So, How’s the Market, November 2011
Advice to Sellers:
Today’s home buyer is looking for his or her dream. What does this mean to you the home seller? Well first of all, the home buyer is looking for a home that meets 100% of the home buyer’s expectations. The home buyer wants to move into his or her new home and have to do nothing but enjoy the home.
Therefore, deferred maintenance needs to be non-existent. The usual list of maintenance items such as painting and carpeting now also include updating the entire home. Should you consider updating the bathrooms or the kitchen? Talk to me about a cost benefit analysis of updates. I will be able to advise you on how much a buyer would be willing to pay for the updates in the purchase price of the home.
Learn the value of updates as they relate to the pricing of your home.
Therefore, deferred maintenance needs to be non-existent. The usual list of maintenance items such as painting and carpeting now also include updating the entire home. Should you consider updating the bathrooms or the kitchen? Talk to me about a cost benefit analysis of updates. I will be able to advise you on how much a buyer would be willing to pay for the updates in the purchase price of the home.
Learn the value of updates as they relate to the pricing of your home.
Advice to Buyers:
The number of active listings, those homes available for sale, continues to decreases. Caution is the theme, with caution rising along with the price point.
Manage your expectations by determining what you want in a home, what you can afford in a home, what are your lifestyle priorities, and does home ownership allow you to achieve your personal goal.
Manage your expectations by determining what you want in a home, what you can afford in a home, what are your lifestyle priorities, and does home ownership allow you to achieve your personal goal.
Market Metrics:
The unsold inventory of active listings hit a new low at 14,156 units, the second month in a row for setting a new low record. As we are moving into new territory, there is steady demand and low inventory. When one compares our housing market to the nation, Denver continues to hold its own.
Monthly Market Recap:
Active Inventory is 11,504 units at month end
Sold units is 2,482
Average Days on Market is 102
Median Sold Price is $226,021
Average Sold Price is $269,503
Sold units is 2,482
Average Days on Market is 102
Median Sold Price is $226,021
Average Sold Price is $269,503
October Year-to-Date Market Recap (2011 versus 2010):
Single Family:
Active Inventory 11,504 versus 16,473 (↓30%)
Sold Units 26,438 versus 26,213 (↔)
Median Price $229,820 vs $230,000 (↔)
Average Price $280,629 vs $282,819 (↓1%)
Sales Volume $7.4B versus $7.4B (↔)
Days on Market 106 versus 87 (↑22%)
Sold Units 26,438 versus 26,213 (↔)
Median Price $229,820 vs $230,000 (↔)
Average Price $280,629 vs $282,819 (↓1%)
Sales Volume $7.4B versus $7.4B (↔)
Days on Market 106 versus 87 (↑22%)
With the holiday season upon us, we continue to see a steady demand for housing. At a time like this, one needs to take into consideration employment, consumer confidence, and mortgage interest rates. Mortgage interest rates continue to remain low. Consumer confidence continues to improve, albeit slow. Employment is a focus that is on everyone’s mind and definitely a conversation item on a daily basis.
