Results were just released for the Denver real estate market this past week. The main points were as follows:
Historically speaking, inventory is down, we don’t have a lot of options, especially in the sub 250k range, this market is red hot!! $250-350k is very good as well.
Buyers are competing vigorously for the homes that are available. The number of Under Contract listings is +19% from this time last yr, even though the inventory is unchanged. I attribute most of this to the tax incentives that are in place for a few more weeks.
Regarding the tax credit, you must be under contract by the end of April, close by the end of June. The more expensive the home, the better the deal will be.
Stats: Denver Single Family Homes (Residential & Condo)
Under Contract listings were at 5,907 units
That is up 34% compared with month prior, and up 22% compared to March 2009.
Sales Volume totaled 3,602
That is up 48% compared to the last month, and up 12% compared to March 2009.
Year to Date sales volume totaled 8,391 compared to 8,159 units sold in 2009, an increase of 3%.
It is no secret the first-time homebuyer tax credit, along with the “move up” credit, valid for current homeowners that have occupied their existing home for 5 of the last 8 yrs, is putting a huge spark into the national real estate market. Locally, we are seeing bidding wars on properties priced correctly and in good condition, something we haven’t seen since the collapse towards the end of 2008.
Interested to know what your house is worth, what the average days on market until a sale is? Contact Me for a no obligation CMA (competitive market analysis).