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!
When considering the “Right” time to sell your home please take a moment to consider the Winter Months…..the advantages are real and often overlooked. Take a look at our list and let us know what you think!
Your Realtor usually has less clients to work for, therefore he/she can deliver a more specialized service to you.
January is traditionally one of the biggest moving months of the year.
Corporations like to move their employees during the first months of the year.
Interest Rates are still low..we are still looking at 40 year lows but, they are on the rise.
Buyers looking now are very serious
By selling your home during the winter you may have the opportunity of being the “first dibs” house of the Spring market.
Less Selling Competition- Enough Said.
Selling now could set you up to be a non-contingent buyer in the spring. This makes your offers very attractive; you will be ready to Pounce on your Dream Home.
With the new normal of house buying starting with an Internet Search, your property looks just as good now as it will in the spring or fall.
About 20% of all home sales take place between November-February. Sellers and Buyers are motivated to get the deal done during these months.
We hope you find this helpful~ if we can help you or anyone else with any Real Estate questions please email/text/call us anytime!
The jobs report this morning was good. The unemployment rate continues to drop. Today’s report put the current rate at 7%, much less than the 7.2% forecasted. What does this mean for your real estate investments? It means interest rates are very likely to continue to inch higher. In early trading, we are already seeing the yield on the 10-year Treasury testing the September highs near 3%. While we don’t expect mortgage rates to go straight up, they are less and less likely to return to the historic lows that we saw earlier this year. The signs of economic improvement are indisputable. We have already seen signs that the real estate market has stabilized and is improving in communities all over the country. While interest rates are rising, they are still at historic lows. If you have been thinking about buying a home or investing in real estate, give us a call today and let us help you capitalize on the changing economic environment.