DENVER REAL ESTATE MARKET UPDATE - JUNE 2011

DENVER REAL ESTATE MARKET UPDATE

JUNE 2011

The Denver real estate market continues to slowly improve.

The May 2011 month end inventory of unsold homes is at 19,573 units, even with last month and down 11% from May, 2010.

4,777 units were placed under contract in May, up 1% from April and up 23% from May, 2010.

3,732 units sold/closed in May, up 9% from April and down 15% from May, 2010.

Residential average price, $257,177 for 05/2011, increased 3% month over month and 4% year over year.

Single Family average price, $279,443 for 05/2011, increased 3% month over month and 2% year over year. 40% of the Single Family properties sold/closed in May were under $200,000 and 29% were in the $200,000 to $300,000 price range.

Condo average price, $160,051 for May, increased 1% month over month and 2% year over year. 34% of the Condo properties sold/closed in May were under $90,000 and 61% were under $150,000.

Single Family median prices increased 4% to $230,000 in May when compared to April and remained stable when compared to May 2010.

Condo median prices increased 2% to $123,525 in May when compared to April and decreased 9% from $135,000 in May 2010.

The leading counties for numbers of home sales in the Denver market continue to be: Denver, Arapahoe, and Jefferson.

Advice to Denver Home Sellers:

More and more prospective buyers rate Lifestyle as their top priority. With that being said, the typical prospective buyer is looking for a home that has everything they want and are not interested in doing renovation/home improvement after the purchase. Make sure your property is move-in ready. If you're thinking of selling your Denver area home, call Marianne today. She can advise you of current buyer wants and guide you through the home selling process.

Advice to Denver Home Buyers:

Denver home rental rates continue to increase and availability of rental properties continues to decrease. The Denver rental home market is getting tighter and Denver continues to be a great market for first time home buyers. We are seeing price appreciation now in the lower price ranges.

Lifestyle rates number one in the minds of buyers. Denver home buyers should establish their personal expectations of home ownership benefits and costs, factoring tax benefits, stability of ownership versus renting, and control of one's future.

One may ask "Does buying really make better sense than renting?" While the answer is personal, one should take into consideration the results of a recent Fannie Mae National Housing Survey which shows that forgetting the finances for a minute, four of the biggest reasons people buy a home have nothing to do with money: they want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over the space.

Talk to the Bandy Team today about your lifestyle preferences and the benefits of home ownership. If you're thinking about buying a Denver home, we'll show you some terrific homes in Aurora, beautiful properties in Castle Rock, including the two communities of houses in Castle Pines; and other real estate in the Denver Metro Area, including a wide variety of homes in Littleton.

Marianne Bandy

Consider relocation to Denver, Colorado.

Information from Denver MetroList data and is Deemed Reliable But Not Guaranteed