The Golden housing market is HOT right now and has been for quite a while. Listings are going for full price and most are being sold over asking price. It is a very frustrating market for all parties. Buyers get discouraged, agents have to be on-call at all times (which is impossible to do) and the sellers are very distraught with so many decisions to make. It is a crazy time to buy and a fantastic time to sell your home – If I can assist you in any way please do not hesitate to contact us – Barb Ecker
Home Price Index on the Rise
The Case Shiller Home Price Index for December came in up 13.4% year over year. This was a strong report, but we do have to remember that the data is a bit dated because this report tracks closed transactions for December, which was ahead of some of the cold weather issues that have occurred in January and February. Before taking seasonal adjustments into account, the 20-city index was down 0.1% month over month for the second straight month. After seasonal adjustments, the report was up 0.8%. Robert Shiller was interviewed on CNBC following the release and said that he felt now was a good time to buy a home. He cited that supply is down, affordability is still good, rates are still low, and that he still expects appreciation this year, albeit slower appreciation.
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I (Barb) also just got back from St Maarten and visited the Century 21 office over there – they are doing good and business is steady for them! It is great to see Century21 international offices and that they are doing well!
Every week we have clients come into our office looking to move out of a larger home into a smaller town home or patio home. This is a national trend that could continue for some time. The big challenge with these buyers is there is a real lack of ranch townhouses and patio homes in the Denver area. We currently have clients who have waited over a year for a ranch townhouse or patio home to become available. The good news is that several builders in the area have begun to build more patio home options that will allow buyers to find more options. Several builders including KB Homes and Ryland Homes are in the process of building patio style ranch homes to reach this growing need. Feel free to contact us for more info on these build areas. For more information on national trends, see the link below. 720-363-7050 firstname.lastname@example.org
We are continuing to see strong sales for homes in the Denver Real Estate market. This week the median sales price for homes in Denver, CO in is $270,000, with an average of 64 days on the market. Yet, in most cases if a home is priced competitively and it is in good shape, homes are falling under contract in a matter of days. The current active inventory is at 6,738 single family homes, down from 8,705 homes a year ago, but the number of sold homes this year is at 16,537 as of May 31, which is a 21% increase over a year ago. Basically, there is more demand and less inventory, which has led to more competition between buyers. The average price of homes has gone up over 11% this year so far, and the average price of condos is up 13% so far this year.
Happy Holidays to everyone! I would like to write about real estate during the holidays. Many people think that real estate comes to a halt during the holidays however, that is not the case. There are plenty of buyers during the holiday season looking to buy a home! They would probably like to get in a home right before Christmas so they can put up a tree, but if that is not the case they are still looking and putting contracts on homes. I think if you are a seller it is actually a great time to sell! The house smells good of the all the holiday smells and the competition has lessened because other Golden sellers believe in the slow down and do not put their house on the market until after the holidays. Which makes you as a seller a better option for those buyers who are still in the Golden/Denver market and looking. The housing market is still increasing and the rates are still low – what a great time to sell and buy a home! If you are looking to sell or buy, I can assist you with your real estate needs. Please contact us and we will sit down with you to discuss your options…… Happy Holidays – Barb
This Fall is actually a great time to sell! There are very few homes on the market right now and most of them that are price correctly sell very quickly. The interest rate is still extremely good and we do not see it jumping up anytime soon. If I can assist you in your home buying or selling process please let us know. Putting your home on the market now is also beneficial because a lot of homeowners take their home off the market or postpone putting it on the market because of the time of year. So putting your home on the market now brings you more buyers looking and not as much competition. Give me a call if you are thinking about putting your home on the market – Barb
Last week in the Transcript I was featured as a Golden Realtor. This was a honor for me that they chose me to be featured. They found me off of my web-site www.housesdenvermetro.com a site I am very proud of because I have worked hard on my site. If you get a chance to check it out please do so. Let me know what you think. Also if you have the Transcript or Arvada Sentenial laying around from last week go to the real estate section and check the article – thank you – Barb
Here are the latest stats for real estate sales in the month of August compared with last year according to Metrolist. Again we are seeing strong numbers across the board.
9.8% increase in average price of residential homes compared to last year
34.4% decrease in number of days on the market for residential homes compared with last year
9.1% increase in average price of condos sold compared to last year
37.8% decrease in number of days on the market for condos compared with last year
Foreclosures are up a bit in Colorado compared with last year, but the market continues to improve across the board. This is still a great time to get into a house with interest rates and values starting to rise.
In article by John Mossman in the Denver Post, he states Foreclosure Filings rose a total of 14% compared to July of last year. The silver lining though, is that this is a much healthier market on the whole…
“While foreclosure filings rose slightly, they are still well below the volumes in 2010,” said Craig Wildrick of Vectra Bank.
“In 2011, many institutions slowed foreclosure filings given the controversy and legal settlements underway. The slight increase also could indicate that lenders are getting through evaluation of delinquent borrows for loss mitigation options, and are initiating the foreclosure process.”
So the good news is that there are still some deals to be had, but things are moving fast in Denver with rates at historic lows.