In May, Denver County saw a 15% increase in available home inventory, while Broomfield was up 22%, Arapahoe up 10%, and Jefferson 19%.  Although these numbers are impressive, keep in mind we are still down 13.5% from May 2012 in Denver.  Buyer demand easily absorbed our well needed increase in inventory.  We are still in a seller’s market, and I anticipate it continuing for the remainder of 2013.  Taking a sneak peak, Denver’s mid-month inventory is down 3% from the beginning of the month indicating buyers are outpacing new listings.

Interest rates have started to increase but are still below 2010 rates.  Median home prices have continued to increase and are up 10% across the Front Range from May 2012.  Coupled with rising interest rates, every day on the sideline means less home you are able to purchase for the same amount of buying power.  Thinking about selling? Now is the time to take advantage of low inventory and increased prices.  Move-in ready homes priced competitively are going under contract within days and sometimes hours of hitting the market.  This summer will be full of opportunities no matter which side of the closing table you are on.

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If you’ve already started looking for a home, you don’t need me to tell you how hard it is to find one that meets your needs.  In Denver alone, available inventory has dropped 35% since January!  If you are actively looking and plan on purchasing in the next 30 days, you need to be aggressive.  And when I say aggressive, I mean really aggressive.  With the help of technology, successful buyers walk away with a home under contract within the first 24 hours of it being listed.  You are at a disadvantage if you aren’t using an automated property search that emails you when properties, that match your criteria, hit the market.  Time is of the essence. The longer the property is on the market, the greater the opportunity for other buyers to jump in the mix, and you may end up in a multiple offer scenario, paying more than you should.

If you find yourself on the other side of the fence and are considering selling, now may be the time to get serious.  Since January, average days on the market for residential properties in Denver dropped 13 days to near 12 month lows of 52.  For condos, over the same time period it dropped 10 days to 77, indicating properties are going under contract and closing quicker.  Median home prices in Denver are up $35,300.  The limited supply of homes and increasing demand from buyers will continue to drive prices higher as the summer season progresses.

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January is setting the stage for another great year for real estate in the Denver Metro Area.  The number of available properties has continued to cause frustration for buyers looking for quality homes in their price range.  As a result of low inventory, median home prices have continued their climb during what traditionally is the slowest month of the year.  Interest rates have been increasing over the past few weeks, so expect more buyers to enter the market who want to take advantage of sub four percent interest rates.

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The weather along the Front Range is getting colder but the housing market is heating up!  Average days on the market for new listings continue to inch downward.  For Denver, the housing inventory dropped slightly from October and decreased 1.9 months from November 2011.  The decrease in inventory is furthering competition among active buyers and decreasing the average days a listing is on the market.

2012 RECAP

In January, the big story was shrinking inventory, which continued throughout the year.  Buyer demand remained steady during the first quarter and started to increase as interest rates began dropping to the historic lows that we are currently seeing.  This in turn caused prices in most markets below $400,000 to stabilize and now we are seeing an increase.

2013 PREDICTIONS

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The headline for the Denver Metro Area real estate market for October was, again, low inventory.  Last year, from September to October all six counties reported an increase in inventory.  Fast forward to the same time in 2012, we are seeing a decline in home inventory in all counties with the exception of Adams County, which increased by a 1/2 a percentage point.  Buyer demand is still strong and will increase if lawmakers can ink a deal to avert the upcoming “fiscal cliff”.  If Washington comes through, expect prices to trend up as demand increases due to a more certain economic future.

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Low inventory combined with greater buyer demand helped to push average home prices up for the month of August.  Inventory dipped a tenth of a point from July, in all but two counties.  Average sale price versus average list price remained strong, indicating that negotiations are edging closer to the sellers asking price.

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The housing market for July remained relatively unchanged from the previous month.  Inventory is still low, which continues to fuel the competitive market for buyers throughout the Front Range.  Average days on the market for all counties is still hovering near a twelve month low.  Average sale price versus average list price remains strong, indicating that sellers aren’t giving much during the negotiation process.  Increased demand combined with low inventory is helping home prices continue their climb.

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