How is the market in the Metro Denver Area? The total market, single-family homes, townhouses, and condos have seen supply levels continue to fall with inventory of active listings down 31.9% (last month was over 33%). Demand almost had a double-digit increase rising 9.7% which was a significant jump from the previous report (1%). By the way, want a time not to sell your home? Think July, for the last handful of years always one of the slowest summer months. These factors (supply and demand) have contributed to the increase in median and average sales prices at 8.1% and 7.2% following the trend from last report (8.5% and 8.6%).
The average days on market until sale is low at 23 (last month 22) and list to sales price ratio saw a nominal decrease to 99.8%, down .2%, the last report was at 100.3%. Or better said, if you are selling an average home, and priced correctly you should sell your home in less than a month and near or at list price. Obviously, as you can see we are in a strong sellers’ market, but affordability currently sits at 97 for the metro areas Housing Affordability Index. A value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home (Wikipedia). Although not bad, single-family affordability is down 8.1% with Townhouse-Condo market down over 13.7%. How are conditions in your neighborhood? Find out by clicking here!
The point, prices will continue to rise; provided demand continues, and no sign of that slowing nor any reports of massive spikes in builder permits or re-sale inventory. Oh and July is not an active month to sell a home, so make sure you have a plan in place next year or the right Realtor that knows the numbers <grin>. Lastly provided prices do not continue to rise, as rapidly in past years, housing bubble concerns should be lessened unless you’re shopping for a Townhouse or Condo. So if you are in the market to sell your condo, let me know as signs point to a price peak and if you are thinking of buying one, buy wisely!