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Marianne Bandy's Denver Homes Blog

Items of Interest to Buyers & Sellers of Denver Real Estate

By Marianne Bandy | Broker in Parker, CO
  • METRO DENVER REAL ESTATE MARKET UPDATE AUGUST 2013

    Posted Under: Market Conditions in Englewood  |  August 22, 2013 9:29 AM  |  981 views  |  No comments

    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

    www.BandyHomes.com



     

     

  • METRO DENVER REAL ESTATE MARKET UPDATE JULY 2013

    Posted Under: Market Conditions in Parker  |  July 30, 2013 1:12 PM  |  1,156 views  |  No comments

    Overview

    Summer is in full swing and so is the Denver real estate market. The market is continuing to be very active with solid Buyer confidence even with rising interest rates. However, we are starting to see and follow some new trend lines!  

    We have had declining Residential Inventory for approximately 6 years, and we have finally turned the corner and are on our way back up.  This will be the third straight month we’ve seen more listing inventory.

    We have also broken some record barriers with average sold prices for Single Family homes in the Metro Denver Area Year to date!  You will see the average price of $328,000.  That is the highest we have ever had! 


    Market Metrics:

    By the numbers, the inventory of available homes for sale is 9,187 homes at June month end;

    7,645 homes came onto the market, 7,420 homes were placed under contract, and 5,566 homes closed for a closed dollar volume of $1.77 Billion. June traditionally starts slow and then proceeds to finish strong.  Home prices and mortgage interest rates are rising.


    Monthly Market Recap: (See Graphs at end of this article)

    Single Family:                                                            Condos:

    Active Inventory is 7,558 homes at month end          Active Inventory is 1,629 homes

    Sold homes is 4,433                                                    Sold homes is 1,133

    Average Days on Market is 43                                    Average Days on Market is 43

    Median Sold Price is $290,000                                   Median Sold Price is $164,950

    Average Sold Price is $349,339                                  Average Sold Price is $198,04

    June Year-to-Date Market Recap (2013 versus 2012):

    Single Family:                                                            Condos:

    Active Inventory 7,558 versus 9,074 (↓17%)       Active Inventory 1,629 versus 1,851

    Sold Units 20,970 versus 17,628 (↑19%)             Sold Units 5,228 versus 4,232

    Median Price $275,000 vs $245,500 (↑12%)   Median Price $157,900 vs $134,957

    Average Price $328,427 vs $298,075 (↑10%)   Average Price $191,744 vs $170,799

    Sales Volume $6.9B versus $5.3B (↑31%)         Sales Volume $1.0B versus $723M

    Days on Market 59 versus 89 (↓34%)               Days on Market 55 versus 89

    Market Facts:

    The inventory of homes available for sale continues to increase for the third consecutive month. Buyer demand remains strong even though interest rates are increasing.

    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 2.2 month supply and Condos have a 1.9 month supply.

    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 Real Estate market is healthier than it has been in years and it is continually changing.  Is now the right time for you to sell your home?

    Two questions – First, if you decide to sell your home, is your home ready for the current market such that you will maximize top market value?  Second, if you decide to sell your home, what will you do once the home is sold?

    A seller’s home is unique and each and every prospective home buyer is unique.  With that being said, as a seller, have you done everything needed to prepare your home for being on the market and selling during this prime season?

    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 any upgrades?

    While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home. Real Estate is local; contact me to discuss the options available to you.

    Advice to Buyers:

    Home Buyer, what should you do?  That is the question of the day. Should you participate and move forward to purchase a home or should you wait until a later date?  Is now the right time for you to become a homeowner?  What is and what will be the impact of rising interest rates?

    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.

    Call me today to discuss your Lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2013, and home affordability.

    The Bandy Team is here to help with all your real estate needs. We can help you buy or sell a home in Denver. Contact the Bandy Team to see what we can do for you! We can show you some terrific property in Centennial, including homes in Washington Park, or some beautiful homes in Parker.

    Until Next Time,

    Marianne Bandy

    The Bandy Team

    RE/MAX Professionals - Denver, CO

    "From Our Heart to Your Home"


    720-870-0862

    www.BandyHomes.com



  • METRO DENVER REAL ESTATE MARKET UPDATE JUNE 2013

    Posted Under: Market Conditions in Littleton  |  June 28, 2013 2:37 PM  |  610 views  |  No comments


    Overview

    The big news is the trend lines are changing, and for the first time in over two years, housing inventory is actually increasing.  Notice the inventory graphs are heading back up (see graphs at end of article), and probably will for some time.  We are feeling that this is very healthy for our market as our buyers have more to look at and we are headed to a more balanced market for buyers and sellers. 

