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January Denver Real Estate Market Update

In Denver Real Estate, Market News | on January, 27, 2014 | by | 0 Comments

As the January Denver real estate market closes out, my analysis (through a micro viewpoint with my clients) is that the Denver real estate market is carrying some of  last year’s momentum for Denver real estate Sellers. If the home is fairly well-kept, in good condition, and priced inline with the neighborhood market, I am seeing some homes go under contract in one day, with multiple offer situations.  Having glimpsed the MLS Graph for average DOM (days on market), the number is around 40 and similar to the January 2013 average DOM.  The cyclical January Denver real estate market activity is normally slow.   But, this is not the case so far in 2014, at least with my Buyers, who have all experienced multiple offer scenarios.  Per the MLS, December’s Active Listing inventory was 7,275 homes.  The stats are not yet in for January’s inventory, but I think they may in the ballpark to that December figure.  And when inventory is fairly low, multiple bids are common.

I think there are more buyers out now than in 2013.  “The vacancy rate in metro Denver is quite low, reported at 4.4% at the end of the 3rd quarter, 2013″ – courtesy of www.apartmentperspective.com.  With interest rates and rental vacancy rates low (w/ rising rent pricing), there appears to be an ample amount of prospective buyers looking to own rather than rent.  Also, FHA lenders eased time restrictions for homeowners who had previously a foreclosure, short sale, or deed-in-lieu…as well as bankruptcy.  You can read more about lenders easing their guidelines at www.themortgagereports.com.  So with that, the homeowners who unfortunately lost their homes back in the housing crash are now rebounding back to owning a home once again. 

Thinking of Selling Now ? ?

With the estimated low January Denver real estate inventory and a possible larger buyer pool, if you’re thinking about selling your home, you may want to make the jump sooner than the typical Spring cycle for listings  (March/April), especially if we have warm weather in February.  Additionally, as these multiple offer situations push home values up (ie. Highlands Ranch), we have to understand that if you wait, you may hit the period where there is a balance or surplus of inventory – which would increase the competition for selling your home.  I can’t predict the future, obviously, but it appears (one month into 2014)…that it may be an upcoming Seller’s market, barring a moderate normal inventory & the condition / area of your home.  My advice:  if your home is in good condition and priced to market accordingly – NOW is a good time to sell your home !     

 

For a FREE  Home Pricing Evaluation (HPE), please contact your Real Estate Agent Denver, Patrick Murray.  

CLICK HERE for your HPE.

Graphic courtesy of Denver Metrolist. 

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