Hello Everyone: This article is a little long, BUT I have had several people asking me about Real Estate Statistics and if it is a good time to buy or sale. I hope the information below answers most of your questions. Feel free to call and brainstorm with me anytime. Overall the market is starting to turn ! August Denver Metro Single Family Housing Stats : Active Listings: 13,436 ŠŠDown 25% from August 2010 Under Contracts: 2,552 ŠŠUp 11% from August 2010 (more houses are selling because there are fewer on the market) Supply and demand rule Solds: 3,177 ŠŠUp 28% from August 2010 (more houses are selling because there are fewer on the market) Supply and demand rule Average Days on Market: 96 ŠŠUp 2% from August 2010 Average Price: $284,065 ŠŠDown 4% from August 2010 August Denver Metro Condo Housing Stats : Active Listings: 3,195 ŠŠDown 40% from August 2010 Under Contracts: 985 ŠŠUp 27% from August 2010 (more condos are selling because there are fewer on the market) supply and demand rule Solds: 796 ŠŠUp 32% from August 2010 (more condos are selling because there are fewer on the market) Supply and demand rule Average Days on Market: 111 ŠŠUp 11% from August 2010 Average Price: $168,500 ŠŠDown 5% from August 2010 Real Estate News On September 12th the Denver Post ran a front page article with the headline “Denver Housing Market Tightens.” I was thrilled to see that for once the Denver Post got it right! The mass media has often been accused, and rightly so, of perpetuating the doom and gloom in the housing market. Something I have been seeing for a little while now is the housing market in Denver is actually very tight, and quality homes are selling at a premium. To quote the article: For six months, Casey Schorr has struggled to find a home to buy in Denver, contradicting everything he has heard about it being a buyer's market. "Everybody seems to be saying there are all these properties," Schorr said. "But if you are looking for something updated and in a decent neighborhood, the stuff that is available is going quickly." A lack of inventory — or, more precisely, "compelling" inventory, as some agents call it — has complicated homebuying for people such as Schorr and added yet another strain on a long-stressed housing market. The number of homes listed for sale in Denver is down by about half since the frenzy surrounding the April 2010 deadline for a homebuyer tax credit. The inventory of homes available for sale in metro Denver in August was down 23 percent from August 2010, and down 5 percent from July. There were 18,164 homes and condos listed for sale in metro Denver, compared with 23,615 in August 2010. Many sellers are on strike, in that they don't have to sell and won't until prices improve. Other sellers might prefer to sell but owe more than their homes are worth and can't afford to bring money to the closing table. This is exactly the dynamic that I see playing out every day in the housing market. About ½ the homes listed for sale are distressed – either bank-owned properties or shortsales. These properties tend to be in poor shape physically, and also problematic to purchase since getting a contract accepted on a shortsale takes months. So buyers that are looking to move into a move-in ready property – and can’t wait 6-9 months for a shortsale to be accepted – are finding there is very little inventory available to them. Consequently, quality, non-distressed properties are selling quickly and close to full price. These are unique times in the housing market so feel free to contact me anytime so I can sit down with you and show you how today’s interesting market is affecting both buyers and sellers. I am finding that this is a great time to buy a home, interest rates are lower than they have ever been in History !! It is also a reasonable time to sale because the market is tightening ! Denise Wambsganss Realtor – Your Castle Real Estate 303-880-8771 dwambs@msn.com