     

    Market Metrics:

    By the numbers, the inventory of available homes for sale is 8,214 homes at May month end.  8,093 homes came onto the market, 7,252 homes were placed under contract, and 5,665 homes closed for a closed dollar volume of $1.7 Billion.  School is out and the traditional prime home selling and home buying season is in full swing.

    Monthly Market Recap: (See graphs at end of this article)

    Single Family:                                                            Condos:
    Active Inventory is 6,738 homes at month end          Active Inventory is 1,476 homes

    Sold homes is 4,540                                                    Sold homes is 1,125

    Average Days on Market is 49                                   Average Days on Market is 46

    Median Sold Price is $280,000                                   Median Sold Price is $163,000

    Average Sold Price is $335,776                                  Average Sold Price is $198,612


    May Year-to-Date Market Recap (2013 versus 2012):

    Single Family:                                                            Condos:

    Active Inventory 6,738 versus 8,705 (↓23%)             Active Inventory 1,476 versus 1,886 (↓22%)

    Sold Units 16,537 versus 13,647 (↑21%)                   Sold Units 4,095 versus 3,309 (↑24%)

    Median Price $270,000 vs $240,000 (↑13%)              Median Price $155,000 vs $131,500 (↑18%)

    Average Price $322,821 vs $290,368 (↑11%)            Average Price $190,002 vs $167,793(↑13%)

    Sales Volume $5.3B versus $3.9B (↑35%)                 Sales Volume $778M versus $555M (↑40%)

    Days on Market 64 versus 94 (↓32%)                         Days on Market 58 versus 94 (↓38%)


    Market Facts:

    The inventory of homes available for sale increased in May by 1,269 homes which is a benefit to the entire Denver resale home market.

    Buyer demand continues as well as multiple offers that are becoming more creative every day.

    Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.02 month supply and Condos have a 1.79 month supply.

    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:

    School is out and the traditional prime home selling and home buying season is in full swing.  While there are more homes available for sale at May month end than previously throughout the year, a seller needs to be prepared for the very active Denver home market.

    A seller’s home is unique and each and every prospective home buyer is unique.  With that being said, as a seller, have you done everything needed to prepare your home for being on the market and selling during this prime season?

    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?  Since selling a home is not an everyday activity, a seller needs to look to a professional for assistance for these and other questions.

    While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.  Real Estate is local; contact me to discuss the options available to you.


    Advice to Buyers:

    School is out and the traditional prime home selling and home buying season is in full swing.  While there are more homes available for sale at May month end, other factors have an impact on the market.  Interest rates are rising and new mortgage guidelines have been implemented.

    Know what you want in a home, where you want to live, and what price range you can afford.

    Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared for the speed of the market and manage your expectations in order to timely participate in the Denver home buying market.

    Call me today to talk about your Lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2013, and home affordability. 

    The Bandy Team is here for all of your real estate needs. We can help you buy or sell a Denver home. Contact the Bandy Team to see what we can do for you! If you’re thinking about buying a Denver home, we can show you some terrific property in Denver, including homes in Littleton and real estate in Greenwood Village. You may also be interested in homes in Englewood or real estate in Cherry Hills Village.

    Until Next Time,

    Marianne Bandy

    The Bandy Team

    RE/MAX Professionals - Denver, CO

    "From Our Heart to Your Home"


    720-870-0862

    www.BandyHomes.com



  • METRO DENVER REAL ESTATE MARKET UPDATE MAY 2013

    Posted Under: Market Conditions in Littleton  |  May 23, 2013 9:38 AM  |  568 views  |  1 comment

    Overview:

    We are in a unique time when we have almost the same amount of homes go Under Contract that come on the market each month!  Wow!  But, for the first time in almost a year, the trend line for Inventory is slightly going up instead of down!  I believe we will start to see a trend to a more balanced market, but it will take some time to get there.  Many homes are selling very quickly with multiple offers, while others sit and don’t get many showings or no contracts!  The difference is professional guidance.  Let us be your guidance!

    Market Metrics:

    By the numbers, the inventory of available homes for sale is 6,945 homes at April month end, 6,892 homes came onto the market, 6,855 homes were placed under contract, and 4,714 homes closed for a closed dollar volume of $1.4 Billion.  Prices are up 5% in the Denver Metro area from last month, and 12% from this time last year, putting average Denver home prices at levels not seen since their 2006 peak.

