This will be the last update in 2007. December's update will occur January 10, 2008.
As this year wraps up, I continue to find increasing agreement from the top producing REALTORS® that the Denver market is improving. You will note that - even though we are in the slower part of the year (holidays and winter) - that the market dynamics are improving. Of the communities sampled below, last month there were 8 Seller's Markets, 4 Buyer's Markets and 5 Neutral Markets. THIS MONTH, the composition is: 10 Seller's Markets, 4 Buyer's Markets and 3 Neutral Markets. HOWEVER, the composite of the selected areas did soften by about 0.3 months of inventory (inventory went up).
What does this mean? Well, given that a meaningful amount of buyer's drop out of the market during the Thanksgiving week, one would expect about a 0.25 months (or 1 week of 4 weeks in a month, or 0.25 months) of inventory increase -- just from the natural holiday inactivity. The overall context means that transaction levels stayed largely the same, adjusted for the holiday. Given the shocks related to the "subprime implosion", uncertainty about interest rates, rising oil, food and consumer prices, and the grossly misrepresented foreclosure rate in Colorado, the market is doing pretty well.
So, I hear the "So, what does that mean for me? How do price to sell in a market like this?"
Well, listen to your REALTOR® and price your home based on their professional opinion. Overpricing will actually cause you to lose out in the end. For more information, check out my main website: http://www.milehighhomehunter.com after Monday, December 10, 2007, for two articles: 1) A study about how overpricing actually led to a LOWER price when sold (not to mention the additional carrying cost) and 2) A study from the National Association of Realtors® about what your home improvements cost and what they earn you in the market place.
To receive these and other updates via email, join my subscriber list at the "Join My Email List" box at http://www.MileHighHomeHunter.com or my blog at http://www.MileHighMLS.com
Happy Chanukah, Merry Christmas and a joyous Holiday Season to all!
And remember, I am never too busy for any of YOUR referrals!
Michael Clarkson
RE/MAX Alliance - Westminster
As this year wraps up, I continue to find increasing agreement from the top producing REALTORS® that the Denver market is improving. You will note that - even though we are in the slower part of the year (holidays and winter) - that the market dynamics are improving. Of the communities sampled below, last month there were 8 Seller's Markets, 4 Buyer's Markets and 5 Neutral Markets. THIS MONTH, the composition is: 10 Seller's Markets, 4 Buyer's Markets and 3 Neutral Markets. HOWEVER, the composite of the selected areas did soften by about 0.3 months of inventory (inventory went up).
What does this mean? Well, given that a meaningful amount of buyer's drop out of the market during the Thanksgiving week, one would expect about a 0.25 months (or 1 week of 4 weeks in a month, or 0.25 months) of inventory increase -- just from the natural holiday inactivity. The overall context means that transaction levels stayed largely the same, adjusted for the holiday. Given the shocks related to the "subprime implosion", uncertainty about interest rates, rising oil, food and consumer prices, and the grossly misrepresented foreclosure rate in Colorado, the market is doing pretty well.
So, I hear the "So, what does that mean for me? How do price to sell in a market like this?"
Well, listen to your REALTOR® and price your home based on their professional opinion. Overpricing will actually cause you to lose out in the end. For more information, check out my main website: http://www.milehighhomehunter.com after Monday, December 10, 2007, for two articles: 1) A study about how overpricing actually led to a LOWER price when sold (not to mention the additional carrying cost) and 2) A study from the National Association of Realtors® about what your home improvements cost and what they earn you in the market place.
To receive these and other updates via email, join my subscriber list at the "Join My Email List" box at http://www.MileHighHomeHunter.com or my blog at http://www.MileHighMLS.com
Happy Chanukah, Merry Christmas and a joyous Holiday Season to all!
And remember, I am never too busy for any of YOUR referrals!
