Jul 02, 2013

June 2013 Denver Housing Report (archived)

Denver Metro's home inventory moved-up just slightly from last month, to around 6700 units. This is still far too low satisfy our current market demand, but at least the inventory level has stopped sliding.

Single family home sales climbed about 9% from the month prior. Condo prices also rose by about 1%.  The average home price jumped $15,000 to almost $310,000, with average condo prices rising and now approaching the $200,000 mark.    

Home sellers were seeing prices 'firm-up' even more in May, with our list-price to sold-price ratio tightening to 99%.  This statistic is up by a full percentage point after several months of holding at 98%.  What that means is that fewer sellers are 'haggling', and perhaps most buyers aren't even risking to ask for any discounts.  Buyers are simply paying the sellers' price with little or no concessions, and they're just happy to get the house.  

Some overbidding is occuring for certain houses, which is the result of competition amongst home buyers.  It hasn't gotten too ugly out there though, and the word on the street is that most deals are settling to within a few thousand dollars of list price.  Appraisals are coming in to value, for the most part.  In some instances where the house did not appraise, the parties are generally agreeing to adjust the price to close the deal.

Till next month,

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Originally posted at: Average Home Price And Trends Report. Data provided by Metrolist. Graphs copyright© Michael Dagner Group. All information deemed accurate, but cannot be guaranteed. Image attribution - percent - www.sxc.hu