    Monthly Market Recap:  (See Graphs at End of This Article)

    Single Family:                                                            Condos:
    Active Inventory is 5,662 homes at month end          Active Inventory is 1,283 homes

    Sold homes is 3,798                                                    Sold homes is 916

    Average Days on Market is 56                                   Average Days on Market is 52

    Median Sold Price is $280,000                                   Median Sold Price is $163,500

    Average Sold Price is $336,123                                  Average Sold Price is $196,966

    April Year-to-Date Market Recap (2013 versus 2012):

    Single Family:                                                            Condos:

    Active Inventory 5,662 versus 8,353 (↓32%)             Active Inventory 1,283 versus 1,901 (↓33%)

    Sold Units 11,997 versus 9,879 (↑21%)                     Sold Units 2,970 versus 2,452 (↑21%)

    Median Price $266,000 vs $233,000 (↑14%)              Median Price $152,000 vs $128,000 (↑19%)

    Average Price $317,919 vs $283,682 (↑12%)            Average Price $186,740 vs $163,787(↑14%)

    Sales Volume $3.8B versus $2.8B (↑36%)                 Sales Volume $554M versus $402M (↑38%)

    Days on Market 69 versus 100 (↓31%)                       Days on Market 62 versus 98 (↓37%)

    April Market Facts:

    Over 50% of the homes available for sale were on the market less than seven (7) days.

    After nine months of inventory decline, the inventory of homes available for sale increased 4%.

    Multiple offers are now the norm and on occasion lead to bidding wars.

    Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 1.73 month supply and Condos have a 1.59 month supply.

    Consumer confidence increases in April to 68.1 up from 61.9 in March.

    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:

    Current media headlines proclaim “Denver Home Prices Soar As Buyers Battle It Out In Bidding Wars”.  What does this mean to you as a seller?

    The Denver home market is experiencing a speed in the market that has never been experienced in recent memory.  Homes are coming onto the market and within days are under contract.  In the short period of time while the home is available for sale, it is not uncommon for the property to have multiple showings resulting in multiple offers.

    In today’s market, here are some questions that a seller should be prepared to answer:

    What is my home worth?

    What is the impact of multiple offers?

    What are creative offers?

    How do I evaluate multiple offers?

    Each and every one of the above questions needs to be answered.  Since selling a home is not an everyday activity, a seller needs to look to a full time professional for assistance.

    The overall advice to sellers is the same as to buyers.  Research your priorities, know your objectives, be prepared, and manage your expectations in this market.

    While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home. 

    Real Estate is not only local, but hyper-local to your neighborhood.  Contact me to discuss the options available to you.

    Advice to Buyers:

    New home builders remain an alternative to the resale home market. Made sure you have your own representation from a Professional Realtor before going to the builder’s sales office.  The salespeople work for the builder and have their interests in mind, not yours.  It doesn’t cost you a thing to have us represent you. Our commission is paid by the builder.

    Know what you want in a home, where you want to live, and what price range you can afford.

    Be prepared for the speed of the market with low inventory and multiple offers. You may not get the first house you make an offer on.

    Manage your expectations in order to timely participate in the home buying market.

    Make sure you are pre-approved for a loan so you can move quickly.

    Talk to me today about your lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2013, and home affordability. 

    The Bandy Team is here for all of your real estate needs. We can help you buy or sell a Denver home. Contact the Bandy Team to see what we can do for you! If you’re thinking about buying a Denver home, we can show you some terrific property in Denver, including homes in Littleton and real estate in Highlands Ranch. You may also be interested in homes in Parker, or real estate in Cherry Hills Village.


    Until Next Time,

    Marianne Bandy
    The Bandy Team
     
    RE/MAX Professionals - Denver, CO 
    "From Our Heart to Your Home" 

    303-746-7799 cell
    www.BandyHomes.com



  • METRO DENVER REAL ESTATE MARKET UPDATE APRIL 2013

    Posted Under: Market Conditions in Denver County  |  April 25, 2013 11:30 AM  |  403 views  |  No comments


    Market Metrics:

     

    The story continues to be a major lack of inventory!  In the second table below, look at how the average days on the market continues to fall, and more importantly, the Median Price has increased, in some cases more than 20%!

    By the numbers, the inventory of available homes for sale is 6,682 homes as of March month end. 5,836 homes came onto the market, 5,976 homes were placed under contract, and 4,333 homes closed for a closed dollar volume of $1.28 Billion.  The prime home selling and home buying season is here and the most recent market recaps show the results.

