Here is my latest update to the Denver Metro Area Montly Real Estate Update. Keep in mind that the data is delayed, so April is being updated in late May.
Here is my YouTube video, or read my analysis below.
Please refer to my Monthly Real Estate Update below to follow my numbers.
We are now 4 solid months into 2013.
What catches my eye? A few things:
1. Prices - year over year (2012 vs. 2013), price appreciation is showing a double digit gain in all counties, save for Douglas County which is a touch under this sitting at a 7.2% gain. Douglas County is still up a hair under $25,000 year over year, so the county is definitely participating in the hot Metro Denver real estate market. We had a solid year in 2012, and it looks to be continuing into 2013. Prices should go up after all of the downturn that we have faced in the past few years. My concern is that if this continues upward too quickly, it will lead to instability in the market. We need a nice slow stepping stone pattern on the way up to give this market the strength and sustainability it needs to continue.
2. Sold Listings - Real Estate here in the Denver Metro area is selling and the numbers prove it!!! All counties are up huge versus last year for listings sold year to date. On the low end (if you can call it that), is Denver County which has seen an increase of 16.0% to Douglas County which is up 31.2%. This is a solid sign - houses that are being put on the market are getting sold!!!
3. Days on Market - Dovetailing w/ sold listings is the enormous reduction in the amount of time it is taking to get homes sold. Not too long ago, all counties were above 100 days on average to get their homes sold, and now they are all well under 100 days. Days on the market for all counties are down between 31.0 - 35.2% (it is taking roughly 1 month less across all counties to get your home sold).
4. Inventory! Inventory! Inventory! - One would think that with the market acting the way that it has recently that there would be more homes on the market, but that just is not the case yet. With the exception of Adams County (new listngs are up 13.7% this year vs 2012), all other counties are not bringing new listings to the market as one would think with how hot the market is right now. Denver County actually has had its inventory decline by 2.5% this year. The other 3 counties are slowly creeping upward, but not with much fervor. As economics have taught us in school, lack of supply cause increases in prices. Don't misread this, however, to mean you can set whatever price you want for your home. That is still not the case as of yet. If you are too far over the market, you will still not sell. Once you find the right price, the buyers will be there and in force.
April 2013 Metro Denver Area Monthly Real Estate Update
Thanks. Feel free to shoot me an e-mail with any comments, or you can always call @ 303.520.8700.
Sean Patrick Reilly
Cherry Creek Properties
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