Michael Clarkson
RE/MAX Alliance - Westminster
| Market Trend Analysis - Denver Metro Selected Towns/Cities | ||||||||||
| Based on information from Metrolist, Inc. for the period November 2, 2007 until December 2, 2007. | ||||||||||
| Single Family Residences Between $100k and $1,000k | ||||||||||
| Excludes Housing Not Listed in MetroList | ||||||||||
| Note: Six (5.5 to 6.5) Months of Inventory Tends to Indicate Neutral Market, Over 6.5 Months a Buyer's Market, Under 5.5 Months a Seller's Market | ||||||||||
| 6 | ||||||||||
| Locale | Active Listings | Prior 12 Months Sold | Sold per Month (Avg) | Months of Inventory (MOI) | Current Mkt State | Under Con-tract | Curr. Mo. Vs. Ann'l Sold per Mo. | Under Cont-ract vs. 12 Mo. Sold | ||
| Arvada | 579 | 1,432 | 119.3 | 4.9 | Seller's Market | 118 | Buyer's Trend | -1% | ||
| Broomfield | 296 | 814 | 67.8 | 4.4 | Seller's Market | 77 | Seller's Trend | 14% | ||
| Castle Rock | 711 | 1,312 | 109.3 | 6.5 | Buyer's Market | 139 | Seller's Trend | 27% | ||
| Denver | 4,232 | 7,785 | 648.8 | 6.5 | Buyer's Market | 813 | Seller's Trend | 25% | ||
| Erie | 179 | 292 | 24.3 | 7.4 | Buyer's Market | 39 | Seller's Trend | 60% | ||
| Golden | 445 | 703 | 58.6 | 7.6 | Buyer's Market | 55 | Buyer's Trend | -6% | ||
| Highlands Ranch | 316 | 901 | 75.1 | 4.2 | Seller's Market | 75 | Buyer's Trend | 0% | ||
| Lafayette | 84 | 214 | 17.8 | 4.7 | Seller's Market | 16 | Buyer's Trend | -10% | ||
| Lakewood | 565 | 1,400 | 116.7 | 4.8 | Seller's Market | 147 | Seller's Trend | 26% | ||
| Littleton | 903 | 3,040 | 253.3 | 3.6 | Seller's Market | 225 | Buyer's Trend | -11% | ||
| Louisville | 31 | 104 | 8.7 | 3.6 | Seller's Market | 8 | Buyer's Trend | -8% | ||
| Northglenn | 193 | 425 | 35.4 | 5.4 | Seller's Market | 41 | Seller's Trend | 16% | ||
| Parker | 712 | 1,644 | 137.0 | 5.2 | Seller's Market | 100 | Buyer's Trend | -27% | ||
| Superior | 31 | 131 | 10.9 | 2.8 | Seller's Market | 10 | Buyer's Trend | -8% | ||
| Thornton | 783 | 1,593 | 132.8 | 5.9 | Neutral Market | 176 | Seller's Trend | 33% | ||
| West-minster | 610 | 1,260 | 105.0 | 5.8 | Neutral Market | 124 | Seller's Trend | 18% | ||
| Wheat Ridge | 151 | 306 | 25.5 | 5.9 | Neutral Market | 24 | Buyer's Trend | -6% | ||
| Total of Selected Towns & Locales | 10,821 | 23,356 | 1,946.3 | 5.6 | Neutral Market | 2,187 | Seller's Trend | 12% | ||
| Total MetroList* | 20,603 | 36,391 | 3,032.6 | 6.8 | Buyer's Market | 3,175 | Seller's Trend | 5% | ||
| * Single Family Residences Only | ||||||||||
| http://www.MileHighHomeHunter.com | ||||||||||
| http://www.MileHighForeclosure.com | ||||||||||
| http://www.CashPathRealEstate.com | ||||||||||
| http://www.HomesInColorado.com/mclarkson | ||||||||||
| Note: This representation is based in whole or in part on content supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by Metrolist, Inc. may not reflect all real estate activity in the market. | ||||||||||
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