December 2011 Home Sales | City & County of Denver
This is the most “green” or “sellers markets” we have seen in a long time! Part of this is because we just don’t have much on the market the other part is that sellers are getting their asking prices and their houses aren’t sitting too long before receiving an offer.
There is pent up demand. Being in the streets (working with buyers and talking to other agents) I am hearing that people are submitting offers and competing in almost every situation. We only have approximately 10,000 single family and condos/townhouses for sale. We haven’t had this little inventory since the 1990s and we had a lot few people living in our metro area. Wow!
Sellers, why wait? Spring into action now, while you don’t have competition and there is pent up demand.
If you are thinking of selling, give me a call or email me for a market report on your home. Let’s see if now is the time for you.
Living Denver,
The Denver Metro Area inventory of homes for sale has hit another low this month. We are at 12,100 homes and condos for sale. We haven’t had this little of inventory since the early 1990s.
Graph by Jan Bowland, The Berkshire Group, Realtors
As you look at the graph, there are a couple red bars indicating that there is a buyers market…80202 is primarily made up of Condos, so this really isn’t a buyers market, there just aren’t any Single Family Residences. The other two look like there might be some opportunities for Buyers.
Opportunity for Sellers: The trend is that people think they need to put their houses on the market in the spring because that is when people start looking. My experience this past 6 months is that people are ready, they are looking, they have lost out on a few great houses because they just couldn’t make a quick decision, so a house that is in great condition and has an individual seller (not a bank or short sales) is in high demand, they are selling quickly and have multiple offers. Sellers, don’t wait until the spring, there are buyers out there right now just waiting for you to put you place on the market. The average days on the market for the City and County of Denver is 84 days.
Buyers, when your guts tells you it is THE house, make the offer, do not hesitate. If for some reason it isn’t THE house, something will go wrong during the process and stop the sale. Trust your instinct and in this Denver housing market do not over think your decision and miss out on a great house. As long as you follow the contract and your dates, remember it is really hard to loose your earnest money, click here for a refresher on how to keep your earnest money safe.
The media and other Real Estate predictors are telling us we are expecting another slight downturn before we go back up, but remember when they are saying this they are talking about the country as a whole, Denver is experiencing a different scenario. Most communities across the country still have WAY too many houses on the market.
If you would like a market analysis on your property, email or call me.
Living Denver,
Thanks Jan Bowland, with The Berkshire Group, for compiling the data and creating the chart!
Click on the chart to make it larger.
A couple of things stand out when I took my first glance at this chart:
1. There are more “Seller’s Markets” than “Balanced or Buyer’s Markets” in the Denver Real Estate Market!
2. Only 97 Days on the Market
3. If we took out the distressed properties I wonder how much lower the days on market would be and I wonder how much lower the inventory would be! Why do I care? Because there are many buyers who do not want to wait months to hear from a bank and then wonder if they will ever be able to move in, they want to work with people who also want to move.
4. If you are thinking of selling, this is the time to start preparing. I will be doing a series on what to do to get your house sold in this market in the next couple weeks. Stay tuned. With hardly any competition, it is a great time to sell!
We are at an 11 year low in the Denver Metro Area housing inventory (15,794), we have less than half of the homes on the market than we did at our highest point in July 2006 when we had 31,989 units!
Remember this chart reflects the City and County of Denver and it is Residential units and does not include Condominium units. If you are interested in what is happening in your neighborhood (Denver or any of the surrounding neighborhoods), I’d be happy to run the numbers for you.
I’m looking forwarding to hearing from you!
Living Denver,
