Debt Ceilings. Financial Crisis. Chicken Little. Ok, I don’t mean to sound insensitive, but before we think life as we know it is over, perhaps we should get some perspective on how the LOCAL Denver Metro Real Estate Market is doing so far in 2011. Well, you are in luck…that’s my job. Here is life as I see it in the local Denver Real Estate market as of August 2011.
For you “skimmers” that say “just the facts, mam”, here ya go! Here are 2011 YEAR TO DATE numbers compared to a year ago in 2010.
- New Listings Down 33%
- Sold Listings Down 12%
- Median Sold Price Up 1% (and up 9% from 2009)
- Days on Market Up 36%
New Listings Down 33%
This is quite telling of the current Denver metro real estate market. A tremendous amount of homeowners are not putting their homes on the market. The sellers who are listing their home are serious. They know times are a bit tougher and most are only listing their home if they need to move. Very few are just “trying” the market. This is actually good news for sellers. They have 33% LESS COMPETITION!
Sold Listings Down 12%
So if there are 33% LESS homes for sale, we would expect the number of homes sold to be down even more right? Well….NOPE! The # of homes sold is only down 12%. I think this is rather encouraging.
Median Sold Prices Up 1% (and 9% from 2009)
This is also an interesting indicator. Price increases have slowed, but are up almost 10% from 2009. It appears the lowest prices are behind us based on the data.
Days on Market Up 36%
It’s taking longer to get homes sold in the Denver metro real estate market right now. In fact, its up to almost 120 days. What is even more interesting is if we dive in the hard numbers, the majority of homes that sell either do so within the first 30 days or else at 120 days or more! So….the lesson here is to price it right when you first go on the market, have it in show home condition, and have an aggressive marketing plan for those first 30 days on market.
Other Interesting Indicators
• Agents are doing a better job at matching buyers and homes. The average number of homes that buyers were shown prior to making a purchase was 9 in 2011, down from 17.5 in 2010.
• Average number of home showings before sale in 2011 was 8.6, down considerably from an average of 12.1 showings in 2010.
• Unexpectedly only 58 percent of sellers used a website listing to market their home, way off the 82 percent in 2010.
If I can be of any help to you or answer any questions please email or call. My information is at the top right of this web page.