We have been reading a lot about the local real estate market and how “hot” it’s become. What does this mean to you? Most statistics in the news are a macro look at the marketplace, but statistics are more meaningful when you look closely. We look at months of inventory in 8 MLS areas by price range and take a ratio of active listings to homes sold during the quarter to determine supply and demand. When months of inventory are one to four months, it is considered a “seller’s” market, and an appreciating one. The average DOM (Days on Market) for the entire Metro area is down 35% and this correlates to the market in all price ranges moving faster. Looking at month’s of inventory is a forecasting method: how long it will take to sell the active listings given the 3-month trend of sales. Here’s what’s happening in your area – click on an MLS area below and read which neighborhoods it encompasses. Months of inventory (supply and demand) are listed by price range.
- In DHL, Douglas County, Highlands Ranch and Lone Tree, residential homes priced up to $599,000 have an inventory of less than 6 weeks. In lower price ranges, supply is even lower.
- In DNE, Denver Northeast (City Park, Stapleton and other neighborhoods) the supply of residential homes up to $699,000 is under 4 months.
- In DNW, Denver Northwest (Highlands, Sunnyside and others) the supply of residential homes up to $899,000 is under 4 months.
- In DSE, Denver Southeast we look at the residential and condominium markets. The appreciating market was seen in condos selling up to $499,000 and residential homes up to $799,000.
- The downtown condominium market (DTD) also is experiencing an appreciating market with an under 4-month supply of condos priced up to $499,000.
- In South Suburban Central (SSC), which encompasses a large area including the Englewood, Littleton and Sheridan and parts of the cities of Centennial and Greenwood Village, homes priced up to $799,000 have an inventory of less than 3 months!
- In South Suburban East (SSE), the area that includes all of the Cherry Creek School District, the inventory of homes in under 4 months is priced up to $699,000.
Real estate inventories are crazy low in Denver right now!
The number of homes available for sale in metro Denver dropped to the lowest level for a January in 23 years, according to a Metrolist Inc. report issued Friday.
That inventory level stood at 7,094 homes, 8 percent less than in December and 32 percent less than January 2012, the report shows, further bolstering the emerging seller’s market. Continue Reading Here…
It was a good day for Denver in the news..
and also.. from The Denver Business Journal –
“Two reports detailing the metro Denver single-family resale home market show it continues to improve year-over-year as the number of sales grew, average sales prices increased and the time it took to sell a house dropped more than a month.
The December report from Metrolist Inc., released Monday, shows there were 3,400 homes sold that month, an 8 percent drop from the number sold in November but an 8 percent increase in the number sold in December of 2011.
Average days on the market continued its year-over-year plunge as December’s 73-day average is 32 percent below the 107-day average posted a year earlier.
Metrolist officials said there’s only one way to describe the real estate situation here: a seller’s market.
“All over the country, home sales in the winter months proved to be a bright spot in the headlines,” Kirby Slunaker, president of Metrolist, said in a statement. “The average sales price for a Denver-area closing in December was $289,926, a noticeable jump from November’s average prices.”
That average sales price was 1 percent higher than November and a 14 percent increase over the $253,986 sales price posted in December 2011.
“It was a really strong month,” said Chad Ochsner, broker/owner of Re/Max Alliance, based in Arvada. “While we saw a little seasonal slowdown, I think December was busy for a couple of reasons: The weather was warm and dry at the beginning of the month, and sellers of high-end inventory decided to sell before the year end because of possible ‘fiscal cliff’ capital-gains tax increases.
Ochsner said Re/Max Alliance offices in the Denver area sold 742 homes in December, a 13 percent increase from the 663 sold in December 2011.
For the rest of the article, click here
Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog. Phone: 303-803-9232.
Last week, Perry and Company hosted the annual Holiday Lights party at a new location, the Hudson Gardens. Although there was no snow on the ground, there was a winter chill in the air and we had a great turn out! The gardens were beautifully decorated, and I especially loved the carolers that walked around through out the evening. Cookies and hot chocolate were served in a quaint cottage where Santa Claus came to visit. I had a great time seeing past clients and friends. Thank you to all who came! Here are some photos of the evening.