% of Americans believe real estate is a good investment despite the market volatility of the past few years!
Homes Sold last month were on the market an average of 124 days, versus 95 days in the same month a year earlier. The inventory of available homes in the Denver area fell by 3.4% last month from a year earlier, to 18,685 including single family homes and condos. The potential Seller's in the market seem to be more cautious and slow to come on the market, probably due to the fact that the average price also dropped last month by 2 percent for single family homes to $265,277 and condo resales were down 6 percent, to $155,656. The New home building activity was also down 43% from a year ago, with some caution to downward pressure in home prices from too much inventory. There is the whole question of a "shadow inventory." The shadow market is generally considered foreclosed homes owned by banks that have not yet hit the market, increasing the supply of unsold homes on the market. These distressed homes compete with other houses on the market!
Advice to Sellers:
Sellers in any real estate market are looking to get the best possible price. If you are looking to sell in the next year, today's price may well be the best price. Homes values stabilized somewhat in 2010. Many hoped that was a sign that values had bottomed out, but looking at a couple of recent reports it seems that a number of factors continue to dampen the recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on prices. We are hoping that renewed demand in Spring and Summer activity will reduce the downward pressure, not that prices will start to stabilize or increase, but reduce the pressure to drive prices lower.
Advice to Buyers:
Begin your home search today! The buying power for Buyer's today is almost unbelievable! As downward pressure is on the price of a home and value in the market is amazing, there is just as much upward pressure on mortgage interest rates and the potential for them to go up as the economy begins to grow. Home prices may lower a few thousand dollars still, but a small adjustment in interest rates may affect your buying power by tens of thousands. History has shown us as demand goes up, so do interest rates! Always remember that in any market the good homes will sell quickly, so if you like what you see, consider making that offer today before another buyer does.
AS OUR DAFODILS AND TULIPS BEGIN TO POP UP, SO WILL BEAUTIFUL HOMES! JUST LIKE A SPRING FLOWER THAT DOESN'T LAST VERY LONG, THE GOOD HOMES WILL COME AND GO QUICKLY TO!
All the best,
Kelli Lanphere
Posted at 11:06AM Mar 28, 2011 by Kelli in Real Estate | Comments[0]
Metro Denver Housing Market Poised for Rebound in 2011
As the old saying goes ... What goes around comes around. Projections for metro Denver's housing market in 2011 are reminiscent of the market in 1989. Twenty-two years ago, the Denver housing market was still reeling from the collapse of the energy markets and overbuilding as a result of oil prices hitting $65 a barrel. When oil prices collapsed to around $12, the housing market collapsed as well.
The Denver area was hammered by record foreclosures, people fleeing Colorado for better job opportunities, and bargain-basement real estate prices. Some predicted the housing market would never recover, but these "housing bears" were wrong on a grand scale.
Those who lived through previous real estate cycles, and metro Denver has experienced several, urged consumers to take advantage of the low prices, but many held out for even greater slides. Anyone who listened to veteran Realtors and other industry observes signed on the dotted line, and they could not have been happier.
In just two years, the market was not only back on its feet, it was enjoying the start of a bull housing market that peaked about 15 years later.
Today, prospective homebuyers have a virtual cornucopia of homes from which to choose. Interest rates continue to remain at levels that would be envied by nearly everyone during the past several decades.
The overall economy is showing signs of strength with retail sales picking up in 2010. The stock market also performed reasonably well last year, boasting its second consecutive annual gain. The worst of the unemployment debacle seems to be over, and modest gains are predicted for 2011.
During the first few months of 2011, the housing market may not exceed the sale levels of early 2010, due primarily to the end of national housing tax credits that fueled sales most of last year. However, as the year progresses and more jobs are created, home sales should follow suit.
Overall, the 2011 Denver-area housing market is positioned for growth, albeit on a marginal scale. Most consumers who ignored the pessimists in 1989 and bought a home were extremely pleased in 2001. Those who buy this year will very likely be happy in 2013.
Qualified buyers who decide to wait before jumping off the fence this year, may very well be kicking themselves in a couple of years. All things considered, now's the time for buyers to bite the bullet and buy a home or make a real estate investment.
Here's wishing You an Amazing Year!
All the Best,
Kelli Lanphere
Posted at 03:53PM Feb 01, 2011 by Kelli in Real Estate | Comments[0]
