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How's the Denver Market?
April 2012
Market Metrics:
March was the month of “UP” in the Denver home market. While the inventory of homes for sale remained relatively stable, everything else was “UP” and the strength of the Denver home market continues to show its recovery. All indications are that this will be a strong year for the Denver home market. We are only weeks away from the start of the prime home selling/buying season.
March Year-to-Date Market Recap (2012 versus 2011):
Single Family Homes:
Active Inventory 8,303 versus 13,712 (↓39%)
Sold Units 6,746 versus 6,021 (↑12%)
Median Price $225,000 vs $220,000 (↑2%)
Average Price $276,702 vs $272,507 (↑2%)
Sales Volume $1.9B versus $1.6B (↑14%)
Days on Market 105 versus 120 (↓13%)
Condos:
Active Inventory 2,022 versus 3,995 (↓49%)
Sold Units 1,694 versus 1,573 (↑8%)
Median Price $120,000 vs $121,905 (↓2%)
Average Price $157,324 vs $155,946 (↑1%)
Sales Volume $267M versus $245M (↑8%)
Days on Market 101 versus 129 (↓22%)
MARCH, 2012 YTD HOME TRENDS:
The top four price ranges for sold Single Family homes are: (1) $200,000 to $299,999, (2)$300,000 to $499,999, (3) $150,000 to $199,999, and (4) $110,000 to $149,999.
The top three methods of financing a home purchase are: (1) Conventional financing, (2) FHA financing, and (3) Cash.
Advice to Sellers:
The Denver home market is weeks away from the prime home selling/buying time of the year. Is it time to take advantage of this prime home selling season to sell your home?
Establish your expectations as to home pricing, deferred maintenance needs, and the average amount of time required before your home can be sold. More and more prospective buyers rate Lifestyle as their top priority. With that being said, the prospective buyer is looking for a home that has everything they want and are not interested in doing renovation/home improvement after the purchase.
Sellers can improve their chances of getting a house sold by sprucing up the inside and out that will create that lasting first impression.
Advice to Buyers:
One may ask “Does buying a home really make better sense than renting?” While the answer is personal, one should take into consideration the four non-financial reasons people buy a home:
1) buyers' want a place to raise and educate their children
2) buyers' want a place where their family will feel safe
3) buyers' want to have plenty of living space
4) buyers' want to have control over the space.
Home affordability has never been better. In the market to purchase a home, here is a list of things to consider when preparing for homeownership: decide what you can afford, develop your home wish list, select where you want to live, start saving, get your credit in order, determine your mortgage qualifications, get pre-approved, weigh the sources of your down payment, and calculate the costs of homeownership.
As with any time, feel free to get in touch with me to help you assess your real estate needs and potential. I'm an information provider--it's my job to give you the details you need to be successful with your real estate future.
Good buying! Good Selling!!
Laura
303-906-8455
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