(Last Updated on February 10, 2006 by
Mike Cooke)
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graphs
Quick Overview:
Average prices were up by 3.91% in January 2006 compared against January of
2005. Prices for the 12 month period prior to January 31, 2006 were up 6.31% compared to the
12 month period prior to January 31, 2005. Demand was stable in January. The number of
homes on the market is up from the same time last year.
More Details:
The average sales price in January 2006 was $306,26 and that is up by
3.91% over the January 2005 average of $294,740. Prices for the 12 month
period prior to January 31, 2006 stood at $308,473 and this is a 6.31%
increase compared to the 12 month period prior to January 31, 2005 when the
average price was $290,175.
Properties reported closed in January 2006 were virtually unchanged from
January 2005 with numbers of sales at 1,955 and 1,925 respectively.
The
supply of homes on the market has increased. At the end of January 2006,
there were 21,206 homes on the market which is about 21% more than at the
end of January in 2005 when 17,518 homes were on the market.
Remember...
The analysis above is for the seven county metro Denver area as a whole and
is for single family resale homes listed by real estate agents. The stats do
not include data on condos and townhouse and do not reflect new home sales
and homes sold by sellers directly without the help of an agent (the latter
being a relatively
small number).
Also, keep in mind that there are literally hundreds of sub-markets
within the Denver real estate market -- different price ranges and different
neighborhoods. Some sub-markets are doing worse than these averages and some
are doing better. For example, I just did a market analysis in one
neighborhood that shows that prices have increased about 9% over the last
year while a market analysis I did on a neighborhood just 5 miles away
showed only a 1% increase in value over the last year.
Tips for Sellers:
While inventory has stabilized, we still have twice as many homes on the
market today as we did at the beginning of 2001. With more homes on the
market, getting your house ready to show is critical.
Buyers are comparing your house to other homes that they are seeing. So, you
want your house to be spic and span and optimized to show its very best. I
have lots of little tips and techniques and strategies that can help your
house look attractive to potential buyers.
Proper
pricing is also important right now. I have the stats that can tell you if
your neighborhood and price range are doing better or worse than the average
market right now.
You can read more about these two issues by clicking on the links below:
Pricing
Pre-Sale Preparation
Give me a call
if you want to sell. I'll give you extensive research on price trends in
your area and I'll help you get your house ready to show its very best. In
our current market, these two things will help insure that you get top
dollar for your property.
Tips for Buyers:
Interest rates are low and there is a good selection of homes on the market. With plenty of homes from
which to choose, you'll be able to get more house than you expected. The
combination of low rates and good selection is a rare occurrence so call me
if you want to take advantage of this exceptional market.
Tips for Everyone:
Is this a good time for YOU to buy or sell right now? The answer to that question is always
the same -- maybe! It just depends on your situation. There are strengths
and weaknesses in every market and so there is never a perfect time to make
a move.
But it is always a perfect time to call me (!!!) and talk with me about
any move you're contemplating. I'll help you sort out the pros and cons and
show you how to best take advantage of whatever market conditions are
prevailing at the time of your next real estate transaction.
