Denver Real Estate Inventory Drops Almost 40% in 1 Year!

Incredible Opportunity for Sellers…

GREATER METROPOLITAN DENVER MARKET UPDATE 

Denver_Real_Estate_Market_Update_February_2012.pdf Download this file

REMAXPROSsnapshotmth012012.pdf Download this file

FEBRUARY, 2012

Market Metrics:

At January month end, the inventory of active listings, those homes for sale, represented only 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:                                                            

Active Inventory is 8,356 units at month end                       

Sold units is 1,993                                                     

Average Days on Market is 103                                

Median Sold Price is $218,855                                  

Average Sold Price is $272,328                                 

Condos:

Active Inventory is 2,087 units at month end

Sold units is 477

Average Days on Market is 108

Median Sold Price is $113,000

Average Sold Price is $146,544

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

Single Family:                                                           

Active Inventory 8,356 versus 13,714 (↓39%)          

Sold Units 1,993 versus 1,724 (↑16%)                      

Median Price $218,855 vs $225,000 (↓3%)               

Average Price $272,328 vs $277,922 (↓2%)             

Sales Volume $542M versus $479M (↑13%)            

Days on Market 103 versus 120 (↓14%)                    

Condos:

Active Inventory 2,087 versus 4,176 (↓50%)

Sold Units 477 versus 432 (↑10%)

Median Price $113,000 vs $124,995 (↓10%)

Average Price $146,544 vs $150,085 (↓2%)

Sales Volume $69M versus $64M (↑8%)

Days on Market 108 versus 123 (↓12%)

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

(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

(4) $0 to $99,999.

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) make sure home is super clean

(2) clear the clutter and unload some furniture

(3) prep your landscaping and

(4) add new touches everywhere if possible

Is it a great time for your home to be on the market!

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.

GREATER METROPOLITAN DENVER MARKET UPDATE

JANUARY, 2012

Market Metrics:

Active Listings inventory continues to decline, 13% month over month and 40% 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.

Denver_Real_Estate_Market_Update_January_2012.pdf Download this file

rmpmarketstatistics122011.pdf Download this file

Monthly Market Recap:

Single Family:                                                           
Active Inventory is only 8,854 units at month end               

Sold units is 2,531                                                     

Average Days on Market is 107                                

Median Sold Price is $230,000                                  

Average Sold Price is $275,610                                 

Condos:

Active Inventory is only 2,139 units at month end

Sold units is 625

Average Days on Market is 106

Median Sold Price is $120,700

Average Sold Price is $166,420

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

Single Family:                                                           

Active Inventory 8,854 versus 13,941 (↓36%)         

Sold Units 31,437 versus 30,777 (↑2%)                   

Median Price $230,000 vs $235,000 (↓2%)              

Average Price $279,858 vs $282,080 (↓1%)             

Sales Volume $8.8B versus $8.7B (↑1%)                 

Days on Market 105 versus 90 (↑17%)                     

Condos:

Active Inventory 2,139 versus 4,316 (↓50%)

Sold Units 7,950 versus 8,041 (↓1%)

Median Price $124,900 vs $136,000 (↓8%)
Average Price $159,141 vs $161,005 (↓1%)

Sales Volume $1.2B versus $1.3B (↓2%)

Days on Market 116 versus 98 (↑18%)

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 2^nd and the seller(s) accept an offer on January 22^nd, 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.

Advice to Sellers:

Welcome to 2012.  What changes can one expect in 2012? 

The year will start with the lowest inventory of unsold homes in a decade plus.

New home builders will have new models emphasizing efficiency, lifestyle, and a smaller footprint.  For some sellers, this will be competition that has not been seen for several years.

External influences will continue to impact the market; such as, employment, economy, and consumer confidence.

As a home seller, one must keep in mind that with the beginning of 2012: 

-          - Housing will be on the minds of many, because lots of people will be seeking housing.

-          - Rising rental rates will cause more to look at home ownership.

-          - Low rental vacancy rates will cause more to look at home ownership.

-          - Historically low mortgage rates will cause more to look at home ownership.

-         -  Overall, affordable housing prices will cause more to look at home ownership.

It is a great time for your home to be on the market with inventory levels at 10 year lows! 

Advice to Buyers:

The number of active listings, those homes available for sale, continues to be the lowest it has been in years.  Prioritize your 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.

Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.

GREATER METROPOLITAN DENVER MARKET UPDATE

JANUARY, 2012

Market Metrics:

Active Listings inventory continues to decline, 13% month over month and 40% 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.

