Could be a strong 2014 for Denver Real Estate
Average housing prices in Denver remained strong and look like they will continue this year according to Metrolist, Colorado's largest multiple listing service. Remember that these statistics are for Denver and not necessarily for the Denver Metropolitan Area which includes many outlying communities such as Highlands Ranch, Castle Rock, Parker, Centennial, Aurora, Golden, Littleton etc. etc. Though statistics are separately available for smaller snapshots, other communities I have looked into with similar characteristics are following similar trends. Some communities are actually exceeding the expectations that Denver has performed within.
Lots of Sellers are ready to get into the housing market now that they feel the recovery has happened. For many people, the recovery will allow them to make the leap upward to a bigger home or downward to a more affordable home with good economic standing after the closing. If you are one of them who wants to sell this year or buy a home while the market has not risen even further, please contact us at http://www.searchforhomesincolorado.com and we will be happy to explain how we can best help your personal situation and help you to meet your Denver Real Estate desired outcome.
During the economic downturn, Denver and outlying markets were affected and held back as we all know and expected, however, the Denver market was not devastated as some other parts of the country and thus, though we did not fall as hard, the upswing has been consistent with the recovery for that type of impact.
Attached and Detached Family Homes in Denver
January numbers are all we can go on for this period, though what we see is that for properties sold in January, the average listing was on the market for 61 days compared to last January. That is a 22% decrease. Considering that, it is also notable that the number of homes that sold in January was up by 3%. That reflects 3342 homes sold, compared to 3229.
As January is concerned, the average sold price for single family attached homes had a average sold price of $206,503 during January. Numbers statistically are showing that housing buyers are buying more expensive properties than they had been a year ago as well. Top end of attached properties or more luxurious properties are stronger than they have been in years. For Denver, the median sold price has risen by 12% while at the same time the average sold price has increased by more than 21% compared to a year ago.
Is your HOA cost in line with the property value
One aspect that has affected these properties has been the cost of HOA's. Buyers as well as lenders were skeptical of properties that were low cost, yet had a significant cost on a monthly basis for HOA. I always say that an HOA is not expensive, if you get a lot of services for the cost and the value is in line with what is reasonable.
Many people will be equally interested in the detached market. Those numbers are strong as well. In Denver the average price of the 1901 homes that were sold was $331,198. That number is slightly lower than the December amount by 2%. More importantly, the $331,198 average is up by 10% compared to last year. It would be great to get that type of return every year, however home buyers are excited to see recovery.
This year, consumers should plan for a few things. One, they should look early and plan ahead since the market moves much quicker than they have come to expect in the past few years. As well, it is not a buyers market any longer. Home buyers are paying at or at times above asking price for the properties that they are interested in.
Some markets I have worked in have multiple offers in the first day and sell for surprising additional amounts above asking price or the price that looks fair. That means to be cautious. The market may drive people to offer more for properties or try to include the closing costs as a concession from the seller within their higher offer. The trouble is that if the appraisers can not justify the agreed sales price, then it can affect the sale and possibly kill the deal. If the loan that people are trying to get is an FHA loan, it can negatively affect the seller for a lengthy period after the appraisal that lacked an agreed to sales price.
Don't forget to ask us to help if you are interested in what the market has done relative to your home sales or plans to buy. We are always pleased to help. Visit us at our website at http://www.searchforhomesincolorado.com where you can find our phone number, email us or search all available properties in Denver.
Frank Nuebel, Denver Area Realtor
Denver MLS IDX Search
Markets We Follow:
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