As we enter the strength of the selling season the numbers continue to indicate that the real estate market in Denver has bottomed out and we are moving toward increasing values for the first time since 2007.
More homes are selling and there are fewer properties on the market. The number of closed single-family homes, year to date are up 12% over same period last year and the number of active listings is down 39.4%. Average Days on Market is currently at 105 days, a decrease of 10.3% over last year.
New listings added are down 31% but expect sellers to start listing their properties as they are looking to move up or down size. Perhaps the biggest news is that the absorption rate is down from 5.3 months to 2.9 months, a decrease of 45% over last year and a clear indication that we have shifted to a sellers market.
Condo numbers are tracking in the same direction through the first quarter of 2012. Closed transactions up 7.7% and Active listings down 49% with just 2022 units on the market in March. Average Days on Market is down 23% at 97 days. New listings are down 32.5% to 1188 units and Absorption rate has dropped 50.8% to 2.9 months, down from 5.8 months.
The market is changing quickly in response to years of pent up demand for good product and we are seeing the “better” properties move in days instead of weeks, often with competing offers. It is still a great time to buy as interest rates continue to be at historic lows and values have not yet recovered, but expect to see increasing values in the coming months. If you plan to “move up” or downsize, now may be the perfect time to sell and buy, with good values, low interest rates and strong demand factoring in to the process.
| Single Family Stats
|Multi Family Stats