Denver’s Real Estate Market May 2012

NEIGHBORS BLOGS

Denver’s Real Estate Market May 2012

New ConstructionDenver’s market has been in the dumps for a few years, but not any more! Prices are rising, builders are building, and buyers are having to act quickly to be first in line. Quite a change.
For years it’s been a buyers’ market. Buyers could take their time, offer well below asking price and count on having many homes to choose from. Today it’s more like it was when I first started in real estate 15 years ago. Buyers wrote offers on the spot, usually because there were two or three couples looking at the same home at the same time. They often wrote offers above asking price. Are we at that point yet? Not quite, but all the signs are there for a return to a seller’s market.
As has always been true, good homes in good neighborhoods in good condition command higher prices. But today inventory is low, credit standards are tighter, and buyers have to be prepared when they start to look for their new home.
New construction, in the doldrums for several years, is active again. Prices are less negotiable, lot choice may be limited, upgrades are a bit more expensive. According to the current report from the National Association of Home Builders permits pulled for single family homes in the Denver Metro area in March of 2012 rose 52% over March of 2011, an astonishing rise in near-future building plans.
As for existing homes, the number of single family homes on the market in April was 40% fewer than in April of last year, meaning inventory is shrinking. Sales were up by 15% over last year this time. Put these two facts together and you have an increasingly tight market for buyers. The number of homes currently under contract is 20% higher than last year. Buyers have been waiting, and now that credit has loosened they’re ready to buy, snapping up homes quickly. Condos are in even shorter supply, 52% fewer than last April. Median price for condos sold in the last month is $142,000, up from $125,500 last month.  For single family homes the median sold price is $249,900, up from $232,500 last month.
If you’re in the market for a home in the Denver metro area, give Buyers Advantage a call at 303-587-3509 and ask for Judith. You can’t do better than have your own Exclusive Buyer’s Agent in your court to beat out the competition when you find the house you’re looking for.

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