How Hot is Denver Real Estate?
- May 2015 has the lowest May inventory of single family and condo recorded for the last 30 years. Total Active listings today is reporting 6149 compared to 7266 12 months ago.
- Due to the lower inventory, the number of closed properties has decreased 8% from April 2014. This year there were 4416 Single Family and Condo’s closed compared to 4798 one year ago.
- Single Family homes closed, decreased by 10% over last April. This is a continuing trend considering buyers have the lowest interest rates in 50 years. Why are the sales decreasing? Primarily due to sellers not willing to enter the market as they have equity for the first time in 8 years, they have low mortgage payments dues to interest rates and the value of their homes are increasing.
- The average price of a single family home today is $402,302 compared to $361,032 one year ago. An 11% increase.
- The average price of a condominium is $256,589 today compared to $226,252 one year earlier or an increase of 13%.
- The Days on the Market has decreased 31% over one year ago and today stands at 24 days on the market.
What Should Buyers Do in Today’s Market?
- Be Ready To Buy! Homes below $500,000 are moving quickly.
- Know you will not have much room for negotiations during inspections. Understand the condition of your new purchase very well.
- Real estate is a very localized product to neighborhoods. Study the data from the area you want to live and compare the research for that neighborhood over time to understand the trends.
What Should Sellers do in Today’s Market?
- Be positioned as the best conditioned home. You will get top dollar this way.
- Appraisals haven’t yet caught up with the buyer willingness to pay higher than list prices. Have a strong strategy to get your home appraised before taking it off the market on the highest offer.
- It’s May, make your home front sparkle from the street to attract the most traffic as best you can.
Want to learn more, contact Tim at 303.669.2676