Colorado Real Estate News

Metro Denver is Still a Seller’s Market

Metro Denver is Still a Seller’s Market Home-Seller-Market

Fact: Housing inventory under five months is considered a home seller’s market. In Metro Denver, the month of September ended with 2.04 months of single-family home inventory and 2.12 months of condos for sale, which clearly indicates we are still in a seller’s market.

 

While inventory has been steadily increasing over the past several months, September still only ended with 9,286 active listings. For comparison, the record-high housing inventory for the month of September was in 2006 with 31,450 active listings, and 2015 represented the record low with 7,516.

 

The Luxury Market is the Exception

The price segments for which homebuyers have gained more negotiating power are condos priced between $750,000 and $999,999 and the single-family homes priced over $1 million.

 

If buyers are wanting to buy a single-family luxury home, now may be the time. With over six months of inventory for homes priced $1 million plus, we’ve moved from a balanced market slightly into a buyer’s market in the luxury segment.

 

Housing Price Appreciation Has Slowed, but Has Not Reversed

Overall in the Denver-area residential market, while prices have decreased month over month, the average sold price of a home in September was still up 6.06% year over year and 2.52% year to date, $483,734 and $487,814 respectively. Year to date, the close-price to list-price ratio was at 99.31% in September, whereas it has been slightly over 100% since 2015.

 

Month over month, single-family homes in the Luxury Market had price depreciations with homes selling 96.49% from list-price to close-price, down 0.88% month over month and 0.42% from one year ago. Slowing down too was the single-family sales volume that fell 16.47%month over month but was still up year over year with an increase of 45.09%.

 

In general, you could say we’ve been turning from an extremely fast-paced market to a slower moving, healthier one this year.

Colorado Real Estate News

REAL ESTATE MARKET TRENDS

Home

Statistically, Denver is Still in a Seller’s Market

With 1.73 months of housing inventory across all price ranges in the Denver area, we are technically still experiencing a seller’s market. Homes priced above $1 million have the most inventory, however, with single-family homes at 4.93 months of inventory, just under the five months that signify a balanced market. The month of July ended with 4.36 months of condo inventory. Large condo projects like Laurel in Cherry Creek have been closing on units, pushing up the number of higher-priced condo sales.

 

Home Prices are Peaking

The average sold price in the residential market in July was $498,960, down slightly from June’s $500,010, still up 4.27% year over year. The median sold price was up slightly month over month to $434,000 from $429,000. The average single-family home price was up 0.58% from June to $551,516. Year to date, the average sold price was up 1.83%. The average condo sale price was down 1.46% in July to $362,922; this is lower than the past three months, but up 3.01% year to date.

 

Sellers Homes on the Market for What Felt Like a Long Time Compared to Last Year

The median days on market for single-family homes and condos was up 37.50% month over month to 11 days. While that percentage may seem high, home sellers only had to wait three more days to sell their homes in July this year compared to last. Year to date it’s taking, on average, 29 days to sell a home compared to 24 days last year.

 

Metro Denver is a seller’s market by months of inventory, but continues to head toward a balanced market, with conditions favoring buyers — like historically low interest rates, price reductions, and more homes to choose from with more time to choose.

Colorado Real Estate News

Prohibited: Things Your Moving Company Won’t Touch

Moving DayIt’s not every day that you pack up all of your belongings to move across town or the country. In this regard, moving companies can be a life saver. They will carry everything you own down three flights of stairs, out a window and through the rain. Well, almost everything that is. There are certain things movers draw the line at. Before you start packing up your possessions, become familiar with the list of items that your moving company will not move for you.

Hazardous Materials
Federal law bans moving companies from transporting hazardous materials, which shouldn’t come as much of a surprise. If it looks or smells dangerous, chances are they won’t be loading it into the back of a moving van. As a general rule of thumb, anything you can’t ship or dispose of regularly is prohibited. The list ranges from propane and gasoline tanks to liquid bleach, charcoal, corrosives and even nail polish remover. The best plan is to use up these items or dispose of them properly, then restock once you’ve settled into your new home.

House Plants
There might be a few moving companies that are willing to throw a house plant or two in the back of a moving van, but most won’t allow any plants on a local or cross country move. Some states are sensitive about plants. It is illegal to transport plants over 150 miles without a special license. Many officials worry about the plants transporting pests such as emerald ash borers and other problems with them and introducing them into new areas. So if your house plants are extremely important to you, you might have to bite the bullet and transport them yourself, or simply leave them behind.

Food and Pantry Items
Non-perishable food items can be transported but perishable items are a definite no. This includes frozen foods and open containers, no matter what the expiration date. Transporting food can attract all sorts of issues, and living things, along the way. And that could put your belongings and the movers at risk. Pack only sealed food with a long shelf life. If you want to take the perishable items with you, put them in a cooler to bring along in your own car. Or try to use as many of these items as you can before the move.

Valuable/Personal Items
Technically, these items aren’t among the things that movers refuse to handle. But it is always a good idea to keep your valuable items with you instead of leaving them in the hands of someone else. You don’t want to risk losing jewelry, cash, credit cards, birth certificates, passports or things that have sentimental value to you.