As you begin 2013, you might be thinking this is the right time to sell your Denver Metro home and buy another one. Are you also wondering how the Denver area real estate market is recovering? Is the value of your home starting to go back up?
Well, here’s your answer. The statistics have just come in for the 2012 year and how it compares to the prior year.
Significant findings for Single Family Homes in the Denver Metro Real Estate Market are:
*Average Sold price was up +9.0% to $304,178 – up from $279,858 in 2011.
*Days on the Market (DOM) was down -27% to 77 days – down from 105 days in 2011.
*Homes for sale at the end of 2012 – down -28% from 2011 and down -55% from 2010.
Significant findings for Condos/Townhomes in the Denver Metro area are:
*Average Sold price for condos was up +13% to $179, 616 – up from $159,141 in 2011
*Days on the Market (DOM) was down almost -34% to 77 days – down from 116 days in 2011
*Condos/Townhomes for sale at the end of 2012 was stunningly low – 1,340 – down -37% from the end of 2011 and a down almost -69% from 2010 (2,139 and 4,316 respectively)
Comments & Observations:
*Inventory of homes for sale is at historical lows. An average month in the Denver Metro area will see around 20,000 – 22,000 homes and condos/townhomes for sale. At the height of the market, inventory went up to 33,000+. Last month there were ONLY 7,706 homes available.
*The trend of low number of homes on the market is causing prices to rise because of the basic economic law of supply and demand.
*With the amount of homes on the market at historical lows, we are seeing multiple offers on properties that are priced well and show well.
*Because of modest price increases and historical low interest rates, home affordability is still very high.
If you want to know how these statistics affect your personal situation, I’d be happy to do a free consultation with you. Call me at 303-944-1153.