    Monthly Market Recap:  (See Charts at End of Article)

    Single Family:                                                            Condos:
    Active Inventory is 5,445 homes at month end          Active Inventory is 1,237 homes

    Sold homes is 3,493                                                    Sold homes is 840

    Average Days on Market is 68                                   Average Days on Market is 61

    Median Sold Price is $268,200                                   Median Sold Price is $154,000

    Average Sold Price is $319,366                                  Average Sold Price is $195,377

    March Year-to-Date Market Recap (2013 versus 2012):

    Single Family:                                                            Condos:

    Active Inventory 5,445 versus 8,303 (↓34%)             Active Inventory 1,237 versus 2,022 (↓39%)

    Sold Units 8,199 versus 6,746 (↑22%)                       Sold Units 2,054 versus 1,694 (↑21%)

    Median Price $260,000 vs $225,000 (↑16%)              Median Price $148,050 vs $120,000 (↑23%)

    Average Price $309,486 vs $276,702 (↑12%)            Average Price $182,180 vs $157,324(↑16%)

    Sales Volume $2.5B versus $1.9B (↑36%)                 Sales Volume $374M versus $267M (↑37%)

    Days on Market 75 versus 105 (↓29%)                       Days on Market 67 versus 101 (↓34%)

    March Market Facts:

    March was a great month for the Greater Denver resale home market.

    For the ninth straight month, the inventory of homes available for sale declined.

    Buyer demand continues and multiple offers are now the norm.

    Overall, the Denver real estate  market has less than a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 1.69 month supply and Condos have a 1.56 month supply.

    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 prime home selling season is here and overall Denver is experiencing a “sellers market” due to the low levels of homes available for sale, limited availability of new home construction, low interest rates, and high home buyer demand.

    Let’s take a look at the question – “Is now the right time to sell my home?”

    This is a very personal question that needs to be researched, reviewed, and thought through.

    The Denver home market is experiencing historic low levels of homes available for sale.  Some of the reasons can be identified as seller hesitancy, some can be identified as a lack of understanding as to the homeowner’s equity position, and some can be noted as the belief that the future looks brighter than today.  Additionally, let’s consider the fact that prospective home seller’s know that more than likely they will sell their home quickly and they may not have someplace else to live.  Alternative living arrangements is an item that needs to be thought about prior to selling the home.

    The overall advice to sellers is the same as to buyers.  Research your priorities, know your objectives, be prepared, and manage your expectations in this market.

    While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests the need for professional assistance in selling the home.  Real Estate is local, contact me to discuss the options available to you.

     

    Advice to Buyers:

    Know what you want in a home, where you want to live, and what price range you can afford.

    Be prepared for the speed of the market due to low inventory and multiple offers.

    Make sure you are pre-approved for a loan and have a lender letter ready to submit with offers.

    Manage your expectations in order to timely participate in the home buying market.

    Talk to me today about your lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2013, and home affordability.

    Are you ready to buy or sell a home in the Denver area? Contact the Bandy Team to see what we can do for you! We would love to show you some terrific properties in Centennial, homes in Highlands Ranch, or real estate in Parker.

    Until Next Time,

    Marianne Bandy
    The Bandy Team
     
    RE/MAX Professionals - Denver, CO 
    "From Our Heart to Your Home" 

    303-746-7799 cell
    www.BandyHomes.com



  • Denver Housing Market Ends 2012 On A Strong Note

    Posted Under: Market Conditions in Denver County  |  February 10, 2013 5:39 PM  |  418 views  |  No comments
    The housing market in Denver ended 2012 on a strong note according to data released from Denver Metrolist®, 2012. The number of homes on the market reached historically low levels and buyer demand helped increased the median sale price of homes in Denver. 2012 ended with a 9% increase in the average sale price of homes when compared to 2011 year-end numbers.

    With the current home sales rate in the Denver area there remains less than a two-month supply of homes on the market. Now is the perfect time to put your Denver home up for sale. Take advantage of the tight competition of ready buyers in the Denver real estate area.

    "Overall, Denver was a definite bright spot for real estate on the national landscape," said Kirby Slunaker, Metrolist President. “The close of 2012 saw an impressive double-digit growth in home sales - up 18% from 2011."

    "Available inventory on REcolorado, our consumer website, closed the year at historic lows. We expect buyer demand to remain high in 2013, which is good news for sellers," Slunaker noted. "Prices returned to pre-recession levels and we're optimistic that Denver homes will continue this upward pricing trend throughout the year."

    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 Denver home, we can show you some terrific property in Denver, including homes in Denver Highlands and real estate in Washington Park (also known as Wash Park). You may also be interested in real estate in Parker, including a wide variety of  property in Stonegate.

