GREATER METROPOLITAN DENVER MARKET UPDATE

 Market Metrics:

The inventory of active listings at November month end hit a new low at 12,634 units, a decline of 11% month over month and 37% 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

November Year-to-Date Market Recap (2011 versus 2010):

 Single Family:                                                                                                   Condos:

Active Inventory 10,213 versus 15,232 (↓33%)                         Active Inventory 2,421 versus 4,649 (↓48%)

Sold Units 28,906 versus 28,355 (↑2%)                                   Sold Units 7,325 versus 7,439 (↓2%)

Median Price $229,900 vs $230,250 (↔)                                   Median Price $125,000 vs $133,000 (↓6%)

Average Price $280,230 vs $282,717 (↓1%)                            Average Price $158,520 vs $160,533 (↓1%)

Sales Volume $8.1B versus $8.0B (↑1%)                                 Sales Volume $1.1B versus $1.1B (↔)

Days on Market 105 versus 89 (↑18%)                                    Days on Market 117 versus 95 (↑23%)

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 Chris Plant to better understand your specific real estate market.

GREATER METROPOLITAN DENVER MARKET UPDATE

DECEMBER, 2011

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 Chris Plant 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 Chris Plant 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 Chris today about your Lifestyle preferences, the benefits of home ownership, and home affordability.

CALL CHRIS PLANT TODAY ABOUT ANY OF YOUR REAL ESTATE NEEDS

©2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed