Cara George, Alison Brennan show new Cory-Merrill listing!

The dynamic sister-Realtor team of Cara George and Alison Brennan just previewed one of the few homes available in Denver’s Cory-Mitchell neighborhood. This newly expanded ranch home on a big lot is a must see! Read the full article below or click here to print a PDF version of the article.


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7 County Metropolitan Denver Market Update – January 2015

logo(January 2015)

Market Metrics:

By the numbers, the inventory of available homes for sale is 3,843 homes at December month end, 2,220 homes came onto the market, 2,419 homes went under contract, and 3,808 homes closed at a median sold price of $285,000 and an average sold price of $338,335 resulting in a closed dollar volume of $1.3 Billion.

Monthly Market Recap:

Single Family: Condo:
Active Inventory is 3,081 Active Inventory is 762
Sold Homes is 2,718 Sold Homes is 1,090
Median Price is $320,000 Median Price is $185,000
Average Price is $379,491 Average Price is $235,707
Average Days on Market is 46 Average Days on Market is 38

Year To Date Market Recap:

Single Family: Condo:
Sold Homes is 37,271 Sold Homes is 14,367
Average Sold Price is $363,212 Average Sold Price is $223,831
Median Sold Price is $305,550 Median Sold Price is $180,000

Source: REcolorado.com – January 8, 2015

The above representation for Single Family and Condo includes real estate activity in the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.

Market Facts:

2014 was a record year and there is every indication that 2015 will be as good as or better than 2014. December was a record month because the market did not seasonally slow down. Consumer confidence increased in December to 92.6 up from 91 in November.

While the inventory of homes available for sale is at an all time low, lifestyle choices continue to be the number one priority of home buyers. Mortgage interest rates fluctuated in December and ended the month with a 30 year conventional rate around 3.75% and a 15 year conventional rate around 3.0%.

Real estate is local. While the above is a representation of the Denver market as a whole, please contact a Alison and Cara to better understand your specific real estate market.

Advice to Sellers:

2015 is here and the year starts with 2 lows; first, the lowest number of homes available for sale and second, the lowest mortgage interest rates since May, 2013. What is a seller to do or be aware of? The top five answers are affordability, mortgage availability, interest rates, number of homes available for sale, and new home builders. Affordability refers to whether or not one’s home meets the criteria of a home Buyer and the pricing is appropriate for the market. The availability of homes for sale will impact the seller when the current home is under contract and whether the Seller can find a new home. Interest rates are expected to increase starting in the second quarter of 2015. Lastly, new home builders are projecting to build 25% more homes in 2015 than they were able to build in 2014. The Denver home market is expected to be in the top 10 home markets in 2015 because of job growth and an overall good economy.

If your home is on the market or will be soon, how do you satisfy a buyer’s need resulting in the successful sale of your home? Let’s not forget that buyers have done their homework, know exactly what they want in their new home, and will only compete for the homes of their dreams. As such, the homeowner looking to sell one’s home needs a professional who is a local expert, is hyper local market (neighborhood) knowledgeable, and can assist in the Professional plan to sell one’s home. Now is the time to reach out to a Professional.

Advice to Buyers:

With the start of 2015, a Seller’s market continues to prevail in Denver because of the low number of homes available for sale and the consistent pent up Buyer demand. The Denver home market is expected to be in the top 10 home markets for 2015. Certain price ranges have less than a seven day’s supply of homes available for sale. Be prepared to act when you find the home of your dreams and manage your expectations.

Know what you want in a home, where you want to live, and what price range you can afford. Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home. Be prepared, manage your expectations, and be open to looking at the entire Denver market. Reach out to Cara and Alison today about your best options and opportunities to participate and succeed in the purchase of your “Dream” home.

Testimonials

Due to an unparalleled commitment to customer service, many satisfied clients have submitted letters of thanks and some greatly appreciated reviews. If you would be interested in receiving a variety of letters of recommendation please e-mail that request today so they can be sent over. Thanks again and if you have any other requests for information regarding buying or selling be sure to visit the request information section.

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