Want to know what’s really going on in our Denver Colorado Real Estate market for so far in 2013? Here is my January 2013 Market Watch so you know what’s going on.
Trends for December 2012/January 2013 in Denver Metro Real Estate:
# HOMES FOR SALE (INVENTORY ) DROPS HUGE (AGAIN!)- DOWN 13% From Last Month (7,706 homes for sale vs 8,847 in November 2012)
- In December, inventory took another HUGE DIP and there are only 7,706 homes for sale now. This is not the normal Holiday dip. In fact, when comparing to last December, the # HOMES FOR SALE IS DOWN 30%!!!! In November 2012 there were only 8,847 homes for sale which was already down 10% from October 2012.
WHAT DOES THIS MEAN: Buyers are clammering to get their offer in first and get it accepted over other buyers. Multiple offers are common. Buyers now are often willing to pay more than the home will appraise for, which is presenting it’s own set of challenges)
AVERAGE SOLD PRICE UP 1.5% FROM LAST MONTH….AND UP 14% FROM December 2011
- Average sold price is $289,900 for December and $231,500 for all of 2012 YTD.
WHAT DOES THIS MEAN: I still stand behind my prediction that more sellers will likely hit the market as they can sell for the price they are hoping/needing. This likely will happen by spring 2013.
AVG DAYS ON MARKET = 73 DAYS ( DOWN 31% FROM LAST YEAR….UP 4% FROM LAST MONTH)
Totals for all of 2012 YTD are displayed below:
# SOLD HOMES DOWN 8% FROM LAST MONTH…..BUT UP 7% FROM LAST YEAR
- Active homes are DOWN a lot (almost 30%), but Sold Homes are UP….which is creating the price increases we are seeing. This will lead to more sellers once they can get the price they want….and this is when the market may normalize and not be so skewed towards sellers. Only time will tell!
IN SUMMARY – WHAT CAN WE EXPECT FOR THE REST OF 2012?
Last month I said we are poised for a strong spring season because we won’t have the glut of inventory we often see coming out of the New Year. The questions remain: Will the buyer level remain strong this spring? Will the demand increase as fast as inventory levels as more sellers list? We will see. New Home builders think so as they are all scrambling to build as fast as they can. We will see if they are right. My guess – as long as rates stay low (which I believe they will) the demand will be there. BUT…inclining prices may create a slow down come mid year as the market starts to correct.[mbb_widget id=”MBBv3_ContactUs” widget_id=”4978″]