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A month ago I reported that Denver housing inventory was declining for mid-to-lower price range properties. The trend continues this month, but is especially true for condos, lofts, and townhomes under $300,000, which are approaching levels of scarcity in some areas.
This month's housing report shows Denver's single-family home inventory has dropped again, but in almost every price bracket across the board. Although single family home sales continue to decline, the primary contributor affecting this drop-off in inventory are those homeowners who've taken their properties off the market for the holidays. Fewer new listings being taken this time of the year is also a factor. Even higher priced homes are approaching more reasonable levels right now, so let's hope that trend continues.
In the condo, townhome, and loft sector, we're seeing results to be more of a mixed-bag. On one hand, inventory is extremely low under $300,000, but it's just the opposite above that price point. Far fewer condo sellers appear to be taking a break from the market this time of the year, as well. This is probably due to the stronger competition in many price brackets, but also because the 'inconvenience factor' when showing this type of property isn't quite as great.
Overall, a healthy supply of homes on the market is generally considered to fall somewhere between 4 and 7 months. For single family homes, that is now everything below the $500,000 mark. For condos, that only applies to those priced between $100,000 - $200,000.
The Denver real estate market is very dynamic and continues to exhibit some surprising twists and turns. Stay tuned till next month's report.
SINGLE FAMILY HOMES
Active Listing Inventory - Declining For Most Price Ranges
CONDOS, TOWNHOMES, LOFTS
Active Listing Inventory - Becoming Scarce Under $300,000
ACTIVE LISTING INVENTORY - HOMES & CONDOS
Homes And Condos At Their Lowest Levels - 5 Years Running
The charts above are based upon "averages." Some homes will sell more quickly, and others may take much longer. The actual results you experience is determined by 1) your price; 2) your location; 3) your appeal; 4) the marketing program of your real estate agent.
RULE OF THUMB BY PRICE RANGE:
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Statistical data sampled on November 12, 2011. Data provided by Metrolist.
Updated - October 2011
For properties under $200,000, the time it takes to sell a home - IS GETTING SHORTER (on average)
For all other
The last column in the chart below, represents the "month's supply" of homes currently on the market, by price range. In real estate talk, this column is called the "absorption rate", and it's arrived at simply by dividing the number of homes for sale, by the number of homes sold over the last 30 days.
A recap of the numbers shown in this table tells us that the market for single-family homes priced under $200,000 is the most active for sales, and that there's approximately a 4-month supply available. Its less than 3 months, below $100,000. In the $200,000 to $400,000 price ranges, homes are in moderate demand and are taking anywhere from 5 to 7 months to sell. Homes priced above $400,000 may require much longer time-frames to sell. Overall, the number of days required to sell a home is declining.
SINGLE FAMILY HOMES - DAYS-ON-MARKET - BY PRICE RANGE
...PRICE RANGE ... | ...ACTIVE LISTINGS... | ...HOMES SOLD... | ...MONTH'S SUPPLY... |
UNDER $100,000 | 1011 | 311 | 2.7 |
$100k - 200k | 5485 | 1338 | 4.1 |
$200k - 300k | 6002 | 1132 | 5.3 |
$300k - 400k | 3838 | 588 | 6.5 |
$400k - 500k | 2197 | 260 | 8.5 |
$500k - 600k | 1343 | 128 | 10.5 |
$600k - 700k | 910 | 50 | 18.2 |
$700k - 800k | 625 | 40 | 15.6 |
$800k - 900k | 450 | 19 | 23.7 |
$900k - 1 MILL | 295 | 13 | 22.7 |
OVER $1,000,000 | 1321 | 46 | 28.7 |
CONDO, TOWNHOME, LOFTS
...PRICE RANGE ... | ...ACTIVE LISTINGS... | ...HOMES SOLD.... | ...MONTH'S SUPPLY... |
UNDER $100,000 | 736 | 308 | 2.4 |
$100k - 200k | 2087 | 427 | 4.9 |
$200k - 300k | 1072 | 176 | 6.1 |
$300k - 400k | 472 | 48 | 9.8 |
$400k - 500k | 228 | 22 | 10.4 |
$500k - 600k | 133 | 7 | 19.0 |
$600k - 700k | 84 | 8 | 10.5 |
$700k - 800k | 50 | 3 | 16.7 |
$800k - 900k | 50 | 2 | 25.0 |
$900k - 1 MILL | 31 | 1 | 31.0 |
OVER $1,000,000 | 110 | 4 | 27.5 |
When average home sales occur in under 4 months, we refer to that as a Seller's Market. Sales averaging 4 and 7 months are considered to be in a Balanced Market. Sales averaging over 7 months are referred to as a Buyer's Market. In the month of September 2011, we see all three in play, depending on the price range of the property you're shopping for.
DISCLAIMER: The charts above are based upon "averages." Some homes will sell more quickly, and others may take quite awhile. The actual results you experience will be a function of your price compared to other comparable homes in your area; your neighborhood and location; how well your home shows and appeals to buyers; and, the marketing program your real estate agent will use to expose the property to buyers.
More updates soon,
Statistical data sampled on September 12, 2011. Data provided by Metrolist.
Originally posted at: How Long Does A Home Sale Take - Denver CO
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