Everyone always wants to know how the Centennial real estate market is doing! Well, our Centennial real estate market is starting to heal after 5 distressed years.
2012 has seen the reverse of the downward housing price trend – Centennial Real Estate prices are starting to rise and Days on the Market (DOM) have dropped drastically.
Here are the statistics for the City of Centennial specifically.
The Days on the Market is increasing the last month (December) because activity during the holidays is always lower.
The downward trend in prices probably reflects the mix of the homes that have sold recently vs a decrease in home prices. So there may have been more condos/townhomes sold during that time period than million dollar homes.
The Denver area market is one of the healthiest in the 20 markets that Case Shiller Index follows.
The biggest factor in today’s market is the lack of inventory. A normal inventory in the Denver metro area would be around 20,000 – 22,000 units (single family home, condos/townhomes or duplexes). We are bumping around at the low, low inventory of approximately 9,000 units – that is almost 30% decrease from a year ago and more than a 66% decrease from the height of the market.
So if you are a seller, it’s a good time to put your home on the market. It needs to fall in one of two categories – it needs to be either in top condition and priced well OR it needs to be priced as a distressed property – like foreclosures, bank owned, government owned properties.
The properties that are NOT selling are those that need some work, but are not at distressed prices. Buyers seem to be saying if they have to do any work on the property, they want bargain prices.
If you are a buyer, you need to be ready to spring into action as soon as a home comes on the market that appeals to you.
If you need a private consultation on your particular real estate situation, call me (Vickie Hall) at 303-944-1153 or email me.