That’s right. Forget the media doom and gloom or talk about a financial crisis or market meltdown….I still say “phoooeee”. If we get rid of that stinkin thinkin’ and look at the real numbers from Metrolist (Denver MLS)…we see that the median price is UP 31% from last year. You want more hard facts so can can stop fretting about the market…..read my Market Report. It’s below the char t below.
Sold listings are down 12.9% from last year….BUT…the # of listings are also down (11%)…so that is pretty much a wash and list to sell ratio is the same as last year. That’s a good sign.
Days on market is DOWN 2.8% from last year…so homes are selling FASTER than a year ago. That is also a good sign.
List vs. Sold price…..homes are selling for 98.6% of list price….UP .6% from last year. That is huge. That means buyers are only getting sellers down about 1.5% from their list price….long gone are the days of low balling folks. Offers MUST be realistic….and plus for sellers….a sign for buyers that things are a changin and the buyer’s market is going away.
Here’s the biggy….are you ready….average sold price for 2009 Year To Date is $318,000… up 31% from last year. That is HUGE!!!! I know I’m a geek and love real estate….but you should get excited too! This means the prices are going UP UP UP and buyers are not just buying homes under $200k any more. That means the flood gates for the $300k sellers that want to move up or down will open and they WILL BE ABLE TO SELL…..which means the whole market is loosening.
My crystal ball…..our market appears to be improving folks……and builders have a rather lengthy ramp up process when they want to start building again. So….I think next year we will see home prices increase for resale homes and appreciation will improve. If you are thinking of buying….I think now is the perfect time. If you already own a home…..well…..good for you….prices should be going up if they haven’t already in your neighborhood.
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
Leave a Reply