    Until Next Time,

    Marianne Bandy
    The Bandy Team
     
    RE/MAX Professionals - Denver, CO 
    "From Our Heart to Your Home" 

    303-746-7799 cell
    www.BandyHomes.com

  • METRO DENVER REAL ESTATE MARKET UPDATE JANUARY 2013

    Posted Under: Market Conditions in Denver  |  January 25, 2013 6:38 AM  |  444 views  |  No comments

    METRO DENVER REAL ESTATE MARKET UPDATE

    JANUARY 2013

    Denver Real Estate Market Metrics:

    By the numbers, the inventory of available homes for sale in Denver was 7,706 homes at December month end; 2,684 homes came onto the market, 3,090 homes were placed under contract, and 3,400 homes closed for a closed dollar volume of $986 Million.  It is now 2013 and the home buyer demand seen throughout 2012 continues into 2013. But buyers are having a tough time finding good quality homes to purchase. This is causing prices to rise.  Median home prices were up 9% again in December compared to a year ago, which is a continuation of a trend we have seen for several months now.  If you’ve been thinking of selling, now may be a great time!

    Monthly Market Recap: (Graphs follow at end of article)

    Single Family:                                                            Condos:
    Active Inventory is 6,366 homes at month end          Active Inventory is 1,340 homes

    Sold homes is 2,725                                                    Sold homes is 675

    Average Days on Market is 75                                   Average Days on Market is 67

    Median Sold Price is $255,000                                   Median Sold Price is $142,000

    Average Sold Price is $315,451                                  Average Sold Price is $186,877

    December Year-to-Date Market Recap (2012 versus 2011):

    Single Family:                                                            Condos:

    Active Inventory 6,366 versus 8,854 (↓28%)             Active Inventory 1,340 versus 2,139 (↓37%)

    Sold Units 37,164 versus 31,437 (↑18%)                   Sold Units 9,135 versus 7,950 (↑15%)

    Median Price $250,000 vs $230,000 (↑9%)                Median Price $142,000 vs $124,900 (↑14%)

    Average Price $304,178 vs $279,858 (↑9%)              Average Price $179,616 vs $159,141(↑13%)

    Sales Volume $11.3B versus $8.8B (↑28%)               Sales Volume $1.6B versus $1.3B (↑30%)

    Days on Market 77 versus 105 (↓27%)                       Days on Market 77 versus 116 (↓34%)

    December Market Facts:

    At December month end, the inventory of homes available for sale in the Denver market continued to decline.  With this in mind, the Month’s Supply of Inventory is 2.06 months for Single Family and 1.76 months for Condos.  Month’s Supply of Inventory is calculated by taking the last twelve months homes sold numbers and calculating an average.  This number is then divided into the month end inventory to produce the Month’s Supply of Inventory.

    Real estate is local.  While the above is a representation of the Denver housing market as a whole, please contact me to better understand your specific local market.  

    Advice to Denver Home Sellers:

    It is a new year.  Thinking of selling your metro Denver home?  Where do you begin?  Well, let’s begin with the basics.  Take an objective look at your home as if you were a homebuyer.  What catches your attention?  Is that impression positive?  Next look at the competition and note any differences between your home and the competition.

    2013 hot home trends include:  smarter, less costly automated controls, outdoor living room and screened porches, outdoor kitchen, vegetable garden, themed designs, new neutrals and color pop, more double duty furnishings, lighter look, energy and water efficiency, and handcrafted elements.  The latest kitchen trends include:  modern style, tucked away appliances, increased and improved lighting, supersized kitchen island, neutral color scheme, fancy appliances, decorative range hood, and glass backsplashes.

    Buyer demand continues and the inventory of homes available for sale continues to decline.  While this can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance is crucial in selling the home.

    Contact me to discuss the marketing options available to sell your metro Denver home.

    Advice to Denver Home Buyers:

    The inventory of available homes is the lowest it has been since 1993 and buyer demand remains strong and constant.  What is a buyer to do?

    Do your homework and be prepared.  Determine what you want and your priorities.  Mortgage interest rates remain low; but loan qualification requirements have not loosened up.  Talk to a mortgage loan originator to learn what you can qualify for.  We have several great lenders we can recommend. Determine where you want to live, your lifestyle preferences, and your home preferences. Be prepared to act quickly. Great condition homes that are priced well don’t last long!

    Talk to me today about your lifestyle preferences, the benefits of home ownership, Denver homes available for sale, buying a home in 2013, and home affordability. 

    Are you ready to buy or sell a home in the Denver area? Contact the Bandy Team to see what we can do for you! We’re happy to answer any questions you may have about metro Denver. We would love to show you some terrific properties in Englewood, homes in Franktown, or real estate in Aurora.

    Until Next Time,

    Marianne Bandy
    The Bandy Team
     
    RE/MAX Professionals - Denver, CO 
    "From Our Heart to Your Home" 

    303-746-7799 cell
    www.BandyHomes.com

     

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