Denver_Real_Estate_Market_Update_January_2012.pdf Download this file

rmpmarketstatistics122011.pdf Download this file

Monthly Market Recap:

Single Family:                                                           
Active Inventory is only 8,854 units at month end               

Sold units is 2,531                                                     

Average Days on Market is 107                                

Median Sold Price is $230,000                                  

Average Sold Price is $275,610                                 

Condos:

Active Inventory is only 2,139 units at month end

Sold units is 625

Average Days on Market is 106

Median Sold Price is $120,700

Average Sold Price is $166,420

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

Single Family:                                                           

Active Inventory 8,854 versus 13,941 (↓36%)         

Sold Units 31,437 versus 30,777 (↑2%)                   

Median Price $230,000 vs $235,000 (↓2%)              

Average Price $279,858 vs $282,080 (↓1%)             

Sales Volume $8.8B versus $8.7B (↑1%)                 

Days on Market 105 versus 90 (↑17%)                     

Condos:

Active Inventory 2,139 versus 4,316 (↓50%)

Sold Units 7,950 versus 8,041 (↓1%)

Median Price $124,900 vs $136,000 (↓8%)
Average Price $159,141 vs $161,005 (↓1%)

Sales Volume $1.2B versus $1.3B (↓2%)

Days on Market 116 versus 98 (↑18%)

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 2^nd and the seller(s) accept an offer on January 22^nd, 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.

Advice to Sellers:

Welcome to 2012.  What changes can one expect in 2012? 

The year will start with the lowest inventory of unsold homes in a decade plus.

New home builders will have new models emphasizing efficiency, lifestyle, and a smaller footprint.  For some sellers, this will be competition that has not been seen for several years.

External influences will continue to impact the market; such as, employment, economy, and consumer confidence.

As a home seller, one must keep in mind that with the beginning of 2012: 

-          - Housing will be on the minds of many, because lots of people will be seeking housing.

-          - Rising rental rates will cause more to look at home ownership.

-          - Low rental vacancy rates will cause more to look at home ownership.

-          - Historically low mortgage rates will cause more to look at home ownership.

-         -  Overall, affordable housing prices will cause more to look at home ownership.

It is a great time for your home to be on the market with inventory levels at 10 year lows! 

Advice to Buyers:

The number of active listings, those homes available for sale, continues to be the lowest it has been in years.  Prioritize your 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.

Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, and home affordability.

Denver Real Estate Inventory Drops 37% since 2011!

Incredible Opportunity for Sellers!

Great news!  The latest statistics and Supply vs Demand are attached. 

The months supply of inventory has decreased substantially as the number of homes on the market is down 37% from 2011.  

The Denver Real Estate Market started January 2011 with 13,900 Single Family Homes, and as of January 1, 2012 we had only 8,800!  Wow!

We are at or below 6 months of inventory in most areas all the way to approximately $400,000.  The Odds of Selling has increased a great deal as you will see that we don’t dip to a 50% chance of selling until approximately $750,000 in most areas!

Don’t miss your opportunity!

www.team-koz.com

Q4_AUS-AUN_11.pdf Download this file

Q4_BRM-NSC_11.pdf Download this file

Q4_DEP-DCW_11.pdf Download this file

Q4_DHL-ESS_11.pdf Download this file

Q4_DNE-DSE_11.pdf Download this file

Q4_DSW-DNW_11.pdf Download this file

Q4_EAST-NORTH_METRO_CONDOS_11.pdf Download this file

Q4_JFS-S._METRO_11.pdf Download this file

Q4_JFW-MOUNTAIN_11.pdf Download this file

Q4_JNC-JFN_11.pdf Download this file

Q4_JSC-JFC_11.pdf Download this file

Q4_SOUTH-WEST_METRO_CONDOS_11.pdf Download this file

Q4_NSW-NSC_11.pdf Download this file

Q4_SSC-SSE_11.pdf Download this file

Market Metrics:

The inventory of active listings at November month end hit another 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 situation.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 10,213 units at month end         

Sold units is 2,468                                                     

Average Days on Market is 99                                  

Median Sold Price is $230,300                                  

Average Sold Price is $275,951                                 

Condos:

Active Inventory is 2,421 units at month end

Sold units is 600

Average Days on Market is 105

Median Sold Price is $125,000

Average Sold Price is $153,526

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

Single Family:                                                           

Active Inventory 10,213 versus 15,232 (↓33%)        

Sold Units 28,906 versus 28,355 (↑2%)                    

Median Price $229,900 vs $230,250 (↔)                  

Average Price $280,230 vs $282,717 (↓1%)             

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

Days on Market 105 versus 89 (↑18%)                      

Condos:

Active Inventory 2,421 versus 4,649 (↓48%)

Sold Units 7,325 versus 7,439 (↓2%)

Median Price $125,000 vs $133,000 (↓6%)

Average Price $158,520 vs $160,533 (↓1%)

Sales Volume $1.1B versus $1.1B (↔)

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.

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 unless they have a preferred strategy going into the new year.  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.

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.

Market_Update_12112011.pdf Download this file

Stats.pdf Download this file