DENVER REAL ESTATE MARKET UPDATE – MAY 2011
Posted by rlb09The April 2011 month end inventory of unsold homes was at 19,553 units, up 1% from last month and down 9% from April, 2010. The inventory of unsold homes will continue to increase in the coming months. Now is a great time for prospective sellers to discuss listing their home as Denver is in the prime selling/buying season.
4,749 units were placed under contract in April, up 33% from March and down 28% from April, 2010. Please note that in April 2010, the First Time Home Buyer Tax Credit effectively expired. As such, the April, 2010 market saw buyers create a frenzy situation by placing multiple offers on multiple homes in order to insure use of the federal program.
3,429 units sold/closed in April, up 7% from March and down 18% from April, 2010. Please see the above note to appreciate the impact of the First Time Homebuyer Tax Credit program last year. In review, the first time home buyer/move-up buyer needed to have the home under contract by end of April and closed by June 30th. The June date was later changed to September 30th to take into consideration the extended time period required to close a distressed property.
Residential average prices, $248,991 for 04/2011, decreased slightly month over month and year over year.
Single Family average price at $271,969 decreased slightly month over month and year over year. 41% of the Single Family properties sold/closed in April were under $200,000 and 27% were in the $200,000 to $300,000 price range.
Condo average price at $158,438 decreased slightly month over month and year over year. 37% of the Condo properties sold/closed in March were under $100,000 and 74% were under $200,000.
Condo median prices increased 1% to $121,200 in 04/2011 when compared to 03/2011 and decreased 13% from $139,700 in 04/2010.
Single Family median prices decreased 1% to $222,000 in 04/2011 when compared to 03/2011 and decreased 3% from $230,000 in 04/2010.
The leading counties for number of home sales in the Denver market were: Denver, Arapahoe, and Jefferson.
On average a homeowner sells their existing home every six (6) years.
Advice to Sellers:
Establish your expectations as to home pricing, deferred maintenance needs, and the average amount of time required before your home can be sold. Denver is in the prime home selling season. It is time to take advantage of the summer home selling season to sell your Denver home while buyer activity is at its peak.
Talk to us today so we can guide you through the home selling process.
Advice to Buyers:
Rental rates continue to increase and availability of rental properties continue to decrease. Denver continues to be a great market for first time home buyers.
As we move into the prime home selling/buying time of the year, more and more buyers will be entering the market. Establish your personal expectations of Denver home ownership benefits and costs.
One may ask “Does buying really make better sense than renting?” While the answer is personal, one should take into consideration the results of a recent Fannie Mae National Housing Survey which shows that forgetting the finances for a minute, four of the biggest reasons people buy a home have nothing to do with money: they want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over the space.
Talk to us today about the benefits of home ownership.
If you’re considering buying a Denver home, our team of real estate experts at Bandy Homes can answer your questions and show you some beautiful homes in Denver, Colorado and terrific houses in Parker – a close-knit community in Douglas County, including the different levels of living with homes in Stonegate Village. You might also want to consider our neighboring communities for Denver Metro Area homes, including homes in Centennial, Colorado’s newest major city in the south Denver metro area.
Marianne Bandy
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