The market stays robust for Denver in the month of October even though we see our lowest inventory in 30 years. You can see below sales price and sold price continue to rise and that there has been no change in days on market, year-over-year or month-over-month.
What Do We Mean When We Say “Average”?
Of the homes that sold in October, the average detached single family home was 1,849 square feet, 4 bedrooms, 3 bathrooms and was built in 1979. The average attached family home (i.e. Condo) was 1,239 square feet, 2 bedrooms, 2 bathrooms and was built in 1987.
Doctor Yun, Chief Economist for the National Association of Realtors, was in Denver at the end of April and shared lots of Data with the local Denver community of Realtors. His over all opinion of the Data was positive for the Housing Market for Denver and for our Nation as a whole. Below are some Data Points for you to browse from his speech:
We lost 8 mil jobs in the recession and have since added 12 mil
unemployment insurance claims at a 15 year low
Denver alone has added about 300,000 jobs since 2010 (could explain low inventory)
Household net worth at all time high Nationally
Vacation home Sales have doubled in the past two years
Pent up demand for housing is at an all time high, construction still sluggish
Since 2000 our population has grown by 37 million in 2014
2000 New Homes Sales 880 K vs 2014 New Home Sales 440K
Average income is on the rise in Denver and while there have been negative pressures from the Engery sector the other parts of our economy are doing enough to offset them
36% of all US folks Rent this number will trend higher as loans continue to be difficult to get and because we don’t have enough inventory for the 1st time home buyer sector.
The Landlord market will stay strong in Denver until we have enough rental units to keep pace with our population growth. This could be awhile.
Construction has been slow to re-bound in Denver mainly because of lack of land and backlogged city construction permits.
Looking for rates to be higher in 2016
Continued low inflation rates
Just some points from his talk…if you would like the slides I am happy to provide them to you! Just send me an email at email@example.com and I will get them over to you in a jiffy!
Denver-area home-resale prices rose an average 9.1% in March from a year earlier, and also were up 1.4% from February, reaching an all-time high level, according to the latest S&P/Case-Shiller report. The Denver area’s year-over-year price gain was the same as in February, and marked the 15th straight month with a year-over-year price increase of 8.9% or more. Denver metro area home prices were up 9% year-over-year in both January and December 2013.
But while home prices in metro Denver edged down 0.1 percent between January and February, they rose a robust 1.4 percent between February and March, topping the average gain for 20 cities tracked by the closely followed Case-Shiller report series from S&P Dow Jones Indices LLC, based on non-seasonally-adjusted data.
March was the 27th consecutive month with a year-over-year gain in Denver prices, according to Case-Shiller data.
Data taken from The Denver Businss Journal May 2014
The Denver MLS has gone through a major change, in that it has a completely new operating system call The Matrix. The Matrix offers us the ability to share the keys with our clients to the same system we use for searching properties. While the system is so comprehensive it is still struggling to grasp all the historical data from the old system. During this transition, the market data that we share on a monthly basis is harder to get our hands on. Beginning in January they should be completely transitioned and operating at full speed.
Here is your November Housing Data:
23% increase in the number of closed sales year to date
22% decrease in average days on market (48 days in November)
54% decrease in # of active listings
51% decrease in months of inventory available (2 months in November)
9% increase in average price – sold ($333,992)
Attached Single Family (Condo and Townhome) Highlights:
11% increase in number of closed sales year-over-year
10% increase in number of closed sales year to date
25% decrease in average days on market (43 days in November)
56% decrease in # of active listings
61% decrease in months of inventory available (2 months in November)
5% increase in average price – sold ($204,044 in November)
*data gathered with help from Land Title
The Walters Investment Group wishes you a great day!
Look likes the inventory decline continues for October Y/Y we are down 5-6%. Our Sold Market is up 13% from last year this month and the average sold price is up 9% too! Our Days on Market, however are way down in the 30% range. So the Market in comparison to recent years past is just a great place to be.
Kirby Slunaker, CEO and president of Metrolist, said that although the market has slowed somewhat, sales, inventory level and average home prices have changed “very little from prior months, keeping the market nearly as competitive as the hot summer months.
“While the market has slowed down slightly as one would expect, the numbers are incredible,” said Slunaker in a statement. “Increasing inventory spurred on by hot early season buying will continue to provide buyers with more and varied opportunities.”
The slight changes indicate that home prices and strong sales will occur throughout the fall and winter months, said Metrolist.
Metrolist added that average mortgage rates continue to remain low and steady, which will result in a “busy local real estate market well into 2014.”
Please call or text anytime 303-908-2330/303-907-1984 if we can help with any real estate information!
Denver Metro is still in need of your homes! We as Realtors are struggling to find homes for our Buyers as the inventory stays steady even through the traditional “Selling Season”. I saw an article the other day saying our inventory was up 18% over last month but the Absorption Rate stays low at just about 6.3 weeks of inventory in all of Denver Metro! A Balanced market would have 5-7 months of inventory available for sale!
Call us today for a Free Market Analysis of your home ~ We would love to list your home if the time is right for you!