Ooooooweee!! This Denver Colorado real estate market has been bananas. I realized it has been a little while since I sent a market update and you may be wondering “what’s the deal with the Denver Real Estate market?” Is it getting better or what?
Well…..the nitty gritty numbers are to the right. For the stat geeks they will love it….but for the folks with shorter attention spans (like me :)…..here is what’s going on!
There are 18% less homes for sale than 1 year ago
Fewer sellers are deciding to sell…..and there are fewer foreclosures too…..so this is great sign for sellers….and a bad sign for buyers. When supply goes up, prices go down….but when supply goes down…..prices start to go…..you guessed it….UP!!!
Sales are UP 6% from last month but down 10% from a year ago
Things picked up in July and will continue through August until school starts.
List vs Sale Price is 98% for July
This means that homes are selling closer to list price, almost at 98% of list price now. That is a big difference as last year it was about 96.5%. The media is saying things are still slow….but I’m telling you….sellers are starting to get more control and buyers are having fewer great deals to choose from that are in good move in condition. The days of low balling $50k below a list price are over my friends. Things are a changing…….trust me……and many buyers or ours in the mid $250k or less price range are seeing mulitple offers…seriously.
Bottom line….prices are starting to stabilize a bit..especially in the under $250k price range. Buyers are chomping at the bit to close before the First Time Home Buyer Tax Credit deadline of November 31st and interest rates continue to be obsurdly low. Buyers are also getting tired of waiting around for short sales and dealing with foreclosures where many are in poor condition. Many buyers want move in ready homes and the tide is definitely shifting….at least here in our Denver market. Here’s to a great 3rd quarter for 2009!!!!
Oh by the way…if you or someone you know is thinking about buying or selling a home, please give me a call with their name and number and I would be happy to follow up with them for you. I hope this was helpful and please call or email me if you have any questions or I can help you in any way!
Mike – 303-669-2744